AlRaedah Finance is on a mission to transform its business and has chosen DataRobot’s technology in machine learning to accomplish that objective, the Saudi-based financial services company announced Sunday.
DataRobot is a leading machine learning platform based out of Boston, United States. The agreement between DataRobot and AlRaedah has come at a time when the former is focusing on making a strong presence in the Middle East.
In fact, AlRaedah happens to be the first financial services company in the region to have struck a deal with DataRobot. As part of the agreement, DataRobot will collaborate with AlRaedah to develop and deploy high-quality and reliable predictive models to make business decision making faster and smarter.
Over the past few years, the use of automated machine learning has emerged as a viable option for businesses to deploy machine learning models relatively quickly to explore hidden opportunities and predict future trends with the help of massive amount of data.
With IFRS-9 standards looming on the horizon and to further polish its offerings, AlRaedah will use DataRobot’s platform for risk-based pricing, risk modeling, and predicting the chances of default on a monthly basis.
“With DataRobot, we no longer need to find and train highly sought after data scientists to build our models. Now, we simply leverage our subject matter experts to use DataRobot to make smarter decisions that drive our business forward,” said Paul Melotto, Chief Executive of AlRaedah.
Saying that the company was proud to be the “only financial services institution in Saudi Arabia leveraging automated machine learning,” Melotto added that using DataRobot’s services will benefit the company on multiple fronts including marketing, HR, collections, and more.
According to AlRaedah, the decision to pick DataRobot out of all possible options was primarily driven by the latter’s ease of use and sophisticated modeling.