In the increasingly competitive US financial services industry, the growing number of creditworthy consumers hold significant power. While financial institutions (FIs) work to meet demands for loans, they’re faced with heightened consumer expectations for more personalized engagements, and will need to adjust their acquisition strategies accordingly.
As FIs look to prioritize enhanced personalization, there are certain strategies they should employ:
- Tailor consumer offers and improve segmentation based on powerful insights from trended credit data
- Adopt purpose-built algorithms that present a more holistic consumer picture — with preferences, behaviors and risks
- Apply predictive criteria to refine risk categories to offer better scores and custom pricing
- Use robust identity data for a deeper understanding of consumer identities, which is critical for customization across digital touchpoints