Data science specialist Jaywing has launched Archetype, a new technology product that uses artificial intelligence (AI) to generate statistical models.
The product can be used for almost any predictive modelling purpose, including predicting customer behaviour or credit risk.
It has also launched a new consulting service to help clients implement AI into their processes and operations. Jaywing said: 'Archetype generates more powerfully predictive models, while significantly reducing the time and effort needed to create them.
'In particular, Archetype overcomes regulatory transparency concerns that have until now prevented the use of AI in credit scoring, a significant advancement in the risk technology market and for which Jaywing has applied for a patent.'
Jaywing said organisations looking to make their first steps into AI-based modelling could make use of Archetype supported by the group's AI consulting practice, or sign up to use the product themselves through an easily-accessible web-based interface.
Jaywing said its new AI consulting service was aimed at organisations with or without established data science teams, offering specialist support from advising on the best approach to developing their AI capability, to running processes on their behalf and integrating them within an organisation, to supporting an AI build.
Chief executive Rob Shaw said: 'We've been able to capitalise on almost 20 years of data science heritage to create an AI modelling solution that can be used for any statistical modelling purpose, in both of our key marketing and credit risk client-bases.
'The ability to meet regulatory transparency requirements is a huge step forward for the financial services sector through a completely new and innovative approach to AI development and training.
'It can also be used for other applications or sectors such as price elasticity, medical or pharmaceutical where it is important to have guarantees a model behaves in a particular manner.
'It's a highly sophisticated breakthrough in AI, which is why we've applied for a patent.
'Many organisations do not have their own data science teams, and established credentials in AI, big data, machine learning and data science are rare.
'Yet over the next three to five years, AI technologies and predictive data analytics will be one of the most significant competitive differentiators in business. Jaywing is well-placed to help clients take advantage of this.'