AI-enabled Equifax Cloud Infrastructure Accelerates Customer Insights & Financial Opportunities
EQUIFAX IS HARNESSING THE POWER OF AI AND ADVANCED DATA SCIENCE TO HELP PEOPLE LIVE THEIR FINANCIAL BEST. Coupling AI with the power of the custom-built Equifax Cloud™ helps reduce friction, identify opportunities, and solve problems faster for Equifax business customers — turning what were once months-long projects into days or weeks-long resolutions.
“We are constantly expanding the depth and predictiveness of our data to help our customers innovate faster and create more effective insights around the people and communities they serve — helping to open up more financially inclusive opportunities,” said Raghu Kulkarni, Equifax Chief Artificial Intelligence Officer.
To understand exactly how the Equifax Cloud powers AI innovation and enables more financially inclusive opportunities, let’s dive deeper into it.
The Equifax Cloud is a top-tier global technology and security infrastructure backed by a more than $1.5 billion multi-year investment. The Equifax Cloud is one of the largest Cloud initiatives ever undertaken in the industry and has changed nearly every facet of the Equifax infrastructure. With this Cloud transformation, Equifax has created an agile new foundation to develop solutions that are faster, more reliable, more powerful, and more secure than ever before.
The Equifax Cloud was custom built to maintain and manage the large volume of diverse, proprietary datasets needed to maximize AI performance in risk modeling, identity protection and fraud prevention solutions. Embedding EFX.AI capabilities within the Equifax Cloud allows customers to implement solutions faster, deploy cloud-native models, and expedite decision-making.
“We set a goal to create 80% of our new Equifax scores and models in 2024 using AI and machine learning (ML). In the third quarter of 2024, 100% of our new models and scores were built with EFX.AI and ML - which is up from 70% in 2023,” added Kulkarni.
A central component of the Equifax Cloud is its custom data fabric, an adaptable data platform that unifies the enterprise’s data (from over 100 siloed data sources) while maintaining compliance with regulatory requirements. Data fabric offers the ability to ingest and analyze data at scale and leverages enhanced keying and linking of our data assets for rapid delivery of multi-data risk modeling solutions, as well as identity resolution and fraud prevention offerings. With the Equifax data fabric, data sources are brought together in a common structure to allow for more consistent data management as well as enforced security and governance controls.
EFX.AI allows the organization to build insights from significantly greater amounts of our trusted, proprietary, non-public data – helping lenders, service providers and government agencies make more holistic decisions and open financial opportunities to otherwise underserved populations. It helps solve complex problems and introduces new methods of modeling that can help create greater financial opportunity for more people.
Learn more about how Equifax is enabling new financial opportunities through responsible AI innovation.