August 22nd, 2018

New Patent-Pending Technology from Equifax Enables Configurable AI Models

ATLANTA, Aug. 22, 2018 /PRNewswire/ -- Equifax, a global information solutions company, is revolutionizing the way data scientists build and deploy predictive models with its new AI-enabled Advanced Model Engine. The tool is a modular model development and deployment library which uses big data and distributed computing to quickly and efficiently create models that can be seamlessly deployed with applications across industries and use cases. Advanced Model Engine includes Equifax NeuroDecision® Technology, a patent-pending machine learning technology for regulatory-compliant, advanced neural network modeling in credit scoring. The end result is faster model implementation due to reduced friction and more predictive risk models for businesses of all sizes.

"Currently, data scientists could spend months building models on limited sample sizes due to computational constraints. The Advanced Model Engine gives clients the ability to create AI-enabled models and scores on larger samples at a faster pace and with less friction and provides access to innovative technology like NeuroDecision," said Prasanna Dhore, Chief Data & Analytics Officer, Equifax. "Our customers can now take advantage of our big data capabilities to build and deploy their own explainable AI solutions. More importantly, we have taken traditional neural network technology and turned it into something that satisfies the rules and regulations required for credit scoring systems, which is critical for compliance."

"NeuroDecision® Technology provides users the ability to give consumers logical, actionable explanations for the key factors that impacted their credit scores, ensuring that consumers know what actions or behaviors will improve their scores," said Kim Oliver, Chief Compliance Officer, Equifax. "Our solution was crafted to ensure, consumer-specific explanations that do not depend on potentially non-compliant proxy explanations or average population explanations."

Advanced Model Engine increases model performance through use case configuration, application of machine learning techniques, the use of alternative and trended data, and processing power to test more model configurations.

Using industry standard techniques and software, a model developed by selecting the best configuration from all combinations of three data assets, 20 segmentation schemes, and two different modeling techniques, totaling 120 configurations, took nearly one month to complete. When using the AI-enabled Advanced Model Engine, the same development process took on average three to four days.

Advanced Model Engine is now available through Equifax IgniteTM , a portfolio of premier data and advanced analytic solutions, that securely and comprehensively supports the full analytical lifecycle – from data access and transparency to visualization and deployment – using a single, connected suite of advanced analytical processes, technology and tools.

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About Equifax

Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.

Headquartered in Atlanta, Ga., 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 10,800 employees worldwide.

FOR MORE INFORMATION

Wyatt Jefferies
Sr. Director, Public Relations
404-617-8197
wyatt.jefferies@equifax.com

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SOURCE Equifax Inc.

August 21st, 2018

Citizens Finance Group Drives Demand with Equifax Market Reveal

Consumer finance providers offer short-term, small-dollar loans to consumers who may encounter an emergency that requires an out of budget expense, or those who may need to cover a gap between paychecks to meet payment obligations.

The Challenge

While consumer finance companies largely rely on their large, lean brick-and-mortar footprint and mass media advertising as a means to generate public awareness, most also drive demand through direct marketing with live check mailings. Citizens Finance Group, a Confluent Strategies and Equifax client, has delivered regularly recurring live check mailings for several years. Having worked with another credit reporting agency and fulfillment firm to deliver these campaigns, Citizens Finance Group was experiencing a moderate–albeit underwhelming–response rate.

The Solution

Citizens Finance Group looked to Confluent Strategies and Equifax to drive up their outstanding loan balances from direct marketing while controlling (or reducing) fulfillment costs and losses. After replacing their former data solution with Equifax Market Reveal, Citizens Finance Group saw a 2x lift in cash-rate for their mailed checks, with a large portion of their seasonal campaigns performing at a lift factor of 3x over their previous solution.

Mike Payne, President of Mid-State Corporation (the parent firm for Citizens Finance Group) shared that they “were able to use Portfolio Reveal to find out more about our customers. We have used the Market Reveal product to grow our business by producing additional volume.”

