The Zoot Factor is distributed monthly to provide information over a broad spectrum of topics. We will continue to share Zoot’s unique expertise in financial services best practices through this publication.
The April edition of the Zoot Factor focuses on better data to make better decisions.
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Better Data to Make Better Decisions
Financial institutions (FIs) have an opportunity to make more intelligent account origination decisions. By incorporating alternative data into their decisioning processes, FIs can gain better insight into the risk and profitability of their prospective customers. Learn how sophisticated financial institutions are using this data-driven insight to drive profitable account growth. |
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The More Data, The Better: The Case for Alternative Data
The time is right for lenders to incorporate alternative data into their decisioning processes to strengthen their underwriting and segment customers for marketing campaigns. Traditional credit scores are less reliable, consumer behavior has changed, and there are many creditworthy individuals who may be overlooked without more comprehensive information. Utilizing a variety of rich data sources helps qualify more consumers, reduce fraud, lower screening costs, and make more predictive credit decisions. |
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Realtime Data for a Realtime Threat: Preventing Fraud in a Mobile World
Fraudsters are good at evolving, their livelihood depends on it. Consumers must do their part to ensure their identities are safe but financial institutions must also evolve to beat fraudsters at their own game. The data to assist in fighting fraud is out there and readily available. It’s a powerful tool when combined with the appropriate analytics and scoring models. The pace of mobile development is fast. Fraudsters are fast. FIs must be faster. |
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Using Data Intelligence to Know Your Customer and Manage Risk
Customer centricity is one of the biggest movements in banking today. While smaller institutions have the advantage of knowing individual customers well and anticipating their needs because of the personal nature of these relationships, larger institutions have opportunities for new growth within an existing, deep customer base. Applying intelligence based on data makes it possible for large banks to know their customers much like a small bank does. There are massive volumes of data housed within banks. Managing that data can be a challenge, but having the tools to do so is extremely valuable for discovering trends and revealing valuable insight about customers. Instead of mass customization of offers and a push for external growth, banks can make tailored offers to their current customers based on what they learn through their own data. There’s less risk in that and huge opportunity for strengthening the customer relationship. |
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