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.
MetricStream Wins “GRC Product of the Year” at the 2019 Risk Technology Awards Hosted by Risk.net
MetricStream, a market leader in governance, risk, and compliance (GRC) apps and solutions, announced today that its Enterprise GRC Solution has been awarded the “GRC product of the year” at the 2019 Risk Technology Awards, hosted by Risk.net.
“We’re honored to win this award,” said Gaurav Kapoor, Chief Operating Officer, MetricStream. “We believe that it validates the strength, breadth, and depth of our GRC/IRM offerings, as well as our focus on continuous innovation—reflected most prominently in our GRC cloud, advances in predictive analytics, automation, and AI. Our mission is to enable organizations to ‘Perform with Integrity’. To that end, we’re deeply committed to forging long-term partnerships with our customers and supporting them throughout their integrated GRC journeys.”
The annual Risk.net awards recognize the need for innovative technology solutions to manage risk in a highly dynamic and complex business environment. The average financial services firm faces a plethora of risks, ranging from cyber threats and regulatory pressures, to fintech related disruptions and money laundering issues. As these risks grow more interconnected, siloed approaches to GRC are rapidly giving way to more integrated solutions.
The MetricStream Enterprise GRC platform provides a single, unified system to manage, coordinate, and track multiple types of GRC activities. The solution cuts across organizational silos, enabling a holistic and collaborative approach to GRC. Users can efficiently roll up operational risk, audit, compliance, Cyber and third-party risk information from across the enterprise, and transform it into actionable business intelligence to support decision-making. With support for mobility, real-time reporting, advanced risk analytics, and regulatory notifications, the MetricStream solution helps users manage complex risk requirements in an efficient manner.
Top industry analysts have consistently recognized MetricStream as a leader in GRC/IRM. The company’s wide range of solutions and underlying GRC platform are leveraged by leading financial services firms worldwide, including large global banks, mid-sized banks, private equity investors, investment banks, wealth managers, insurance firms, asset management companies, federal financial agencies, and clearing corporations.
MPOWER Financing rated Top international student lender by Nerdwallet and U.S. News
MPOWER Financing, a mission-driven fintech that provides financial access to higher education for high-promise international and DACA students, was recognized by both Nerdwallet and U.S. News & World Report as the top student loan provider for international students.
Nerdwallet, a comparison website for personal finance products, awarded MPOWER a 5-star rating for its student loans, indicating that its products are “among the very best for consumer-friendly features.” Nerdwallet also commended MPOWER for offering loans that are “ideal for international and DACA students without a co-signer or U.S. credit history.” MPOWER’s loans are available to students from around the world for both graduate and undergraduate degrees at more than 350 top universities in the U.S.and Canada.
U.S. News & World Report recognized MPOWER Financing as the “best lender for international students.” This determination was made on the basis of MPOWER’s product offerings, cost, customer servicing ratings, eligibility, and other features. U.S. News also detailed that MPOWER’s underwriting process considers a student’s academic success and career path – a process that is enabled by MPOWER’s use of big data analytics and artificial intelligence.
“I was having a tough time obtaining education loans from India without collateral,” wrote Kaushik Krishnan, one of MPOWER’s early students. “MPOWER was truly life changing for me. I’ve since graduated from my Masters program, found a job, and paid off my loan.”
“MPOWER allowed me to achieve my dream,” said Sol Bee, a South Korean student. “I was admitted to Berkeley in Fall 2016, but I couldn’t afford it at the time. MPOWER empowered me to be who I wanted to be by allowing me to take control of my finances and my life.”
“We’re honored by the industry recognition we’ve received, and the hundreds of heartfelt stories we get from students whom we have the privilege to serve,” says Manu Smadja, Co-founder and CEO of MPOWER. “We’re working hard to further improve our customer experience and to remain the best international student lending product on the market.”
MPOWER Financing, headquartered in Washington, D.C., and with offices in Bengaluru, New York City, and Toronto, is a mission-driven fintech company and provider of global educational loans. It is the only student lender in the world that leverages both overseas and domestic credit data, as well as future earning potential, to serve high-promise international and DACA students. MPOWER Financing works with over 350 top universities and colleges across the U.S. and Canada to provide financing to students from over 200 countries. Since 2014, it has received over $1B in loan application volume on its platform. MPOWER Financing helps students build their credit histories and provides them with personal finance education and career support to help prepare for life after school. The team is backed by Zephyr Management, Goal Structured Solutions, Gray Matters Capital, Lloyd Crescendo Advisors, 1776, Village Capital, Potentia, Breega, VARIV, DreamIt, Fresco, Chilango, Common Sense Fund, K Street, and University Ventures.
SOURCE MPOWER Financing
nCino Acquires Visible Equity to Drive Deeper Insights, Compliance and Advanced Analytics for the Financial Services Industry
nCino, the worldwide leader in cloud banking, today announced that it has acquired Visible Equity, a market-leading financial analytics and compliance software company based in Salt Lake City, Utah. This strategic acquisition leverages the unique strengths and joint synergies of each company to further drive and accelerate transformation in financial services.
Founded in 2008, Visible Equity is a software as a service (SaaS) company that provides portfolio management, analytics and compliance solutions to banks and credit unions. The combination of Visible Equity’s advanced analytics software with nCino’s best-in-class Bank Operating System brings new functionality and benefits to end users, including:
- Enhanced portfolio management with increased analytical insights across any financial institution’s portfolio, drilling down to individual deposits and loans;
- Increased confidence in overall portfolio risk assessment including probability of default and loss-given default models;
- Regulatory compliance combined with state-of-the-art analytics to manage, monitor and comply with fair lending; and
- A comprehensive ALLL/CECL solution that effectively accounts, through robust models, for loan impairment and expected loss, and instantly produces reports and disclosures.
“Visible Equity is a perfect complement to our vision, mission and company culture,” said Pierre Naudé, CEO of nCino. “From the very beginning, nCino’s mission has been to transform financial services through innovation, reputation and speed, and we believe this acquisition will further enable us to execute on that mission. We’re extremely excited to expand the nCino Bank Operating System to provide even more advanced analytics and compliance capabilities to our clients, enabling them to drive greater insights, efficiency and risk management while furthering their customer relationships.”
Tara Lathrop, Supervisor of Leadership Support and Innovative Solutions at Corning Credit Union, said, “The industry is changing at a rapid pace and digital transformation and risk management is a continuous journey and challenge. Our members and employees are constantly looking for best-in-class technology, process efficiency, data insights, and risk management tools. These are the reasons why we already partnered with nCino and Visible Equity. Both companies have always had a philosophy of being able to fully support and scale with their clients and this acquisition highlights nCino’s vision of being able to offer more to respond to changing industry and client needs. We’re very excited about this combination, particularly as we continue to grow and scale as an organization.”
“Joining the nCino team is the right move for us and a natural fit,” added Brad Hansen, President and CEO of Visible Equity. “We share with them a passion for innovation, a laser-focus on customer success and a commitment to culture. A key driver of our desire to become part of the nCino family is their industry-leading Bank Operating System and ability to support a global client base of enterprise, regional and community financial institutions. We’re excited to share our insights and experience and look forward to further transforming financial services together.”
While Visible Equity and nCino will continue to offer their products separately to the market, the two platforms will become fully integrated to provide a seamless client and cloud-based experience, as well as an unparalleled portfolio management and regulatory compliance platform.
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