Uncovering the Bigger Picture: Exploring Potential Alternative Data Types Whether it’s age, experience, or social media usage, people come in all shapes and sizes. It’s their diversity that makes them strong candidates to be your customers. Combining different data points will vary for all customers and having a dynamic credit risk process is key. There’s plenty of alternative data to choose from to create a full 3D view of individuals and their surroundings. Multiple data types can make the risk decisioning process stronger, but it will take a different combination for different uses. Finding the right alternative data is key. By combining it and creating a credit risk model that maximizes ROI, it can target prospects, expand credit to new borrowers, create new opportunities for current customers and provide an enhanced customer experience through speed to market and less paperwork. And along the way, you’ll benefit from reduced costs, greater competition and lower fraud and portfolio risks. Here are some alternative data types to consider for your credit risk decisioning process. Think of each data type as a building block and imagine the various types of 3D images you can create as you stack those blocks – keeping in mind that data types will vary across regions and as customer circumstances (or your products) change.
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