The term “digital transformation” is not new, but a buzzword adopted by businesses, organisations and even educational institutions currently embracing digital tech transformation in the bid to improve their operating processes and systems. In most public and private sector operational policy, digital transformation is considered essential to an organisation’s success today, as it is intended to revolutionise how work gets done and data is applied. 

As the use of artificial intelligence (AI) gains traction across industries today, it is often forgotten that the use of statistical models and algorithms have been around for decades. Credit bureaus, in particular, have long been using these techniques to generate credit scores which are then used by banks to assess an individual’s creditworthiness. The real game-changer therefore, is the introduction of smartphones, social media, geo-localization models and other interconnectivity devices that make new types of data available for use within these models.