Experian, the world’s leading global information services company, has recently released its 2023 Market Survey on Predictive Analytics and ModelOps for Financial Institutions. The survey highlights the critical role of model development and deployment maturity in the success of financial institutions when launching new products and improving profitability.
According to the survey, model velocity, which measures how quickly models can be moved into production, is a significant challenge for many financial institutions. Slow development and deployment processes hinder their ability to respond promptly to market and competitive pressures, ultimately impacting decision-making and the consumer experience. Alex Lintner, Experian Software Solutions’ Chief Executive Officer, acknowledges these challenges and emphasizes the importance of accelerating model velocity.
The survey findings shed light on the barriers financial institutions face in developing and updating models, including a talent shortage and effectively communicating model outcomes with management. They also reveal the complexity of the operational environment and the need for sophisticated processes, robust technology infrastructure, and a highly skilled workforce capable of navigating data-driven decision-making.
Despite these challenges, the survey shows that financial institutions have adopted predictive analytics models across their operations. Moreover, a significant number of survey respondents intend to implement models across various use cases within the next one or two years. Lintner underscores Experian’s anticipation of this market need, offering a wide range of tools and data insights to help financial institutions improve their model velocity and overcome issues related to model transparency.
To access the full report titled Accelerating Model Velocity in Financial Institutions, interested individuals and organizations can visit Experian’s website. The report provides more detailed information on the survey findings and recommendations for improving model velocity.
In summary, Experian’s latest survey highlights the crucial role of model development and deployment maturity in financial institutions’ success. It reveals the challenges they face in terms of model velocity and emphasizes the need for efficient processes, advanced technology infrastructure, and a skilled workforce. By addressing these barriers, financial institutions can enhance their decision-making, consumer experience, and ultimately drive greater profitability. Experian aims to support these institutions with its tools and data insights to improve model velocity and ensure transparent, effective model development and deployment.
