Artificial Intelligence
Deploy machine learning in business decisions.
Exploring opportunities in AI through Alfa iQ
The Alfa iQ service enables organisations that understand the value of AI and are looking to harness data and leading-edge ML techniques to improve user experience, drive wider adoption and inform better business decisions.
Private and secure by design, Alfa iQ was established in 2020 to deliver intelligence to the world’s auto and equipment finance providers, with a mission to make access to assets efficient, intelligent and fair.
Drawing on Alfa’s industry experience and asset finance data models, Alfa iQ provides industry-leading direction in the use of ML. Its ambition is to provide the best machine learning models and most advanced decisioning scorecards for the asset finance industry.
Features and benefits
- The value of an in-house AI team, without the IT overhead
- Give your team machine learning superpowers
- Models which update automatically using the latest data
- Increase auto-decisioning rates and accuracy
- Powerful models customised to your business’s unique circumstances
- Move beyond simple scorecards to provide a personalised experience
- We sift through thousands of signals to harness the full predictive power of your data
- Easy to integrate into existing workflows using RESTful APIs
- Built-in tools for model explainability and fairer lending
Case studies
Alfa implemented a suite of intelligent workflow analytics tools capable of analysing workflow usage, bottlenecks and recurring processes within the Alfa Systems platform.
By detecting inefficiencies, bottlenecks, repetitive manual tasks and high variability, Alfa delivered:
- A refined set of workflow sequences, reducing completion time by days in some cases
- Reduced handovers, human intervention and error prevalence
- UI refinements reducing the amount of manual data input required
Working with customers and CRAs, Alfa implemented an AI Credit Decisioning engine, capable of replacing legacy scorecards, while significantly improving the auto-accept rate and reducing incidence of bad debt.
- Reduced bad debt by 35%
- Increased auto accept rate by 30%
- Provided customer-customisable auto-accept/bad debt balance
- Enhanced fair lending, reduced bias and increased decision understanding through explainability
Building on AI credit decisioning, delinquency prediction allowed our customer to understand where contracts are likely to default and take preventative action, reducing the occurrence of default.
- Used a variety of data sources (economic, portfolio, agreement, telemetry) to understand the health of a contract
- Suggested next-best action based on the customer, contract and asset
- Aggregated metrics to provide an accurate portfolio-level risk value
Insights: AI in Equipment and Auto Finance
We've considered ML's enduring attraction in our three-part thought leadership series AI in Equipment and Auto Finance.
- Part 1: Balancing Risk and Reward (position paper)
- Part 2: Using Machine Learning in the Wild (technical paper)
- Part 3: Moving Forward with Machine Learning (white paper)