Opinion The key to gaining more members without additional risk

Credit unions can use advanced analytics to identify new, predictive … Tableau, SAS and more to gain actionable insights from these big data sets.

In today’s data-driven world, financial institutions of all sizes are constantly trying to stay ahead by understanding rapidly changing consumer behaviors. As many lenders know, access to rich data sets is a critical first step to achieving this.

The second, yet equally valuable step, is having the right tools in place to gain actionable insights from data. When lenders have the ability to combine their data with today’s leading advanced analytical tools, they have the key to unlock better decisioning, improved model development, benchmarking and much more.

The problem for credit unions has traditionally been limited resources and access to analytics platforms comparable to those being used by larger banks.

Thanks to recent advances, the latest in machine learning and predictive analytics is now available to credit unions through new configurations of state-of-the-art technology platforms. This new-found access can help credit unions and smaller financial institutions become more competitive while answering questions, such as “where am I winning,” “where am I losing and why” and “what should I do next?”

The benefits of machine learning and artificial intelligence solutions go far beyond this, though. Here are three examples that highlight how credit unions can benefit from integrating analytical environments to their business.

Identify new, creditworthy clients

Credit unions can use advanced analytics to identify new, predictive attributes by looking at more data sets. By doing this, financial institutions may be able to identify new, creditworthy clients without compromising risk.

Greg Wright, chief product officer for consumer information services at Experian
Greg Wright, chief product officer for consumer information services at Experian

The latest advanced analytics tools eliminate the need to pick and choose which data sets will be most useful. These advancements allow credit unions to seamlessly combine their portfolio data with years’ worth of additional depersonalized data sets, including credit, alternative, commercial, auto and more. Additionally, credit unions can leverage industry leading tools such as R, Python, H2O, Tableau, SAS and more to gain actionable insights from these big data sets. From there, lenders ensure they’re delivering the right offers to new consumers in much less time.

Through the power of artificial intelligence and machine learning platforms, credit unions can turn on self-service access to the right data while eliminating unnecessary batch data refreshes, complex workflows and inconsistent identity pinning logic. This allows credit unions to streamline their operating environment and turn on the most advanced tools to reach new clients faster and more effectively.

Another way credit unions can attain more clients is by using sophisticated systems to incorporate rapid reject inferencing into models. Reject inferencing allows credit unions to identify prospects who did not move forward with a loan offer and see if they ended up going for the loan somewhere else and how they performed. The traditional archive process can take more than six months. With access to the latest advanced analytics, one lender reduced the process from 180 days to two weeks. Speeding up the process for reject inferencing can significantly increase the size and quality of a lender’s portfolio.

Retain members and stay on top of portfolios

Machine learning and artificial intelligence can empower lenders to identify new opportunities to retain and grow their client base.

Advanced analytical environments can help credit unions uncover cross-sell opportunities by leveraging propensity scoring. This allows lenders to see how likely a client is to open a credit card in addition to a personal loan with them, for example. Credit unions can also pinpoint potential cross-sell opportunities for existing customers by identifying what other lending products their customers may have with other lenders.

Credit unions can also use peer benchmarking, which compares a lender’s current portfolio against peers in the industry, to remain competitive. The latest advanced analytics tools can help lenders identify where they are succeeding in the market and see what consumers are looking for with their competitors.

This helps lenders uncover opportunities to shift their business strategies to help retain clients and gain market share. An example of the kind of insight a lender could gain would be if an existing set of customers are opening automotive loans with other lenders. If you also offer automotive loans, you may be able to market to your existing clients more effectively.

Ultimately, these tools can help lenders discover industry trends and seize new opportunities.

Mitigate risk effectively and prepare for the future

For credit unions, the power of more data and more predictive models can help with improved risk management. It also helps deploy more frequent model updates to maximize acquisition revenue while managing risk. For example, a credit union may be able to identify a trend that clients who go delinquent on auto loans also tend to go delinquent on personal loans, allowing them to potentially mitigate future risk.

