New survey finds financial institutions suffer from slow model development timelines that prevent firms from fully taking advantage of cutting-edge technology
COSTA MESA, Calif.–(BUSINESS WIRE)–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).