In today’s competitive market, expanding your organization’s customer base can be a daunting task. Limited marketing budgets, high acquisition costs, and the pressure of financial inclusion initiatives can lead to poor response rates and make it challenging to reach the right consumers.
If your prescreen policies are too conservative, you might miss out on valuable opportunities. On the other hand, overly lenient policies can lead to wasted resources on uninterested consumers. So how can you strike the perfect balance and ensure your marketing efforts are both effective and efficient?
Challenges for financial institutions
Research shows that 55% of financial institutions reported building response models that don’t make it to production.[1] This can lead to wasted time and effort as employees work to build models that are never used, which can have a severe negative impact on organizations’ productivity and team members’ morale.
In addition, most organizations are not well-equipped to conduct their own analytics, citing limited access to data for response modeling and challenges with incorporating models into a comprehensive campaign strategy. Many institutions are unsure of who to send offers to, which channels to utilize, which offers to send, or how often to send them.
To effectively reach consumers, financial institutions need to:
- Easily access and understand the right data
- Quickly move to production
- Deploy models with little to no friction
- Monitor and refresh models to avoid deterioration
- Maintain regulatory compliance
So how can your organization accomplish all this to ensure you’re reaching the right consumers with your offers?
Ascend Intelligence Services™ Target
Ascend Intelligence Services Target (Target) is a cutting-edge solution designed to help businesses target the right consumers with precision. This service leverages custom response models and optimized prescreen strategies to enhance response rates and maximize revenue.
At the heart of Target are custom response models developed by industry experts using advanced machine learning (ML) techniques. These models analyze historical data alongside Experian’s best-in-class data to identify consumers who meet credit criteria and are more likely to respond to offers. By accurately predicting consumer behavior, these models enable organizations to maximize the return on investment (ROI) of their marketing campaigns and achieve their revenue goals.
Additionally, exclusive access to alternative datasets from nontraditional lenders, rental data inputs, and full-file public records provides a comprehensive view of consumer behavior. The inclusion of 24 months of trended data and over 2,000 attributes can further enhance your ability to determine the next best action for each consumer.
Watch this video to learn more about Ascend Intelligence Services Target.
Optimized prescreen strategy
Target’s prescreen strategy is mathematically optimized to calculate the impact of your offer on each consumer simultaneously. This approach selects the best consumers to target, allowing you to:
- Increase response and take-up rates for improved portfolio performance.
- Minimize prescreen costs by targeting the right people who are more likely to respond to your offers.
- Expand your lending universe safely and meet diversity and inclusion initiatives by providing the right offer to previously overlooked consumers.
- Seamlessly integrate into your existing prescreen process for rapid time to value.
By incorporating additional variables such as trended and alternative data, you can reach more consumers who might have been overlooked, improving financial inclusion and safely growing your portfolio. The power of optimization allows you to tailor your offers to each consumer, increasing response and take-up rates and enhancing the profitability of your campaigns.
Visit our website to learn more about how your organization can utilize our prescreen strategies to maximize your revenue.
[1] Experian research
