Zoot Releases New Version of zEnvision® Credit Risk Lab
Enhanced solution evaluates new data providers, optimizes account management
November 5, 2013
Zoot, a global provider of advanced loan origination, account acquisition and credit risk management solutions, announced today the release of a new version of the company’s zEnvision® credit risk lab at the BAI Retail Delivery show in Denver, Colorado. The solution enhancements include the ability to evaluate the efficacy of new data providers and optimize account management and collection strategies.
“zEnvision was initially introduced to help financial institutions develop effective credit risk policy more quickly than the traditional six to 18 month cycle. This enabled our clients to adapt to the volatile market after the Great Recession without overly restricting credit,” said Eric Lindeen, marketing director for Zoot. “Today, lenders are looking to incorporate new data sources and analytics to improve their credit models. This version responds to that need.”
Interest in utilizing alternative data for account growth is rising, however it can be cost prohibitive for FIs to evaluate new data providers. Zoot’s data and services marketplace is an independent portal of established connections to more than 70 global providers including credit data (in U.S., Canada, Mexico, Europe and India) and fraud data. Through this single interface, Zoot clients eliminate the challenge and costs of configuring and connecting to each data source individually.
Zoot’s zEnvision credit risk lab compares traditional and non-traditional data from different providers to determine if a financial institution can achieve additional profitability. The solution uses a champion/challenger methodology based on the FI’s existing credit policy to simulate the effect of using the new data source. Being able to affordably test non-traditional data allows FIs to calculate their return on investment prior to implementing it.
Additionally, Zoot’s zEnvision credit risk lab batch simulation can be utilized in various account management scenarios. By studying accounts of customers who have defaulted or closed their accounts, FIs can better predict when these scenarios are likely to happen again. This insight provides opportunities to give profitable customers on the verge of leaving an incentive to stay and helps prevent future defaults.
Zoot executives will be available to discuss zEnvision’s new capabilities during BAI Retail Delivery 2013, November 5-7 at the Colorado Convention Center in Denver. The company is also the sponsor of the media room located in room 301.
Bozeman, Mont.-based Zoot Enterprises, Inc. is a global provider of advanced loan origination, account acquisition, and credit risk management solutions. For more than 20 years the company’s innovative tools and services model has enabled Zoot clients to meet their exact business objectives and adapt quickly to seize market opportunities. Zoot’s multinational processing environment has the capacity to deliver billions of realtime decisions annually. Visit http://www.zootweb.com or call 406.556.7555 for more information. Zoot thought leaders are now featured on zootweb.com/blog.