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Independent Analysis Finds Black Knight’s Artificial Intelligence Solution Can Save Up to $437 Per Mortgage Origination, Delivers 483% Return on Investment

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Black Knight, Inc. (NYSE: BKI), a leading provider of integrated software, data and analytics to the mortgage and real estate industries, announced the completion of an independent analysis of the real-world impact of the company’s artificial intelligence (AI) solution, AIVA. Using actual findings from the operations of a top 50 lender in Q4 2018, MarketWise Advisors, LLC – a management consulting firm focused on technology in the financial services industry – found that using AIVA can significantly drive down the cost of mortgage originations. The study identified a savings of up to $437 per originated loan, with the cost impact continuing to grow significantly as AIVA’s machine learning and unique pattern recognition capabilities mature to include more skills.

“Through the independent analysis of an unbiased third party, we have been able to show that lenders can expect to see significant savings by incorporating AIVA into their origination process,” said Anthony Jabbour, Chief Executive Officer of Black Knight. “Leveraging AIVA results in significant cost savings, provides the ability to redirect tens of thousands of man hours to items more focused on satisfying customers and produces a return on investment nearing 500%.”

MarketWise’s approach included reviewing existing processes, as well as a time-and-motion study and on-site lender employee interviews to evaluate the time and cost reductions associated with leveraging AIVA in key areas of the origination process. MarketWise also evaluated AIVA’s income, asset, insurance and file intake review skills and found that the associated process improvements decreased the cost of origination by up to $437 per loan, with an average annual projected financial impact of $3.13M for the top 50 lender in the study, but results will vary for each lender. In addition to the direct cost savings, the study found that AIVA also produces significant indirect impacts, including reduced error rates and increased loan quality, consistency and compliance. The projected average annual return on investment was 483% for this lender, meaning that for every dollar invested in the technology, the expected financial impact is a return of $4.83, a figure that will exponentially increase as AIVA’s skills evolve to incorporate more complex tasks.

“At Black Knight, we remain focused on bringing innovative solutions to market that help our clients increase revenue, efficiency and compliance,” said Jabbour. “AIVA checks all of these boxes. AI and machine learning represent a transformational shift for the mortgage industry, and Black Knight is proud to be leading the charge.”

 

SOURCE Black Knight, Inc.

Artificial Intelligence

U.S. News & World Report Announces 2020 Best Global Universities Rankings

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U.S. News & World Report, the global authority in education rankings, today published the 2020 edition of the Best Global Universities rankings. In the most comprehensive assessment of research universities worldwide, the new edition evaluates 1,500 schools – up from 1,250 last year – on academic research and reputation.

The top 10 schools in the overall ranking are all found in either the U.S. or the United KingdomHarvard University remains at No. 1, followed by Massachusetts Institute of TechnologyStanford University and the University of California—Berkeley at No. 2, 3 and 4, respectively. The University of Oxford rounds out the top five.

The new edition evaluates schools in 81 countries – up from 75 last year. The U.S. has the most universities in the overall ranking with 249, followed by the following countries:

  • China: 188
  • U.K.: 86
  • Japan: 82
  • Germany: 66

“As the Best Global Universities rankings continue to expand in number of schools and subjects to fulfill the needs of prospective students, we remain consistent in our mission to evaluate schools around the world on their research,” said Robert Morse, chief data strategist at U.S. News. “A major emphasis on academic research is what sets this methodology apart from our other university rankings.”

New this year are six additional subject rankings, bringing the total to 28: oncology, surgery, cardiac and cardiovascular systems, electrical and electronic engineering, mechanical engineering and civil engineering. In both the engineering and computer science rankings, four of the top 10 schools are based in China.

The following countries performed the best in each of these subjects, listed in order of most schools on each list:

Based on Web of Science data and InCites metrics provided by the Web of Science Group, the Best Global Universities methodology weighs factors that measure a university’s global and regional research reputation and academic research performance. For the overall rankings, this includes bibliometric indicators such as publications, citations and international collaboration. Each subject ranking has its own methodology based on academic research performance and reputation in that specific area.

“Many prospective students are looking to other countries for their education,” said Anita Narayan, managing editor of Education at U.S. News. “The Best Global Universities rankings give these students a starting point for their search. In addition to the rankings, students should also consider their fluency in the language of instruction, the fields of study that the school offers and the costs that come from studying in another country.”

2020 U.S. News & World Report Best Global Universities

Overall Best Global Universities – Top 10

  1. Harvard University (U.S.)
  2. Massachusetts Institute of Technology (U.S.)
  3. Stanford University (U.S.)
  4. University of California—Berkeley (U.S.)
  5. University of Oxford (U.K.)
  6. California Institute of Technology (U.S.)
  7. Columbia University (U.S.)
  8. Princeton University (U.S.)
  9. University of Cambridge (U.K.)
  10. University of Washington (U.S.)

