MindBox Officially Debuts; Enabling Relationship Optimization in the Financial Services Industry.Business Editors GREENBRAE, Calif.--(BUSINESS WIRE)--Sept. 11, 2000 Doctors rely on years of first-hand experience in diagnoses, and lawyers rely upon documented court opinions and precedents. Now financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institutions can make automated judgments with the same degree of understanding and complexity by using sophisticated technology from MindBox(TM), Inc. - which today officially launched as an independent company. MindBox is a technology company that helps financial services companies gain a competitive edge by intelligently automating their complex business and decision processes. The company develops and markets artificial intelligence software and consulting solutions that leverage industry and internal best practices to deliver automated decisioning systems designed to optimize customer interactions - over multiple channels such as the Web, phone, in-person, e-mail and kiosks. MindBox, Inc. was formed in a leveraged buyout leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. of a former division of Brightware. The company already has 200 customers documenting positive return on their investment in automated decisioning systems built with ART*Enterprise(R), MindBox's award-winning artificial intelligence development platform. From auto loans to online mortgages to corporate tax services, companies have successfully incorporated MindBox artificial intelligence applications into their business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and have seen dramatic savings in time, money, and staff resources as a result. Companies are also generating new revenue streams by using MindBox technology to automate cross-selling and up-selling of products and services, thus simultaneously addressing customer needs better with personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. product choices, as well as capturing a larger share-of-wallet. "Now we are able to offer a wider range of options and custom-tailored solutions to meet the particular needs of a customer, instead of just giving them a simple yes or no answer," said Milt Riseman, Chairman of Upland Mortgage. "We can do that because of the intelligence and sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. of the mortgage origination and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. solution that MindBox helped us develop. Using MindBox technology and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , we have increased our revenue and market share, and most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , we have lowered the cost and improved the quality of loans that we can offer to our customers." "Our technology is helping companies deepen their customer relations, while simultaneously maintaining profits and growing revenue, by automating the process of presenting individually customized products and services to each customer," said Richard Barfus, MindBox CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Founder. "We are calling this solution `Customer Relationship Optimization,' and it is the result of both our technology and our award-winning consultants who have domain expertise in designing and developing intelligent applications for financial services." How Automated Decisioning Technology Works At the core of MindBox's customer relationship optimization solutions lies ART*Enterprise, an expert system built from two technologies. The first is a rules-based reasoning engine, which makes decisions based on a set of domain- and business-specific rules. The second is a patented case-based reasoning An AI problem solving technique that catalogs experience into "cases" and matches the current problem to the experience. Such systems are easier to maintain than rule-based expert systems, because changes require adding new cases without the complexity of adding new rules. (CBR (1) (Computer-Based Reference) Reference materials accessible by computer in order to help people do their jobs quicker. For example, this database on disk! (2) (Constant Bit Rate) A uniform transmission rate. ) engine which captures judgment and experience from a company's best employees and puts that wisdom into a data set of precedents, or cases, against which an automated system can compare a unique situation or decision. The system then makes a complex decision or structures a custom alternative product, even if an exact rule does not apply to the situation. MindBox is the only vendor that is applying CBR, or a hybrid of CBR and rules, to the financial services industry. Drawing from the knowledge of both the defined rules and database of cases that continue to grow over time, business decisions using MindBox technology become more efficient and consistent as they are automated using the company's best practices and knowledge. And because the system governs all a company's information, multiple client contact channels such as Web, phone, e-mail, and kiosks can all adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. consistent and controlled decision criteria. More information about automated decisioning is available in a white paper that can be found at www.mindbox.com/news/whitepaper.doc. About MindBox(TM), Inc. Based in Greenbrae, California Greenbrae is a small community in Marin County, California located adjacent to U.S. Route 101 at the opening of the Ross Valley. Part of Greenbrae is in an unincorporated area of the county while the remaining area is inside city limits of Larkspur. The zip code is 94904. , MindBox, Inc. is a technology company that helps financial services companies gain a competitive edge by intelligently automating their complex business and decision processes. The company develops and markets innovative software and consulting solutions that leverage industry and internal best practices to deliver multi-channel, intelligent solutions designed to optimize client interactions. For more information, please visit MindBox's Web site at www.mindbox.com or call (415) 785-3050, or (877) 650-MIND (6463). MindBox is a trademark and ART*Enterprise is a registered trademark of MindBox, Inc. All other company and product names may be trademarks of their respective owners. |
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