Alex Lintner

But then let me move to the second part of the question, which was about AI.

And you implied in how you asked your question that there is access to that data.

So let me first say our data is not accessible by any public AI or gen AI models.

And we currently don't see a way that we're going to go there.

What we use AI for primarily is to make sure that governance is done correctly, explainability is provided, and human oversight is better than it was before.

Let me give you an example.

The way that financial services are creating their products is basically through a model.

The model says, I have this loan product, and I think the acceptable risk is this type of person that behaves in the following way.

Our data feeds that.

So it can be the credit score.

It can be where you reside, if it's a local or regional bank.

It can be...

You're lending history.

Do you have the capacity to take on another car loan?

It can be your income.

Has it increased over time?

And therefore, is it projected to continue to increase, et cetera, et cetera.

So there's a whole bunch of data that goes into those models, none of which need to know whether it's Nilay or Alex or who specifically we are.

It's all about do we fit that model?

The lenders need to file what those models look like and how the models are supposed to behave, meaning what kind of person qualifies, how many loans do they think they have, what would the loan losses be with the regulator.