To enhance collections strategies, financial institutions can utilize machine learning and artificial intelligence to better identify customers that have the ability and willingness to pay debts. Advanced data environments also let financial institutions continuously evolve and prepare for the future by incorporating loss forecasting. By using machine learning models that include trends identified during the recession, lenders can perform risk analysis and test their portfolio strength and preparedness.

Through artificial intelligence and machine learning, a customizable report can be pulled in near real time to allow for accurate recession planning so credit unions can identify areas to adjust portfolios to prepare for an economic downturn.

The latest advancements in artificial intelligence and machine learning are empowering credit unions to compete with larger banks, benchmark their portfolios against the industry and identify credit trends.

Now, credit unions can leverage these tools to create real business opportunities and prepare their portfolios for what the future has in store. By using machine learning and artificial intelligence, credit unions can make faster, more informed decisions and turn insights into action.


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Identity Verification Market Comprehensive Analysis To 2027 Top Companies- Acuant, Authenteq …

… To 2027 Top Companies- Acuant, Authenteq, Equifax, Gemalto, IDEMIA, Mitek Systems, Experian, Jumio, LexisNexis Risk Solutions, Onfido, Trulioo.

(MENAFN – iCrowdNewsWire) Sep 11, 2019

Identity Verification is the process of creating one’s identity, used by business to ensure that the customer or user provides the information that is matched with the character of the real person. These services can be used both in-person and online to verify identities. These services are used in the emerging market of e-commerce platforms, internet forums, underage signup, social platforms, and illegal activities like identity fraud, money laundering, and harassment. Industries that use identity verification services include digital business, travel and leisure, telecom, and gaming and entertainment. Identity-related frauds and data breaches are the factors giving an expected rise in growth of identification verification market.

Increasing data-breaches and identity-related frauds are the dominant factors driving the need for Identity Verification services. Budgetary limitation preventing the adaptation of identity verification market. BYOD and Enterprise mobility remain the major factor giving a boost to the identity verification s market. The proliferation of cloud-based identity and integration of ML and AI technologies are the opportunity in these segment and is expected to boost the demand for identity verification market in future. This market research report provides a big picture on Identity Verification, on a Global basis, offering a forecast and statistic in terms of revenue during the forecast period. The report covers a descriptive analysis with detailed segmentation, complete research and development history, latest news and press releases. Furthermore, the study explains the future opportunities and a sketch of key players involved in the Identity Verification hike in terms of revenue.

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Companies Mentioned In Global Market :

1. Acuant

2. Authenteq

3. Equifax

4. Gemalto

5. IDEMIA

6. Mitek Systems

7. Experian

8. Jumio

9. LexisNexis Risk Solutions

10. Onfido

11. Trulioo

Every crucial and decisive detail for the development of the market and the restraining factors that may hamper the market in near future is mentioned with solutions in the report. Segmentation of the market are studied specifically to give profound knowledge for supplementary market investments.

Detailed segmentation of the market, on the basis of Type and Application and a descriptive structure of trends and restrictions of the segments and sub-segments are mentioned in the report. It also provides the market size and estimates a forecast from the year 2017 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The report also provides exhaustive PEST analysis for all five regions after evaluating political, economic, social and technological factors effecting the Typhoid Vaccines market.

Answers That the Report Acknowledges :

  • Market size and growth rate during forecast period.
  • Key factors driving the Identity Verification market.
  • Key market trends cracking up the growth of the Identity Verification market.
  • Challenges to market growth.
  • Key vendors of Identity Verification market.
  • Detailed SWOT analysis.
  • Opportunities and threats faces by the existing vendors in Global Identity Verification market.
  • Trending factors influencing the market in the geographical regions.
  • Strategic initiatives focusing the leading vendors.
  • PEST analysis of the market in the five major regions.

