Science: Sep 10, 2011

Demand deposit accounts (DDAs) are evolving. Traditional decisioning software, consumers had to wait for time to participate in the opening of the demand deposit account - they had to wait to find out if they are approved and if they were they had to wait to start using your account. But now, new solutions to financial institutions (Fis) can be used to open accounts and automated decisioning and efficient process to realize a profit. Automated decisioning is used not only to analyze consumer data to find out whether they are credit-worthy, but is also used to add decisioning process steps that increase the customer experience, build deeper relationships and increased profitability of the FIS.

Automated decisioning can increase the opening of the DDA in various ways. As the manual steps are eliminated, it takes less time and DDAs begins at the point of sale. This means that consumers can sign up for an account, the bank can make a decision in real time, and the consumer can start using the account as soon as approved. Automated decisioning process can thereby increase customer satisfaction as "instant gratification" that it provides.

Automated decisioning can also add a number of steps that would not be able to manually decisioning processes. Some of these steps include consumer information by pulling data network, leveraging cross-sell effectively using a multi-channel integration, calculating the properties and creating documents.

By pulling information by pulling data from the data network includes both traditional and alternative data sources. This is valuable because banks decisioning can get a comprehensive overview of consumers because they are collecting data from various sources. Manual processing would be inefficient since the time constraints, but through automated decisioning software, banks can access multiple data vendors quickly. When banks have access to so much of their decisioning data transmission is more accurate, because they have more complete picture of the consumer.

Automated decisioning can also be used to leverage cross-selling. This means that if a consumer requests to open an account decisioning software can be used to determine whether they qualify for the product for which they are also requesting additional financial products. When consumers use an automated decisioning will be "fit" products, they are likely to qualify for and interested in. If that happens, they are more likely to offer, because they are personalized for them.

Automated decisioning can also be used in multi-channel integration to improve the demand deposit account is opened. If the channels are integrated, customers have a consistent experience regardless of how they want to communicate with the bank. If consumers have a consistent experience with this, cross-sell offers are the same banks can use different channels and different channels of data to better offers. For example, if the consumer communicates with the bank online on a regular basis, but rarely branch, FI will focus on benefits available through the online channel, such as personal financial management or the online bill pay.

Science

Saturday, September 10, 2011

Automated Decisioning and Demand Deposit Accounts: Getting the Whole Package

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