While the approval or pricing improvement may look small in isolation, when the results are seen across the entire portfolio, the performance improvements translate into significant financial gains. 3. Upsell/cross-sell Alternative data can identify life events that trigger new financial needs, such as buying a home, becoming a parent, attending college and more. The data can also show a customer’s loan payments made to other lenders, a change in spending behavior, rising income or the timely payment of utility bills, identifying opportunities for new products and services. This information can be used to better understand customers for well-suited upsell and cross-sell offers, empowering you to offer the right products at exactly the right time, driving a personalized and valuable customer experience.
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