Published: February 23, 2025 / Updated undefined ago

Transforming financial services with AI: Turning data into actionable insights

Artificial intelligence is a powerful tool that can help analyze vast datasets quickly. Experian’s Shri Santhanam explains how companies can use its AI assistant to better understand their customers’ needs, refine risk assessments and accelerate product development.

Author: Experian

Financial institutions face increasingly complex challenges, having to navigate risk, drive customer satisfaction and make data-driven decisions at scale. To meet these demands, organizations must harness artificial intelligence (AI) and analytics in ways that simplify workflows and enhance decision-making for a broad range of users.

To make AI-driven insights more accessible, businesses are deploying advanced AI assistants that extend beyond traditional data science teams. These tools empower data analysts and business users to explore vast datasets, model new market opportunities and optimize financial products with ease. By integrating AI-powered analytics into their decision-making processes, companies can better understand customer needs, refine risk assessments, and accelerate product development.

The image depicts a professional setting where a person is giving a presentation or lecture on financial data or stock market trends, as indicated by the graphs and charts projected on the screen. The audience consists of individuals attentively listening, some with headsets and others taking notes on electronic devices. The environment suggests a focus on data analysis or financial education.

Experian has long recognized the need for AI solutions that improve how businesses interact with data. One such solution is Experian Assistant.

“Experian Assistant is built on innovative agentic AI frameworks to tackle complex business challenges and fundamentally transform how data scientists and analysts work,” says Shri Santhanam, Executive Vice President and General Manager of Software, Platforms, and AI Products for Experian North America. “With this tool, our customers can derive valuable insights and make informed business decisions faster, saving time and resources. It is like providing them with access to our experts, and empowers users to reimagine their approach to data, enhance customer experiences, test and launch initiatives quickly, boost productivity, foster collaboration and much more.”

Accelerating model development for financial services

A significant challenge in financial services is the time required to build and validate analytical models. AI-driven solutions help reduce model development cycles from months to days—or even hours—by offering coding assistance, recommendations and real-time deployment support.

This enables lenders and financial service providers to make well-informed decisions faster, ensuring more consumers have access to fair and accurate credit scoring.

By leveraging AI-driven technology, businesses can:

  • Enhance data exploration and model development for more precise risk assessments.
  • Improve collaboration across teams, enabling data analysts and business users to work more efficiently.
  • Test and launch new financial products quickly, reducing time to market.
  • Strengthen fraud prevention efforts with deeper insights into credit and transaction patterns.
The image depicts two individuals engaged in a discussion in a technology-focused environment, as indicated by the presence of computer monitors displaying code and digital graphics. They are wearing identification badges, suggesting a professional or work-related setting.

Driving financial inclusion and consumer benefits

AI-powered analytics are not just about improving business efficiency—they also play a crucial role in fostering financial inclusion. By refining credit models and scoring methods, financial institutions can responsibly expand access to credit, helping more consumers qualify for financial products while ensuring risk is managed effectively.

A commitment to innovation and responsible AI

As AI continues to evolve, responsible implementation remains a top priority. Businesses must balance innovation with ethical considerations, ensuring AI-driven decisions are transparent, fair and aligned with privacy regulations. By investing in explainable AI and robust data security, financial institutions can harness the power of AI while maintaining consumer trust.

By leveraging AI-driven analytics, businesses in the financial sector can unlock new efficiencies, reduce risks and create a more inclusive financial ecosystem. These tools are not just transforming how companies operate—they are shaping the future of finance for businesses and consumers alike.

To find out more about the Experian Exchange series, go to Experian.com/exchange.