Turbulence in the economy continues to create challenges for consumers and lenders alike. The wide range in how consumers are being impacted can add a layer of complexity to identifying prospects for your acquisition campaigns. At the same time, some consumers are still struggling or fall outside the range of traditional lending analytics. 

Here are 6 capabilities that can help lenders expand their reach, boost their Prescreen campaigns, and connect with consumers across channels. 

1. Use alternative consumer financial data to better reach credit invisibles

Over 91.5 million consumers have thin files or are credit invisibles – yet 18% of these consumers could qualify for prime/near prime offers by using alternative data (Equifax analysis). 

What kind of alternative data is available? There are plenty of options. Payment data for everyday bills such as telecom, Pay TV, and utilities accounts can show bill pay behavior. Employment and income data can help lenders verify cash-flow. Specialty finance and consumer-permissioned financial data are other sources that lenders can use to broaden their view of a consumer’s financial profile and adjust lending decisions. 

2. Find new pockets of opportunity with consumer financial and economic insights

Among consumers with a 580 credit score, 10% have estimated household assets over $400,000 or estimated total income over $178,000, according to an internal analysis. Do these sound like attractive audiences? You bet. Credit is only one piece of the consumer wallet. Lenders can also leverage non-FCRA financial capacity measures such as assets, income, and spending power to expand their lending audiences before Prescreen.

3. Find out almost instantly which customers are in-market for credit

Let’s say an existing customer is browsing the market for a new bank card or auto loan. Wouldn’t this be nice to know in real-time? It’s possible! Lenders can be alerted to these types of opportunities within just hours of a customer’s initial inquiry – so you can respond quickly with your own offer and grow the customer relationship.  

4. Connect via digital

Consumers are on their devices all day (and night!). So reach them there – deliver Prescreen offers via email, plus serve lending messages via display, mobile ads, and social platforms. Digital works: Equifax worked with an insurance company who used paid search on Google to reach its Prescreen audience and landed 200 incremental quotes. 

5. Efficiently prospect for new credit audiences online

Your ITA messages need to reach online audiences that have both the interest and the financial capacity to take advantage of your offers. This is easy with off-the-shelf Digital Targeting Segments that can help you advertise to the right online audiences. For example: reach audiences that are likely to respond to a credit card offer (24.1% of households), or are likely in-market for a new auto loan with good credit (7.4%), or with an aggregated credit score between 761 and 780 (10.9%).   

6. Explore pay-for-performance marketing campaign programs

Budgets are always top-of-mind, and acquisition campaigns can be expensive. As an alternative, lenders can explore pay-for-performance Prescreen campaign programs in order to transfer upfront campaign costs and only pay for new customers acquired. If this sounds too good to be true, then consider this: one wireless provider’s pay-for-performance test campaign enabled it to manage costs and access 30 million new consumers, ultimately surpassing acquisition goals by over 20%.

Try these 6 strategies to better reach today’s credit seekers. Review this eBook to learn more and contact us to get started.

Results for scenarios may vary based on actual data and situation.