Experian Releases 2023 Market Survey on Predictive Analytics and ModelOps for Financial Institutions

17/07/2023 01:00 (UTC)

Costa Mesa, Calif., July 17, 2023 -Experian, the leading global information services company, today unveiled its in-depth market survey on the state of predictive analytics and the future of ModelOps (model operations) for financial institutions, entitled Accelerating Model Velocity in Financial Institutions. The survey polled 415 consumer lending organizations in the U.S., United Kingdom, and Brazil, and provides key trends and insights on model building trends among financial institutions in three of the largest markets in the world.

Model development and deployment maturity are critical success indicators for financial institutions to launch new products into the market and increase their profitability. ModelOps, the AI-supported operational activities that support predictive model development, deployment, and maintenance, has a direct impact on how financial institutions pursue automation as well as leverage data and analytics to make more accurate decisions. Unfortunately, the survey finds that many institutions suffer from low model velocity (i.e. how quickly models can be moved into production).

Model velocity is all about accelerating how quickly financial institutions can respond to market and competitive pressures, and what our findings uncovered is that survey respondents are challenged with inefficient development and deployment that affect their decisioning and ultimately the consumer experience, said Alex Lintner, Chief Executive Officer, Experian Software Solutions. Our findings shed light on the key barriers to developing and updating models, including a talent shortage and communicating model outcomes with management.

Key findings reveal the complexity of the operating environment and the need for sophisticated processes, a robust technology infrastructure and a highly skilled workforce capable of navigating data-driven decision-making. Among the survey highlights:

The findings show that financial institutions have adopted predictive analytics models across their operations and a significant number of respondents intend to implement models across a range of use cases within the next one or two years, added Lintner. Anticipating this market need, Experian has a wide range of tools and data insights to help financial institutions improve their model velocity and overcome issues of model transparency.

For more information and to access the report Accelerating Model Velocity in Financial Institutions, visit https://us-go.experian.com/accelerating-model-velocity-report.

About ExperianExperian is the worlds leading global information services company. During lifes big moments from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

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