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Also Read:

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Credit Scores, Credit Reports & Credit Check Services Market to Witness Massive Growth …

Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO & Credit Karma. Credit Scores, Credit Reports …

Global Credit Scores, Credit Reports & Credit Check Services study will help you investigate a detailed division of the market by the end user/industry, by best in class product type and by geography with creation, income, utilization, export & import data in these areas, crunching historical data along with primaries and opinion leaders and industry experts interview and estimate with detailed driving factors for forcasted period.

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The Global Credit Scores, Credit Reports & Credit Check Services is relied upon to come to an expected $XX.X billion by 2025 and it is a gauge to develop at a CAGR of X.X% for forecast period. This report centers around top makers in the Global Credit Scores, Credit Reports & Credit Check Services, with generation, value, income, and market share for every producer/manufacturers.

Top Credit Scores, Credit Reports & Credit Check Services Manufacturers:

Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO & Credit Karma.

Credit Scores, Credit Reports & Credit Check Services Report Focusing By Types:

, Credit Scores, Credit Reports & Credit Check

Credit Scores, Credit Reports & Credit Check Services Report Focusing By Applications:

Private & Enterprise

Credit Scores, Credit Reports & Credit Check Services Report Focusing By Regions:

United States, Europe, China, Japan, Southeast Asia, India & Central & South America

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Credit Scores, Credit Reports & Credit Check Services Report shows a detailed overview of the market by strategy for study, mix, and data evaluated from different sources. The pros have presented the various appearances of the market with a particular, base on recognizing Credit Scores, Credit Reports & Credit Check Services business influencers.

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Significant players in the Global Credit Scores, Credit Reports & Credit Check Services Market.

Global Credit Scores, Credit Reports & Credit Check Services players/providers Profiles and Sales information.

Credit Scores, Credit Reports & Credit Check Services Marketing procedure examination and improvement patterns.

Credit Scores, Credit Reports & Credit Check Services Market impact factor examination.

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An experimental evaluation of the direction of the Credit Scores, Credit Reports & Credit Check Services.

Real changes in Credit Scores, Credit Reports & Credit Check Services elements/ sub industry segments.

Chronicled, present, and imminent size of the Credit Scores, Credit Reports & Credit Check Services from the point of view of both revenue and sales volume and average price.

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Credit Scores Credit Reports and Credit Check Services market analysis by key manufacturers and …

The report provides detailed overview of the {keyword] market and also covers the growth aspects of the market. Global Credit Scores, Credit Reports …

The report provides detailed overview of the {keyword] market and also covers the growth aspects of the market. Global Credit Scores, Credit Reports & Credit Check Services Market Industry 2019 report provides an in-depth analysis and comprehensive data for new market entrants. The report includes key strategies and the effect of key market players in the {keyword] market. Additionally, it gives provides the market summary, revenue generation and share, SWOT analysis of The company as well as of the key market players in the global Credit Scores, Credit Reports & Credit Check Services market.

The research in the global [keyword] market is conducted by skilled professionals around various regions and industry groups. Te Credit Scores, Credit Reports & Credit Check Services market research provides both qualitative and quantitative assessment and highlights the challenges and growth drivers in various segments of the market. It also reflects the opportunities in various sectors of the Credit Scores, Credit Reports & Credit Check Services market.

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Market Segment by Companies, this report covers

Experian

Equifax

Trans Union

Identity Guard

IdentityForce

PrivacyGuard

Credit Sesame

MyFICO

Credit Karma

Section 4: 900 USD——Region Segmentation

North America Country (United States, Canada)

South America

Asia Country (China, Japan, India, Korea)

Europe Country (Germany, UK, France, Italy)

Other Country (Middle East, Africa, GCC)

Section (5 6 7): 500 USD——

Product Type Segmentation

Credit Scores

Credit Reports

Credit Check

Industry Segmentation

Private

Enterprise

The study objectives of this report are:

  • To analyze Global Credit Scores, Credit Reports & Credit Check Services Market structure, future forecast, growth drivers, key market, and key market
  • To highlight the Credit Scores, Credit Reports & Credit Check Services Market development according to the region such as in United States, Europe, and China.
  • To strategically profile the key market players and effectively analyze their development plan and strategies.
  • To explain, understand and forecast the market by product type, market, and key regions.

