Next, use machine learning to test tactics and help analyze your strategies. If you remove a data point suspected to be redundant, will it change the outcome of your decisions? If you call on a data source later in the process, will it reduce the cost of your process? How do these tweaks affect different segments? How can you complete your processes faster? These efficiencies are key to long-lasting success not only when it comes to reducing cost on the backend, but to minimizing both defaults and churn on the customer end. If you are running more efficient processes that can increase your application volume and more accurately define affordability, you’ll be able to serve more customers who are more likely to pay on time. Iterate as frequently as necessary to ensure you’re running accurate, efficient models to back you your lending strategy.
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