{"id":2028,"date":"2021-05-08T18:37:17","date_gmt":"2021-05-08T18:37:17","guid":{"rendered":"http:\/\/beeeye.com\/?p=2028"},"modified":"2022-01-31T10:31:45","modified_gmt":"2022-01-31T10:31:45","slug":"credit-risk-modeling-platforms-one-size-fits-nobody","status":"publish","type":"post","link":"http:\/\/beeeye.com\/credit-risk-modeling-platforms-one-size-fits-nobody\/","title":{"rendered":"Credit risk modeling platforms: One-size fits…nobody"},"content":{"rendered":"
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No one knows for sure exactly when the first \u201cone size\u201d clothing garment was manufactured. But it seems that despite the longevity of this fashion phenomenon, no one has ever made a one-size-fits-all garment that fits even most of its target customers. The situation is similar when it comes to <\/span>SaaS<\/span><\/a>, and specifically risk management modeling platforms. Here are five reasons why a solution that is tailored to your business, especially if you\u2019re a bank or a credit lender, is the right choice. <\/span><\/p>\n

The benefits of an industry-specific credit risk modeling platform<\/b><\/p>\n

Industry features<\/b><\/h5>\n

When a tool is designed for a specific industry, it\u2019s designed with specific users in mind. Its creators consider their users\u2019 internal processes, KPIs, the common problems they encounter and the steps they take to resolve them. For example, an automatic feature generator to help you improve your model\u2019s predictions will likely not be found in a generic machine learning based modeling platform. Another often overlooked issue with generic solutions is the complex integration to external sources. When a platform is designed for your business, it will easily integrate to the relevant data sources, saving you time and effort in the process.<\/span><\/p>\n

Industry processes and regulations<\/b><\/h5>\n

For <\/span>highly regulated<\/span><\/a> industries like credit management, internal processes and regulations are highly specific. When a tool is designed with your process in mind, it addresses your specific challenges, and helps you solve them. If you\u2019re a lender, this might mean the ability to auto-track the model\u2019s papertrail, which makes it easier to track changes in the model, increases its explainability, and supports compliance. This solves the \u201cblack box\u201d problem that\u2019s forbidden in the credit management industry, and will be overlooked in a generic platform<\/span><\/p>\n

No bells and whistles<\/b><\/h5>\n

Machine learning based platforms can have a lot of features that are completely irrelevant to you. This might crowd the design (UX) and interfere with users\u2019 ability to focus on the features they need. A platform that is solely designed for your purpose will have a simple, elegant and useful design that jives with the way you work. Exactly what you need, from the most simple transformation to complex time series, but nothing more.<\/span><\/p>\n

One tool to rule them all<\/b><\/h5>\n

Generally speaking, the task of creating a predictive model is just one step in a larger process. An industry specific platform delivers the entire solution and not just the \u201cengine\u201d. Why does it matter? Because it affects your bottom line. You need only one tool instead of a toolchain, which saves you time and money. It also saves you the need to integrate a standalone \u201cengine\u201d with multiple tools. Your own domain analysts can work with the platform, which means a smaller team that doesn\u2019t rely on external, broad data science skills.<\/span><\/p>\n

Industry evolution<\/h5>\n

When the market, your competitors or your regulations change, you want your platform to adjust accordingly. True, most credit-risk specific platforms have long update cycles, so your challenge here is double: You need to find a platform that not only advances with your industry, but also has the<\/span> ability to update quickly<\/span><\/a>. Look for industry specific, highly automated one to make the most of the platform\u2019s industry focus. <\/span><\/p>\n

These principles are true for many other SaaS solutions in different domains, but are especially true in the highly complex, regulated credit industry. If you\u2019re looking for a credit risk modeling platform that was designed for your industry, with your day to day and business goals in mind, check out BeeEye\u2019s EyeOnRisk platform <\/span>here<\/a><\/span><\/p>\n<\/div><\/div>