As consumers do their best to work through a tight, complicated economy, the line between 'good' and 'bad' accounts is becoming increasingly blurry. One of the biggest obstacles between your financial institution and profitable households is the unknown—hidden risk and opportunity associated with an applicant.
Now, Retail Banking Demand Deposit Account (DDA) Solutions can help give you the detailed insight you need to clearly differentiate quality accounts and expertly service the full account lifecycle.
It all begins at account opening
Traditional account screening solutions are based on negative historic data and only offer a one-dimensional view. There is little or no predictive insight into a consumer's capacity to pay, product needs or lifestyle changes that could forecast financial trouble or an upsell opportunity.
Our solution is different
Retail Banking DDA Solutions combine historical performance with predictive alternative data to give you a multi-faceted view of consumers to help you
- grow your primary household portfolio – find hidden opportunities in high potential customers
- maximize cross-sell opportunities – know when a customer's financial situation changes, or when they're in the market for a new product
- increase account profitability – understand current and emerging financial risk and proactively protect against it
Exceptional insight for every stage of the account lifecycle
Retail Banking DDA Solutions give you the tools you need to optimize household growth across all product types and at every stage of the household lifecycle. In addition to acquiring more profitable new accounts, we can also help you address other key issues including how to
- retain profitable household accounts
- mitigate transactional fraud
- uncover opportunities with existing customers
- regain lost revenue due to new industry regulations and
- respond effectively and efficiently to fast-evolving regulations
Use as much as you like—whatever fits your business needs
Designed to fit the unique needs of your financial institution, our solution offers the highest level of program configurability and flexibility.
Plug and play
Keep critical components of your current processes in place, and simply plug in the part(s) of our solution you need. This strategy helps you immediately drive down targeted expenses such as onboarding costs, without revamping your entire process. You can easily expand or add on new functions when you're ready.
Full real-time integration
Implement our entire solution as a fully integrated workflow across the DDA lifecycle to help maximize process synergies and broader, long-term revenue opportunities. Equifax can help you
- reduce the cost and complexity associated with quickly adding Equifax and third-party data sources, scores and analytics into your business processes
- perform real-time risk and opportunity assessments that improve the account opening process
- identify the right deposit product, or next-best-action, at the point-of-service
- deploy multi-factor authentication to reduce account opening fraud in the faceless channels and
- easily identify and retain your best customers