Credit players: harnessing big data for a better customer experience 🌟

Credit providers face several challenges: digitalization, new expectations, regulatory changes, and disruptions in the financial markets... Against this backdrop, they seek to respond rapidly to loan requests while offering a quality service and minimizing risk. Still, too often ill-equipped, they need help to upgrade their existing products and offers. At the heart of this problem is data, which is emerging as an invaluable asset for better identifying customer expectations and proposing appropriate recommendations.

Big Data: what are we talking about? 🔎

"Big Data" refers to the massive amounts of data collected and analyzed by companies to extract information and trends. With the development of new technologies, the production of digital data has accelerated: texts, photos, videos, interactions on social networks, search queries... This large volume of data, combined with improved storage capacities and real-time analysis tools, opens the way to new business uses.

The "three V's" of Big Data

Big Data is often defined by the "3Vs" that characterize it: the volume, variety, and speed with which data is generated.

• Volume indicates the size and quantities of data that companies can now store and analyze.
• Speed refers to the velocity at which companies receive and manage data.
• Variety refers to the diversity and range of different data types: unstructured, semi-structured, or raw data.

These characteristics were identified and popularized in the early 2000s. Today, the three Vs are complemented by data integrity, value, and variability.

Data use: what for?

Big Data is used for various purposes, including better identification of consumers, creating personalized campaigns based on their preferences, and improved customer service.

Thanks to Big Data, companies have a competitive advantage over competitors who don't exploit data correctly or need the tools to be effective. It enables them to make better, faster decisions based on the information they gather. For example, financial services and credit players use it to gauge risks, personalize offers, and analyze market data in real-time.

At the same time, recent technological advances have drastically reduced the cost of data storage and calculation. With more significant volumes accessible, financial institutions now hold all the cards for studying customer trends and desires.

Intelligent data collection puts customers at the heart of our strategy. Once analyzed, data can be used to enrich and better understand customer profiles, providing them with advice, personalized products, and credit offers tailored to their needs. So, Big Data gives companies the power to improve their customer relations... provided they use the right tools to exploit it properly!

Credit: opportunities but limited resources 🤷‍♀️

Regarding customer experience, Big Data is an essential resource for credit players. The proper use of data enables deep relationships with targeted value propositions. Lenders have understood the importance of designing agile, tailored offers to remain competitive in a constantly evolving market. They also want to speed up their responses to loan requests while minimizing risk.

Due to inadequate IT systems, Companies often need help developing their customer experience. Core banking systems are aging, with poor data storage and processing performance, limiting the creation of a seamless customer experience.

Also, this type of infrastructure requires considerable lead times to adjust the offering and create new products based on analyzed data. On the other hand, fintechs and neobanks have been able to rapidly launch functionalities such as deferred interest payments or payment vacations. Against this backdrop, the credit industry must adopt these methods and demonstrate agility and scalability to remain competitive.

Boost your customer experience with Skaleet. 💓

To help lenders personalize their credit offers, Skaleet has developed a Core Banking Platform designed to capitalize on data and accelerate the deployment of genuine offers tailored to customer expectations.

The Skaleet platform uses a microservices architecture and open APIs to digitalize the lending process. It integrates Best-of-Breed partners, enabling credit providers to react quickly to different needs with innovative credit solutions, such as BNPL (Buy Now, Pay Later).

By combining a data-centric approach with a high degree of configurability, Skaleet is the essential tool for better understanding consumers, launching new products, and creating customized workflows at every stage of the credit lifecycle.

The Core Banking Platform can develop new credit risk models thanks to advanced data analysis and artificial intelligence functionalities. Automating the risk assessment process also delivers fast, accurate decisions for customers.

Skaleet meets regulatory obligations related to data protection (RGPD) and the Payment Services Directive (PSD2). The Core Banking Platform centralizes all the information regulators require to demonstrate transaction compliance. It guarantees the protection of users' data and the proper management of their consent and generates reports on demand thanks to real-time data extraction. These well-honed compliance processes are both a guarantee of compliance and a competitive advantage.

Technological advances and Big Data combine to offer exciting opportunities. Thanks to Skaleet's Core Banking Platform, financial institutions have all the keys they need to catch up and offer the credit solutions consumers expect!

By giving you the means to master the latest innovations, Skaleet helps you personalize your credit offers. This agile technology enables you to launch new products in just 3 to 4 months! Would you like to find out more? Contact us now!