Optimize Accuracy and Reduce Risk Risk is top of mind, and accurately assessing the credit risk of your customers is the most effective way to minimize it. The best BNPL solutions stand on solid risk decisioning foundations that fight fraud, determine creditworthiness accurately, and still support financial inclusion. When building your own risk decisioning foundation, ensure your technology can: Return complex decisions BNPL products do not rely on the traditional methods of determining creditworthiness. That’s why you need to be able to analyze and action multiple types of data in multi-step processes that ramp up from broad to distinct. You should always look across identity, fraud, and credit for the fullest picture of risk - but keep in mind that the picture may look different for someone who is credit served with a prime or super-prime credit score than an underserved or unserved borrower. You’ll need to weigh different factors with that complex decisioning engine. Easily integrate data and analytics To return your complex decisions, you need the right data. Having the right data helps you make the right decisions, and the absence of robust bureau data can make that a challenge. In fact, three-quarters of decision makers cannot easily access data, while 60% have limited access to alternative data - the best tool you can have in your arsenal when you’re bypassing traditional data. Of the 40% that can tap into alternative data sources, 70% cannot integrate it into their decisioning solutions. Make sure that you’re not one of them. Look for a unified decisioning engine with alternative data and complex analytics to power the accurate decisioning that forms your risk mitigation foundation.
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