Africa – Top 3

  1. University of Cape Town (South Africa)
  2. University of Witwatersrand (South Africa)
  3. Stellenbosch University (South Africa)

Asia – Top 3

  1. National University of Singapore
  2. Tsinghua University (China)
  3. Nanyang Technological University (Singapore)

Australia/New Zealand – Top 3

  1. University of Melbourne (Australia)
  2. University of Sydney
  3. University of Queensland (Australia)

Europe – Top 3

  1. University of Oxford (U.K.)
  2. University of Cambridge (U.K.)
  3. Imperial College London

Latin America – Top 3

  1. Universidade de São Paulo (Brazil)
  2. Pontificia University Católica de Chile
  3. State University of Campinas (Brazil)

The Best Global Universities rankings serve the broader U.S. News mission of providing trusted information and rankings – such as Best CollegesBest Graduate Schools and Best Online Programs – to help all students navigate their higher education options. Specifically for Chinese students, U.S. News offers online resource centers published in Chinese to help guide prospective undergraduate and graduate students interested in studying abroad.

 

SOURCE U.S. News & World Report

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Artificial Intelligence

SAS is No. 1 in advanced and predictive analytics market share, says analyst report

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SAS again ranks number one for market share, according to the IDC report, Worldwide Big Data and Analytics Software 2018 Market Shares: Demand Across All Use-Case Patterns.1

SAS led with a 27.7% market share in the advanced and predictive analytics category in 2018, more than twice that of the next competitor. SAS has led in the predictive and advanced analytics category since IDC started tracking the market in 1997 and has shown continued revenue growth in the category each year.

“As the volume and complexity of data grows, and as organizations seek to make better, faster business decisions, the need for advanced and predictive analytics like those from SAS is expanding,” said Chandana Gopal, Research Manager for Business Analytics at IDC. “SAS is the leader in advanced and predictive analytics market share and has experienced continued growth year over year.

“SAS continues to innovate in AI and the technologies that underpin it like machine learning, natural language generation and computer vision. The analytics leader remains laser-focused on meeting the market’s evolving need for powerful analytics to transform data into value.”

SAS reinvests into R&D more than twice the average for major technology firms. In 2018, SAS devoted 26% of its overall revenue into developing artificial intelligence (AI), IoT, data management and analytics software. To continue fostering innovation and progress in analytics, SAS has committed to invest $1 billion in AI over the next three years.

“Our continuous innovation, clearly exhibited in the SAS Platform and in SAS AI technologies, propels front-line managers, executives and data scientists to change the trajectory of their organizations with advanced analytics,” said Jim Goodnight, CEO of SAS. “Whether it’s providing teams of data scientists with advanced machine learning capabilities or delivering analytics that give decision makers real-time answers, SAS is committed to helping put data and analytics to work, making them accessible to all types of users and driving value to an organization’s bottom line.”

Additionally, SAS ranks second in AI software market share according to the IDC report, Worldwide Analytic Artificial Intelligence Software Platform Market Shares, 2018: Steady Growth – Moving Toward Production (Doc #US45262419, June 2019). The report notes that while the overall AI market saw steady growth last year, SAS experienced growth at a rate more than three times faster than the overall market at 104.6%.

The SAS® Platform provides a strong analytics foundation and a single place to manage and support every phase of an organization’s analytics journey, from initial gathering and preparing of data, through development, management and enterprise deployment of powerful analytical models. An integrated part of the SAS Platform, SAS® Viya® is a cloud-enabled, in-memory analytics engine that provides quick, accurate and reliable analytical insights.

Read about how SAS customers succeed with advanced analytics.

Today’s announcement was made at the Analytics Experience conference in Milan, Italy, a business technology conference presented by SAS that brings together thousands of attendees on-site and online to share ideas on critical business issues.

 

SOURCE SAS

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Artificial Intelligence

Neurotechnology Ranks First in Latest MINEX III Results

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Neurotechnology, a provider of high-precision biometric identification technologies, today announced their latest results in the NIST MINEX III (Minutiae Interoperability Exchange) evaluation. Algorithms from Neurotechnology are top in accuracy and are ranked first in both leaderboard categories: 1) most interoperable fingerprint template generator and 2) most interoperable fingerprint template generator and matcher pair.

“I am proud of our research team for having created the most interoperable and accurate fingerprint recognition algorithm,” said Dr. Justas Kranauskas, head of the biometric research department for Neurotechnology. “An independent confirmation like this means that our customers can have confidence in our continually evolving and improving technologies.”

In addition to having the most interoperable solution, Neurotechnology’s template generator and template matcher are also the second fastest in the MINEX III evaluation leaderboard.

The currently topped-ranked Neurotechnology fingerprint algorithm evaluated at NIST MINEX III is included in the Neurotechnology MegaMatcher multibiometric product line which covers fingerprint (VeriFinger), face (VeriLook), eye iris (VeriEye) and voice (VeriSpeak) modalities. It is also included in solutions for large and national-scale applications in Neurotechnology’s MegaMatcher Automated Biometric Identification System (ABIS) and MegaMatcher Accelerator products.

The entire Neurotechnology biometric product line can be purchased from Neurotechnology and through distributors worldwide. For more information, go to www.neurotechnology.com.

 

SOURCE Neurotechnology

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