AlRaedah Finance will be using automated machine learning from DataRobot to develop and deploy predictive models.
In a statement, Al Raedah said that implementing machine learning and AI was nearly impossible because finding data science talent was challenging, particularly in the Middle East, and building models using traditional methods was both time-consuming and costly.
By using automated machine learning from DataRobot, companies can quickly deploy machine learning models on vast amounts of data.
Previously built and deployed by “expensive and rare” data scientists, these sophisticated models have the ability to learn without being explicitly programmed, making them fundamental to big data strategies.
“With DataRobot, we no longer need to find and train highly sought after data scientists to build our models,” said Paul Melotto, CEO of AlRaedah in a statement.
Specifically, AlRaedah will use DataRobot for risk-based pricing, predicting the probability of default on a monthly basis, and overall risk modelling. The financier also pointed to the looming IFRS-9 overhaul in accounting standards as a motivating factor.