How You Can Use AI-driven Analytics to Grow Your Auto, Card, and Personal Loan Portfolios

Highlights: 

• The Equifax Ignite AI Advisor platform addresses common lending challenges by unifying disparate data systems, allowing users to query comprehensive credit data and generate actionable insights for auto, card, and personal loan portfolios.

• Lenders can leverage AI-powered tools and competitive benchmarking to evaluate "what if" scenarios, monitor delinquency trends, and make data-driven decisions that improve revenue and market share.

Attention lenders: Is your organization struggling to efficiently use AI to identify opportunities to grow your auto, card, and personal loan portfolios? Are you able to easily query both your firm’s data and competitive data? Do your analytics give you enough information to make decisions?

Like many other firms, you may have discovered a few roadblocks in effectively implementing the use of AI to fuel your lending strategy. Perhaps you have a lean analytics team and just do not have the resources or skills to optimize the use of AI. Or you have decades-old legacy data systems and multiple scattered databases across departments, either of which could result in suboptimal AI-based analytics. Maybe you are taking a hodge-podge approach, using a variety of AI tools across different departments leading to conflicting findings.

There is a way to overcome these roadblocks: Equifax Ignite AI Advisor. It’s an AI-based analytics platform that can help you overcome your firm’s AI and resource challenges so you can smartly move your lending strategy forward. 

The platform includes current outstanding auto, credit card, and personal loan data powered by the Equifax Consumer Credit Database. It includes this data not just for your company, but for all consumers and ALL lenders across the U.S. That means no data uploads and no data management challenges. Instead, the platform offers easy access to deep credit insights about your portfolios and superior benchmarking. With the ability to use natural language to query the data, users of all levels can easily ask their specific questions for any portfolio category and get answers. It is a unified, cloud-based platform, so regardless of who is using it at your organization, you will get the same results. 

Whether you are seeking to grow or monitor your auto, credit card, or personal loan portfolio, you can use this AI-powered platform to analyze comprehensive data on origination, loan balances, and delinquencies. Analyze your business against your competitors and across the lending landscape and get recommendations on how to improve your business.

There are many ways that organizations can use the platform, including:

1. Evaluate “what if” scenarios for Auto Loans with an APR Calculator

What might happen if you change the APR on your auto loan offers? Will you gain or lose business? How will your interest revenue be impacted? Will your delinquencies go up or down?  Rely on the platform’s AI-based APR calculator for an easy way to assess possible outcomes. Understand ahead of time how proposed changes could help you grab share from competitors, grow revenue, and impact risk.  

2. Gain share with “off-you” insights across Credit Card, Auto, and Personal Loan 

Do you know what rates and terms your competitors are offering? Can you identify gaps where your competitors are winning the majority of business in a specific credit tier? Do you know how much business you are losing to the competition across target segments? Just ask the platform these questions, and you will quickly learn the answers. Then you can launch new promotions or recapture campaigns to grow share. Or adjust origination and underwriting criteria to better match the competitive marketplace.   

3. Evaluate delinquencies over time and take action

Affordability pressures are having a significant impact on delinquencies. Are you tracking how your organization’s delinquencies - volume and balance - has changed over time?  Do you know if your firm’s delinquencies are at par with the competition? Should you be concerned?  What should you do? Query the platform and evaluate the data. Then consider the platform’s recommendations. For example, consider adjusting your pricing strategy, evaluating underwriting for high risk segments, and increasing focus on early collections programs. 

AI has transformed lending analytics, empowering lenders to move faster than ever to update their strategies and capitalize on market opportunities. That’s a challenge faced by all organizations, but especially for those with limited analytics resources. Equifax Ignite AI Advisor helps level the playing field so you can stay on top of the market, gain confidence to make smart decisions, and compete better.