Across industries, businesses of all sizes are racing to harness AI’s transformative benefits. But without a clear strategy, AI initiatives can lead to cost blow outs, inefficiencies and missed opportunities.
After nearly a decade of driving AI innovation, Equifax has learnt firsthand the value of a well-defined AI strategy. Embedding AI into our strategic framework has proved a powerful ally in helping navigate complex challenges and accelerate the development of new products and services. In the first quarter of this year alone, 85% of our new models and scores were built using AI and machine learning.
AI as a strategic enabler
“Building a long-term vision is key”, says Brad Weber, Equifax Chief Product and Digital Officer. “Aligning AI with your strategic goals is a critical first step in realising its value.”
AI is much more than a series of innovations at Equifax. From our custom-built Equifax Cloud™ and advanced data fabric, which enables faster, more powerful and secure solutions, to our leadership in security and fraud prevention, AI is part of our core strategy.
“We see AI as an enabler - for achieving the strategic outcomes that we agree on as an organisation”, says Weber. He explains that leveraging AI to create better products and services is about leading with purpose, today and into the future. “Currently AI helps us accelerate the value of our proprietary data through richer data combinations. Looking ahead, AI will have transformative benefits, including streamlining and automating delivery, enhancing the customer experience and harmonising the way we take products to market to solve customer problems.”
Tailoring AI to business needs
While increasing productivity is a common driver for AI adoption, Weber cautions that AI is more than that. “A more sustainable approach is focussing on value for customers”, he says.
At Equifax, it’s the coupling of our unique data sources with AI and machine learning that delivers better customer outcomes, whether for lenders managing credit lifecycles or businesses improving decision-making.
“We hold customer round tables as one mechanism for gathering feedback, and when overlaid with quantitative intelligence from the market, AI helps us tailor our approach to deliver real value.”
Guiding principles
Equifax has adopted a set of guiding principles designed to ensure that AI is used responsibly and transparently in all applications.
When we introduced the first machine learning credit scoring system capable of generating logical and actionable reason codes for consumers, we developed a suite of Explainable AI (xAI) techniques unlike anything else in the market. Ultimately, explainability provides accountability by clarifying what informed a decision. The challenge with AI and machine learning is that it usually operates as a 'black box'. But in order to make a responsible and fair decision, it's important to be able to explain how that decision was made.
Explainability remains a core commitment of EFX.AI. This ensures that AI-assisted decisions are fair, responsible and understandable. Ultimately, explainability provides accountability by clarifying what informed a decision.
Weber adds that AI-driven solutions follow the same rigorous design, testing and validation practices that apply to any Equifax product. “The stage gates of testing and validation are the same - is the solution still relevant and is it viable for both the consumer and the customer?”
Addressing AI risks and challenges
The adoption and integration of AI is not without risks and challenges. Top of mind is the potential misuse by bad actors for fraud or other malicious activities.
Anticipating these roadblocks early gives companies time to plan how to mitigate them, advises Weber. "Sharing information and intelligence is key to this - demonstrated by our Fraud Focus Group. The only one of its kind in Australia, it brings together over 150 multi-industry organisations to share knowledge and pool data to help identify fraud at the point of application, before major losses occur.”
Industry consortiums like this foster a shared understanding of the risks and issues facing both consumers and businesses - a vital practice for building a safer AI ecosystem for all.
Looking forward
Weber notes that one of the bigger risks with AI is doing nothing. “AI can’t be ignored. Technology is advancing so rapidly that businesses not investing now will soon find the gap too wide to close.”
Equifax’s commitment to AI innovation remains strong. For four consecutive years we’ve introduced over 100 product innovations annually, and as we complete the new Equifax Cloud, we’re poised to bring exciting new products to market that leverage our diversified assets and unique capabilities to unlock growth for customers.
As Equifax continues its AI journey, the focus is on learning, adapting, and evolving. "AI isn’t static; it will keep developing, and as it does we’re committed to working cross-functionally and collaboratively to bring the promise of AI to life," concludes Weber.
Contact Equifax to discover how our Equifax Cloud™, data fabric, differentiated data and EFX.AI are driving product innovation for customers and consumers.
Related Posts
Equifax has been recognised as an ABA100 Winner for Business Innovation, Digital Transformation and Business Transformation in The Australian Business Awards 2024.
