Significant Performance Lifts for Deep Subprime Lender; Customers Can Experience New Techniques First-Hand at Upcoming Spark Conference
Equifax Inc. , a global data, analytics and technology company, launched its patented NeuroDecision Technology and other innovations in explainable artificial intelligence (AI) and machine learning in 2018. Agile, cross-industry customers interested in better data, insights and outcomes are engaged and currently seeing powerful results.
As examples, a deep subprime lender and a retailer were both using outdated risk models, which they replaced with a combination of proprietary and differentiated data and machine learning technology from Equifax to build configurable, high-performing next generation models. The new models helped the subprime lender approve 92,000 more accounts without increasing losses. Instead, the lender delivered a massive $13.7 million in annual loss savings. The retailer compared risk models, implemented an improved solution, and received a double digit performance lift that drove $65 million growth in incremental loans.
The innovations in AI have propelled Equifax data scientists to better connect the company’s unique data and analytic techniques with the specific needs of customers. In addition to NeuroDecision Technology, Equifax has filed for multiple other patents recently; including new technologies related to synthetic IDs, interactive attributes, open data consent, gradient boosted machines and more.
“In recent years, the volume of data available and computing power has increased vastly, allowing us to use AI algorithms to extract new value from big data,” said Prasanna Dhoré, chief data and analytics officer for Equifax. “We’re glad to be at the forefront of creating new technologies that are more inclusive to people generally seen as credit invisible or underbanked. The end goal of these patent-pending technologies is to help people live their financial best.”