As financial institutions evaluate ways to find new customers or retain existing, fierce competition is breaking out in the marketplace. Companies must think outside the box to target and acquire customers while managing risks and maintaining healthy margins. It's a fine balancing act leading more companies to look at deploying decision engines to streamline and automate their customer acquisition, retention, and risk management processes.
Whether it's a bank striving to acquire new credit card customers or an online mortgage lender finding new home buyers, the user experience is visibly different in cases where decision engines are used in place of traditional manual processes.
This white paper from Equifax provides a deep dive into the architecture and usage of decision engines, with best practices from successful deployments at financial services companies.