Jaywing the Archetype with new AI risk tech launch
Risk and data science firm Jaywing has unveiled Archetype, a new risk technology product that uses artificial intelligence (AI), machine learning and deep neural nets to help lenders generate statistical models.
According to the firm, Archetype can predict almost any outcome on almost any data set, and uses true AI to generate more powerful models. The product uses a predictive modelling methodology and a user interface to create models for the AI-driven scoring process.
Ben O’Brien, managing director, Jaywing, says: “Initial comparative tests of Archetype against an already strong fraud model have shown an uplift in the order of ten points.”
Jaywing says the potential for the application of Archetype goes beyond risk and fraud detection as it can be used to model “almost any outcome on almost any data set, whether that’s in credit risk, collections, fraud or marketing propensity”.
The company says it now has 70 staff. It has worked with over 25 lenders in the UK with risk modelling and analysis including Lloyds, Royal Bank of Scotland, Nationwide, Secure Trust Bank, Shawbrook Bank, Paragon Bank and Coventry, Skipton, West Bromwich, Newcastle and Nottingham Building Societies.
