zAcquire® Instant Prescreen Decisioning Solution
Sophisticated lenders struggle with getting an accurate view of risk even within a single institution, thanks to the product and technology silos that they've built to support separate credit products. Prescreen-of-OneSM can span multiple credit products and increase revenues for lenders by ensuring that lenders present their customers with meaningful credit offers.
—Ellen Carney, Forrester banking industry senior analyst
(Zoot was named to Forrester Research, Inc.’s “Hot Banking Tech Companies to Watch in 2009: Q2 Update” report dated June 2009. The report specifically recognized Zoot’s zAcquire® instant prescreen decisioning solution.)
Demise of Direct Mail Offers
Outdated acquisition methods such as direct mail campaigns have proven to have a very slight return on the large financial and environmental costs. Consumers have a greater propensity to accept offers when they are already in the purchasing mind frame. Financial institutions (FIs) need a solution that will allow them to qualify prospects in realtime, thereby increasing their propensity to accept the offer while lowering the acquisition costs for the institution.
Right Offer + Right Time = Right Solution
Zoot’s FCRA-compliant zAcquire® instant prescreen decisioning software solution allows financial institutions to decrease their cost to acquire new accounts by making personalized offers at multiple points of interaction. In addition, customers can use their new account immediately due to Zoot’s established connections to booking processors to enable realtime booking of accounts and account number assignment.
zAcquire includes an offers repository to easily access past offers made to individuals across all channels, decreasing the costs to re-decision the same consumer and creating a holistic view of the customers’ preferences. Also, if the consumer comes to the branch with an offer they have received from the online channel, the customer service representative will be able to pull that offer up and re-present to the consumer. The result is a consistent customer experience that will generate greater acceptance rates.
Proven ROI
- A top-five financial institution was trying to gain more customers for their credit card products.
- Zoot implemented an instant prescreen solution for the entire enterprise to increase credit card offers.
- The institution was able to increase revenue and implement eco-friendly practices.
- The result: the company has seen a consistent 25-30 percent acceptance rate using the Zoot solution—significantly higher than the batch prescreen acceptance rate of .6 percent.
Added Value
Zoot’s zAcquire instant prescreen decisioning software solution is delivered through a software as a service (SaaS) model that allows FIs to gain the best of both worlds: business user control and flexibility along with premier uptime, total encryption, and “pay as you go” transactional pricing.
Both instant prescreen and instant credit decisioning can be run on the same platform at Zoot to enable shared logic. The virtues of a single platform lead to easier maintenance and increased efficiency as well as quicker implementation of changes.
Learn More:
Solution Brochure, "zAcquire® Instant Prescreen"
White Paper, "Operational Excellence: The Prescreen Revolution”
White Paper, "Growth in a Saturated Market: The Evolution of Prescreen"
