BNPL Technology Needs: The 8 Solution Features That Will Power Your Leap into the Future and Power Growth. Feature 1. It democratizes data access This image is used often in data and analytics conversations:
Photo by Franki Chamaki on Unsplash
It’s used because people, especially if you work in data or analytics, can relate to it. In a high-risk industry, you already know that data is the foundation of your decisions. It informs everything you do from business strategy to individual customer decisions. But knowing that you need data, and being able to access it are two entirely different things. Data is only valuable if it’s in the hands of the right people, at the right time, in the right place. But unfortunately, most businesses settle for the minimum data they need. Research shows that 63% of financial services businesses still have a major problem when it comes to integrating new data into their analytics environment. 3 This obviously poses a challenge when it comes to decisioning BNPL applications… As we mentioned above, two of the driving factors behind the success of BNPL is the lack of hard credit checks and the availability to the unbanked. So, if you can’t use your traditional risk assessment model, what’s the alternative? While soft credit pulls are still a viable option for those with traditional credit scores, in a high-risk, rapidly evolving market you need to be
Made with FlippingBook Digital Publishing Software