Financial firms struggle to get accurate customer income estimations, which they need for the entire consumer lifecycle - from prospecting to account management. Traditional income models have been helpful, but oftentimes they result in friction, coverage gaps, and inaccuracy. However, there is a better way.
In this case study, we show how one large lender achieved its goals by leveraging a next generation income model that:
- provided a more accurate and reliable income estimation
- more accurately scored a wider consumer audience, including those who lack traditional credit
- worked automatically behind the scenes, thus improving the customer experience
The results were stunning. The lender saw a double-digit lift in income estimation accuracy and scored nearly 100% of consumer names. With these results, the lender was able to:
- Quickly verify income to clear loan stipulations and accelerate funding
- Gain a better understanding of risk throughout the consumer lifecycle
- Improve non-adverse action risk management
- Help provide a frictionless process for customers
Find out more about this next generation income model and what it could do for your company.