ATLANTA, March 21, 2019 /PRNewswire/ -- Equifax Inc. (NYSE: EFX), 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As examples, a deep subprime lender and a retailer were both using outdated risk models, which they replaced with a combination of proprietary and differentiated data and machine learning technology from Equifax to build configurable,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."
Equifax customers will have the opportunity to learn more about the latest in AI and machine learning at the inaugural SPARK Conference, hosted in Atlanta later this month. Follow the conference on social media using #EquifaxSpark, on Twitter at @EquifaxInsights and on LinkedIn at Equifax Business Insights.
ABOUT EQUIFAX INC. Equifax is a global data, analytics, and technology company and believes knowledge drives progress. The Company blends unique data, analytics, and technology with a passion for serving customers globally, to create insights that power decisions to move people forward. Headquartered in Atlanta, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit Equifax.com and follow the company's news on Twitter and LinkedIn.