Equifax in 2024 will decommission mainframes and data centers in North America as it largely completes a cloud transformation that dates back to 2018. Now Equifax CEO Mark Begor is looking for more product velocity, artificial intelligence (AI) capabilities, and competitive advantage.
The Atlanta-based giant is best known as a credit reporting agency but has a portfolio of products via an insights engine powered by multiple data stores and financial, mortgage, commercial and residential real estate, auto, healthcare, government, and employer services — to name a few.
Begor, speaking on Equifax’s fourth quarter earnings call, noted that cloud-enabled AI using a combination of proprietary models and Google Cloud’s Vertex AI will enable the new Equifax.
“We are convinced that our new EFX cloud single data fabric and AI capabilities are delivering new differentiated products faster with better performance and will provide a competitive advantage to Equifax for years to come,” said Begor.
Equifax’s journey highlights how cloud migration, digital transformation, and data architecture are required to move AI efforts ahead. Equifax has also invested in transformation because its mortgage business has suffered due to rising interest rates. Fewer refinances and home mortgages mean fewer Equifax data services.