- Hispanic Resources
Every year a typical financial institution with 500,000 customers makes more than eight million important customer decisions—and large institutions make more than 50 billion customer decisions a year.
Even a 10% improvement in the quality of these decisions can have a substantial positive impact on the bottom line.
Given this reality, coupled with increased competition and the tighter credit and regulatory environment, it has become critical to employ the most advanced data, analytics, and decisioning tools to compete for customers and stay in compliance.
When your service provider can deliver these capabilities easily and quickly through its own hosted environment, these decisioning capabilities can transform how you conduct business by allowing your company to react rapidly and efficiently to regulatory requirements, deploy services only when and where they are needed, and reduce operational expenses.
By improving on current business processes and decision areas, the right hosted decisioning and data analytics can also increase revenue and decrease losses by increasing approval and take-up rates; lowering charge offs and losses; and increasing revenue by more effectively cross-selling through instant prescreening at the point of sale.
In my capacity as an expert in hosted decisioning capabilities, I counsel organizations of all sizes in various industries on the best ways to use hosted decisioning tools to improve business performance. Now more than ever, companies can access a wide variety of the most sophisticated decisioning capabilities in a hosted environment to maximize profit and minimize loss.
A high performing decisioning environment:
- Offers a vendor-hosted environment, which has lower upfront costs, a higher return on investment, faster time to benefit, minimal IT investment, and agility to respond to market opportunities;
- Applies credit and noncredit data from various sources;
- Spans across the customer life cycle, improving decisions throughout prospecting, acquisition, customer management, collections, and fraud management decisions. It allows you to decide where to start and add capabilities over time;
- Includes fraud and bankruptcy scores along with predictive attributes; and
- Uses powerful scoring and business rule engines to easily leverage robust data, attributes, analytical scores, and mathematically derived strategies to drive improved business performance.
Next: Create a decisioning roadmap