The company’s aim is to enable lenders, such as banks and NBFCs, to access customer data points and get real-time insights.
The platform is designed to support diverse use cases that are not limited to underwriting and enhance lenders’ ability to assess their customers’ financial health with greater precision and speed.
Moreover, FinBox’s AA CDP aims to ensure that businesses can automate rules and triggers to build customer cohorts. This allows them to build use cases, including yearly warning systems, portfolio monitoring, cross-sell, up-sell and more.
By integrating data from multiple sources, this AA CDP enables institutions to identify patterns in real-time, going from a process that could take days or weeks to frequent insights that drive fast decision-making.
The current pace of innovation in the financial landscape is motivating institutions to reach for more effective solutions. As digitalisation advances, landers are utilising more efficient data streams to personalise their offerings at scale.
For nearly 62% of organisations, customer data platforms are an important tool for making informed business decisions. Integrated real-time data gathering, processing and segmentation can improve this tool further.
Investing in data infrastructure can potentially increase risk assessment, customer engagement and revenue for banks and NBFCs. Customer data platforms can provide early warning systems, monitor borrowers’ affordability and habits for lenders, and potentially eliminate the need for quarterly checks. These features enable businesses to generate and organise a vast library of data and find cross-selling opportunities based on objective information.
Research on Data Driven Decision Making suggests that financial institutions that exploit analytics and utilise a data-driven approach for decision-making have an increased productivity rate of 9% to 10%.
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