The Results

Citizens Finance Group is now experiencing significantly higher outstanding loan balances (over $2.67 million with principal amounts of $500 and $750) with no reportable increase in delinquencies or charge-offs as a result of their change.

They have also shared that, due to the increase in cash-rate for their direct marketing campaigns, they have been able to reduce their outbound mailing population and conserve marketing costs as well.

Download the Whitepaper [PDF]

July 26th, 2018

Equifax Prescreen

Target Consumers Who Are Most Likely to Respond to Your Pre-approved Offer

Consumers have a way of tuning out loan offers — that is, until they’re actually ready to open a new account. If you can put your message in front of them at that precise moment of interest, the chances of them accepting your pre-approved offer may soar.

Prescreen from Equifax helps you do exactly that. It cuts through the vast universe of consumers to help you identify prospects who are most likely to respond to your offers. From there, you can intelligently focus your marketing and sales efforts on those individuals who represent your most promising — and potentially profitable — audience. Simply put, Prescreen helps you make the right offer, to the right customer, at the right time.

Recognize Interest and Assess Risk Earlier for Optimal Account Performance

Prescreen works by tapping the market-leading Equifax consumer credit file, to identify predictive data elements that can help calculate a consumer’s propensity to open one or more new accounts. What makes Prescreen unique is that it can also reveal which consumers are less likely to default on payments. So, while other tools can predict high open rates and high bad rates, Prescreen helps you find the sweet spot of lower risk accounts with high open rates.

Prescreen works by tapping the market-leading Equifax consumer credit file to identify predictive data elements that can help calculate a consumer’s propensity to open one or more new accounts.

It’s also highly flexible. Prescreen allows you to customize your credit score cutoffs based on your mailing volume and other factors. To further strengthen your marketing performance, it can be combined with predictive triggers to help you:

  • Target only the prospects who are more likely to open an account, in the market for a credit card and align with your risk profile
  • Confidently make pre-approved offers
  • Drive increased lifetime value for new accounts
  • Strategically segment consumer groups for more tailored offers
  • Save money by not sending offers to unqualified prospects

Improve Up-selling and Cross-selling at the Point of Sale

More than an acquisition tool to identify interested prospects, Prescreen can also be used at the point of sale to help boost up-sell and cross-sell efforts. Real-time, online results can help your onsite associates make competitive, time-sensitive offers at that critical moment when you have the customer’s undivided, face-to-face attention as they sit on the other side of the desk.

Get Flexible Access Based on Your Needs

Whether you’re managing big marketing lists or one-on-one transactions, Prescreen is flexible, and easy to use in multiple situations. It can be used as a standalone data set, or integrated with other Equifax products such as predictive triggers for optimal results. Likewise, it can be accessed offline as a batch screen or online through a point-of-sale interface.

KEY BENEFITS

Make confident, time-sensitive offers when consumers are likely to respond

Optimize marketing performance by targeting a specific group of interested, qualified consumers

Better segment consumer groups for more tailored card offers

Help reduce risk by targeting consumers who are less likely to default on payments

Boost marketing ROI by generating more targeted lists of high lifetime value prospects

Efficiently focus marketing dollars on best-fit consumers

July 12th, 2018

Confluent Strategies Welcomes Beth Harris

Continuity is very important to us. After almost 70 years in financial services, building and maintaining trust with our clients is one of the cornerstones of our success. As you are certainly aware, names may change but values and commitments remain.

I am excited to share a new name with you that will be working closely with our clients. Beth Harris has re-joined the Confluent Strategies team after a brief departure and will be the primary resource for our West Tennessee clients. She has over 25 years of Banking Operations experience in Lending, Risk, Compliance, BSA, HMDA, AML, and Credit Card administration. Beth brings energy, high expertise, and a lifelong learner's spirit to her professional approach. I am confident you will benefit greatly from knowing and working with her.


Be sure to add bharris@confluentstrategies.com to your address book to ensure that you receive email from her.

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