Increased regulatory oversight and challenging economic conditions have made it harder than ever for retail banks to identify and capture potentially profitable households. The cornerstone of a profitable household is the DDA account, and traditional consumer risk assessment tools are limiting many financial institutions' success at the point of sale. They rely heavily on negative information that can be dated and unreliable.
As a result, customers who could present significant revenue opportunity are walking out your door, and customers who may ultimately charge-off are being approved. You need a better DDA risk assessment.
Access new data on 25 million unique consumers with little to no credit
The innovative Equifax Insight Score for Retail Banking leverages relevant non-traditional data to assess DDA risk and provides a more comprehensive view of a consumer's financial obligations. By combining Equifax proprietary credit sources and powerful alternative data that no other provider has access to — data that includes payment history in the utility, pay TV, wireline and wireless communications sectors — Insight Score for Retail Banking delivers fresh, unique visibility into consumer DDA risk.
How it works
Highly customized, targeted and precise, Insight Score for Retail Banking helps you assess risk on a wider audience of consumers with little to no traditional credit. With the alternative data leveraged in the score you can:
- Boost new account acquisition rates with an expanded view of payment history
- Strategically expand your business and potentially increase profitability by tapping into an expansive market of underserved consumers
- Reduce charge-off risk with improved DDA risk decisioning.
One score digs deeper to help you open more accounts
By integrating the positive and negative data available in our traditional credit file and proprietary alternative data, Insight Score for Retail Banking can help you identify and serve more households.
Trusted, proven data for stronger decisions
For more than a century, Equifax has empowered businesses with information, analytics and technology they can trust. We can help you too.
Insight Score for Retail Banking — Get a better, more comprehensive view of consumer risk and opportunity.