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Key questions answered in this research report:

  • What are the major strengths that drive the growth of top key players?
  • What will be the future demand trends in the market?
  • Which factors are affecting the growth of the market?
  • What are the possible opportunities for the global Credit Scores, Credit Reports & Credit Check Services Market in the international market?
  • Which trends, strategies and technologies will affect the growth of Credit Scores, Credit Reports & Credit Check Services Market?

Table of Contents:

Global Credit Scores, Credit Reports & Credit Check Services Market Research Report

  • Chapter 1 Credit Scores, Credit Reports & Credit Check Services Market Summary
  • Chapter 2 Global Financial Impact on Industry
  • Chapter 3 Global Market Competition and key players
  • Chapter 4 Global Production, Revenue generation in terms of region
  • Chapter 5 Global Supply (Production), Demand, Export, Import by Regions
  • Chapter 6 Global Production, Revenue (Value), Price Trend by Type
  • Chapter 7 Global Market Analysis by Application of the product
  • Chapter 8 Manufacturing Cost Analysis
  • CONTINUE ..

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Info-graphic view of Credit Scores, Credit Reports & Credit Check Services Market Viewpoint …

Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO, Credit Karma. Global Credit Scores, Credit …
Credit Scores, Credit Reports & Credit Check Services

A Credit Scores, Credit Reports & Credit Check Services Market Research Report :-

This research report classifies the global Credit Scores, Credit Reports & Credit Check Services market in terms of top players/brands, region, type, and end-user. This report also studies the global Credit Scores, Credit Reports & Credit Check Services market structure, growth rate, growth drivers, future trends, market drivers, challenges, barriers, opportunities, sales channels, distributors and competition.

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Credit Scores, Credit Reports & Credit Check Services Market Research Report presents a detailed analysis based on the thorough research of the overall market, particularly on questions that border on the market size, growth scenario, potential opportunities, operation landscape, trend analysis, and competitive analysis of Credit Scores, Credit Reports & Credit Check Services Market. This research is conducted to understand the current landscape of the market, especially in 2019. This will shape the future of the market and foresee the extent of competition in the market. This report will also help all the manufacturers and investors to have a better understanding of the direction in which the market is headed.

Topmost Leading Manufacturer Covered in this report:

Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO, Credit Karma.

Global Credit Scores, Credit Reports & Credit Check Services Market: Product Segment Analysis:

Credit Scores, Credit Reports, Credit Check.

Global Credit Scores, Credit Reports & Credit Check Services Market: Application Segment Analysis

Private, Enterprise.

Geographically it is divided Credit Scores, Credit Reports & Credit Check Services market into seven prime regions which are on the basis of sales, revenue, and market share and growth rate.

United States, EU, Japan, China, India, Southeast Asia.

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With this Credit Scores, Credit Reports & Credit Check Services market report, all the participants and the vendors will be in aware of the growth factors, shortcomings, threats, and the lucrative opportunities that the market will offer in the near future. The report also features the revenue; industry size, share, production volume, and consumption in order to gain insights about the politics and tussle of gaining control of a huge chunk of the market share.

The main points which are answered and covered in this Report are-

l What will be the total market size in the coming years till 2021?

l What will be the key factors which will be overall affecting the industry?

l What are the various challenges addressed?

l Which are the major companies included?

The Global Credit Scores, Credit Reports & Credit Check Services Market outlook provides a 360-degree overview of the entire market, highlighting the future prospects and tendencies of the industry. The information provided in this report has been accumulated using a blend of primary and secondary research assumptions and methodologies. The gathered information is then verified and validated from industry specialists, which makes the report a valuable source of repository for anyone interested in purchasing and assessing the report. The report will help the readers in understanding some of the key market dynamics, which includes the industry trends, competitive landscape, growth potentials, challenges, and lucrative opportunities.

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