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Jaywing launches new AI product 'Archetype'
Data science specialist Jaywing launched 'Archetype' on Friday, which it said is a new technology product that uses artificial intelligence (AI) to generate statistical models.
The AIM-traded firm said the product could be used for "almost any" predictive modelling purpose, including predicting customer behaviour or credit risk.
It 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 would overcome regulatory transparency concerns that had prevented the use of AI in credit scoring, which the company said was a significant advancement in the risk technology market and for which it had applied for a patent.
Its new AI consulting service, meanwhile, 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.
"We've been able to capitalise on almost twenty 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," said Jaywing CEO Rob Shaw.
"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."
Shaw described it as a "highly sophisticated breakthrough" in AI, which was why the company 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," Shaw explained.
"Jaywing is well-placed to help clients take advantage of this."