by supplementing your current view. Ingesting additional data into your model improves the detail of your 3D profile: rotate, zoom in, zoom out and view from a different perspective. Alternative data opens the door for new possibilities with personalized pricing and product offers, plus the ability to upsell when the time is right. Imagine renovating a house and relying solely on 1D drawings and blueprints – it gives you a good enough picture, but it doesn’t really allow you to imagine the finished product easily (or make changes) the way a 3D rendering can. Relying on 1D to determine a customer’s credit risk is similar – a traditional, static credit score just can’t offer the same agility that a more holistic view provides. When you make a customer feel like you’ve created products and services directly for their needs, you’ve established loyalty, something which can be hard to come by in today’s instant-everything society. The result is new lending opportunities, improved customer experiences and lower, more competitive rates.
Lenders using alternative data experienced a:
increase in offer acceptance 1 48% 38% improvement in pricing 1
But don’t stop there. The value of alternative data is limitless. Discover new market opportunities, incur lower transaction costs, and identify and prevent fraud. Worried about the ROI of implementing an alternative data strategy? Don't be: 64% of lenders experienced 1 tangible benefits within a year.
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