Shawbrook Bank has developed a new artificial intelligence (AI) enabled pricing environment, engineered using the open-source Python programming language and running in the Microsoft Azure cloud, to make pricing decision-making five times quicker when compared to its previous local server-based environment.
Quicker decision-making allows the bank to be more agile in response to changes in the market to improve competitiveness and deliver transparent, guaranteed offers to the right customers at the right time. Pricing environments are analytical tools used by lenders to help set and manage thousands of rates across multiple factors that feed into pricing decisions, from the size of the loan or term to customer scores.
Matthew Hale, Head of Pricing at Shawbrook, said:
“At Shawbrook we aim to offer our customers a completely transparent and guaranteed personalised rate for a loan within seconds.
“Our new AI-powered pricing environment allows us to do this with even greater agility, rapidly assessing a vast number of possible pricing approaches, running into the trillions of possible permutations, in order to deliver truly bespoke pricing to our customers.”
This is the latest technology deployment since the bank recently announced its plans to create 100 new digital vacancies by the end of 2022, including product and customer experience designers, cloud and data engineers and developers.
Russ Thornton, Chief Technology Officer at Shawbrook, said
“This is another key milestone as a technology-enabled lender, designed by our in-house teams. We look forward to welcoming more great people from the technology sector this year as we continue to invest further in the exceptional team we’re building, focused on creating brilliant customer experiences.”
Python is the fastest growing and most in-demand programming language of 2022, according to separate studies by Coding Nomads and SlashData. The open-source language is popular for machine learning and data science programming among developers.
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