The Role of Data: It’s impossible to make accurate risk decisions without data. But knowing what kind of data to use when can be challenging - especially when looking at decisions across credit, fraud, compliance, and product. Are you looking for bureau data or alternative/open banking data? Are you interested in real-time, on-demand data, or only integrating historical views? What’s essential to decisioning success is a mix of all of the above. All financial services organizations use data to make informed decisions throughout the customer journey, but having to manually access and integrate data sources is time-consuming and creates the potential for errors or omissions. By looking to a wide-range of data sources, including alternative data sources like rental payments, social media interactions, website info, travel data, past payment history, default rates, job changes, etc. you can ensure: A more accurate view of identity verification and compliance
A more holistic view of risk and creditworthiness across the customer journey - including origination risk, upsell opportunities, pre-collections strategies, and treatment
Improved fraud prevention and detection
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