Banking

To encourage financial inclusion, look for more diversity in your data, including alternative data sources like social media/web presence, utilities data, and open banking info. To integrate and action this data effectively, look for solutions that can connect to new data sources easily and orchestrate data across multiple environments. Getting a more holistic view of your customers reduces bias and ensures inclusion.

Fraudsters are evolving rapidly, and quickly becoming more sophisticated. Look for solutions that allow you to make quick changes to risk models and decisioning processes so you can evolve right alongside them. Data is also key – having a more holistic, real-time view of data and bringing data and decisioning together effectively ensures the most efficient fraud prevention.

Being self-sufficient and reducing the burden on both your IT/development teams and your vendors is key to improving agility and flexibility so you can keep up with your competition. Low/no-code solutions mean that you can create or iterate your decisioning workflows easily and independently, while still leaving room for customization to meet your specific needs.

Maintaining legacy technology gets more and more expensive as it ages – it’s resource-intensive to make changes and react to market conditions, preventing fraud becomes more costly, costs to acquire new customers and keep existing customers increase, and meeting evolving compliance requirements is more cumbersome. With automated, cloud-based decisioning technology, you can enable self-sufficiency, eliminating costly development hours, IT dependence, and vendor reliance. Realizing more efficient processes also eliminates delays that lose you customers, optimizes your credit decisioning across the lifecycle, enables agility to shift to market demands and consumer trends, and ensures easier fraud prediction and prevention.

Siloed data environments make it difficult to orchestrate your data effectively, integrate it efficiently into your decisioning, and poses a challenge when trying to get an accurate, holistic view of your customers. Not to mention the time, money and resources spent to access and move data as needed. Having real-time access to a variety of data sources and being able to integrate them easily into your decisioning means less time, effort, and money put into data orchestration, and results in a simplified data supply chain for a more effective data strategy, as well as improved accuracy in your credit decisioning.