Data Analytics for Community Banks- a transformative step in Banking
Today community banks operate in an environment ripe with opportunities, accompanied by challenges. Game-changing technologies, new fintech competitors, regulatory burdens, and increasingly sophisticated members encourage community banks to refine their traditional strategies for success: profitable growth, optimal member service, and a superior member experience. Like many other businesses, many community banks are now struggling with […]
Data Promises Unlock Credit Union Success.
In the ever-evolving digital landscape, data promises permeate every aspect of our lives. With each passing day, as our digital interactions generate an ever-increasing volume of data, its ubiquitous presence cannot be denied. Companies striving for success now recognize that a robust data and analytics competency is no longer a luxury, but a necessity. Similarly, […]
AI in fraud detection: How it is transforming the financial industry?
With the rise of online platforms, the average thief has shifted their operations from the streets and train stations to the digital realm. Online lending, in particular, has become a lucrative target for cyber criminals due to its popularity and rapid transaction cycles. While financial institutions have always prioritized customer security, the industry has experienced […]
Intelligent Security – taking digital identity verification to the next level with AI
Loan application fraud is a lender’s nightmare. It’s a real issue faced by many financial firms. It is estimated that financial institutions lose billions of dollars yearly to this type of scheme, with synthetic identity fraud alone being responsible for over six billion dollars of credit losses. Without face-to-face interactions, fraudsters and thieves attempt to […]
How Business Performance Intelligence will help you drive growth
Business leaders, how important is financial analysis for the growth of any business? The assumption is that financial analysts are expected to do it for you. Businesses today increasingly feel the need for more real-time measurements and metrics that will facilitate timely decisions and responses which can significantly impact performance and growth. This requires moving […]
Optimize Credit Risk Management to enhance Business Performance
COVID-19 pandemic continues to affect the global financial sector and the damage to businesses and economies is becoming more visible every day. Countermeasures taken to contain the virus and save lives stopped the economy from functioning. With business slowly restarting, lending institutions are faced with a new and unfamiliar environment, in which they must evaluate […]
Make retention a top priority : Tips to reduce customer churn
Customer churn has a devastating effect on businesses. On the flip side, it is estimated that a 5% increase in customer retention can lead to a 25-95% increase in profits. When a customer churns, it not only means a lost deal in the short term—it also means another competitor gains a long-term asset and can […]
Reengineer the power of data and analytics to make strategic decisions
The lending industry is data-intensive with massive graveyards of unused and unappreciated credit processing data. As lending firms and credit bureaus face increasing pressure to stay profitable, understanding customer needs and preferences becomes a critical success factor. But businesses still struggle to make data-driven business decisions, relying instead on all classic strategies — experience, status […]
Inefficient data management slowing down your Credit Union’s growth?
Most businesses agree that real-time data can help them make intelligent business decisions. When it comes to Credit Unions databases represent its most valuable assets. But several Credit Unions struggle to generate actionable insights, because of the overwhelming volume of data they must process daily. Without a holistic data management practice, credit union clients report […]
Manual Underwriting Minimizing Your Credit Decisioning Accuracy?
Loan underwriting is tricky. Everyone has unique financial circumstances, and there’s no way you can be 100% certain that someone will pay back a loan. Today we are seeing a new generation of borrowers, customers with no credit history, and a large digital footprint. The traditional policy-driven rules-based manual underwriting that has worked so far […]
