Are you sitting on a diamond mine of information?

“We’re very data-rich, and very analytics-poor,” a consumer finance leader told us recently.

He knew he had a wealth of information in his customer data, conversations, and interactions. But he had no way to get at it, let alone operationalize it to change his business.

The problem with traditional models

Knowing you have information that would help you but being unable to dig into it is common across lending, collections, RCM, and auto finance.

Strategies and models rely on static information at best (and guesswork at worst), and are expensive and time-consuming to update.

No matter how big or sophisticated a data analytics team is, they’re still dealing with the same data - basic account histories and infrequently-updated third-party details.

And that’s not to mention smaller businesses who don’t have the luxury of an in-house department to customize complex analytics.

What’s buried in your own data

There’s one source of expertise that gets ignored: your own customers.

Every day, you get fresh, unique information about your customers. They:

• say, “I’ve been laid off.”
• delete an email unread, but click on a text message.
• request to change their account due date two months in a row.
• complain about customer service
• announce, “I just got a promotion!”

Every one of those interactions has useful information for you inside it.

Ways to use hidden information in your data‍

What if you could use those details to:

• prioritize accounts with dynamic propensity to pay?
• predict defaults?
• target outreach by communication channel preference?
• spot opportunities for cross-sell or upsell?

And those are just the beginning.

By using the information you already have, you could increase customer engagement, payments, and profits.

The path to improvement

By using AI specifically trained on consumer finance interactions to create models that look at your own customer data, you can finally uncover the diamonds in your data.

Learn more about how it works for you.

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