If you’re a marathon runner, you’re constantly exploring ways to conserve your resources, increase your speed and maximize your results ahead of the next race. The same principles can be applied to the banking industry. Lenders are always looking for better, faster, smarter ways to do things. And that’s as it should be.
Data has always been at the core of making sound lending decisions. But, as the breadth and diversity of data available to make decisions increases and diversifies, banks, credit unions and other lenders must find new, innovative ways to leverage these insights. There are plenty of advantages to doing so, including the potential to unlock credit opportunities for a larger number of consumers.
The effort is not as challenging as it might sound. The use of technology like advanced analytics can help harness the power of data in valuable ways that don’t require significant changes to infrastructure. Our research shows most lenders are already using both advanced analytics and expanded data to some degree.
Here are three practical ways lenders can maximize their results and create new opportunities that benefit consumers and the broader economy along with their own bottom line:
continue reading »