Markets are continuously changing, whether it’s based on new customer behaviors, unforeseen economic forces or new competitors looking to disrupt old models. What remains constant is the need for innovation. The Summer of Innovation e-zine from Equifax delves into the importance of turning customer feedback into action and how innovative advancements in data and analytics can help businesses thrive. Here are a few excerpts:
Accelerating insights in times of severe uncertainty
“In order to make sound decisions in times of uncertainty, our customers rely on information to find insights. So what did we do? We had to exploit credit data and, more importantly, go beyond it to embrace alternative data and see what it could tell us about customer behaviors.” Donovan Vansant Global D&A Marketing Leader, Equifax
ML and AI capabilities are revolutionizing the credit industry
“Today, Equifax is at the forefront of ML and explainable AI technology. In the last four years, we have obtained more than two dozen patents in these areas. We can process huge volumes of data in the Cloud. More importantly, we work across a wide range of data types, many of them differentiated and proprietary, to deliver robust and actionable insights.” Chris Yasko Head of the Equifax Enterprise Innovation Lab
CIO Applications magazine recently named Equifax to its annual list of Top 25 Machine Learning Companies.
Using multisource data to build tailored, high-performing models
“With a customer-first approach to model development, we start by showing our customers what we already know works best based on their unique needs. Then we experiment and layer on expanded data sources— including several alternative and consumer-contributed data sources that our customers may not even know exist.” John Fenstermaker Chief Innovation Architect, Equifax