Beyond Onboarding: Maximising Customer Value through Risk Decisioning in APACby Fintech News Indonesia December 7, 2023
Discussions about risk decisioning platforms often center around onboarding and loan origination. However, investing at the start of the journey is just one aspect of the puzzle. Growth relies not only on attracting new customers but also on maximising the value of existing ones.
While sophisticated, automated onboarding/origination solutions are crucial, it’s equally vital to focus on the tools used for the entire decision-making process.
Having a strategy-friend, end-to-end solution for decisions throughout the customer journey is invaluable. Eliminating siloed systems and easily sharing intelligence enables more accurate and faster decisions, reducing risks, and maximising growth.
This enables organisations to make the right decisions, at the right time, across the entire customer lifecycle.
Having a unified offering for all decisioning needs helps maximise value across the entire lifecycle.
Proactively managing and mitigating risk is key to increasing revenue across the lifecycle, and this is achieved by determining the best upsell and cross-sell opportunities with targeted, personalised offers, using existing data for automated decisioning, and optimising strategies by combining various data sources with embedded AI.
Additionally, effective management of loan renewals and credit line management, along with seamless analysis of customer portfolios through business intelligence and embedded reporting, supports the quick evaluation and seamless launch of new products, facilitating expanded country/region rollouts.
The risk decisioning platform should extend beyond onboarding to include:
Upsell/Cross-sell Opportunities: Effectively target customers with AI-powered intelligence for timely and personalised product offerings, enhancing acceptance rates.
Strategic Risk Mitigation: Employ AI models and additional data sets to proactively manage credit lines, evaluate risk exposure regularly, and predict portfolio performance.
Pre-Collections and Collections Strategies: Predict potential defaults in advance and determine optimal treatment strategies and communication channels for customers.
Regardless of industry or use case, whether lending to SMEs or offering Buy Now, Pay Later products, auto loans, or credit cards, and regardless of delivery method (embedded finance, digital banking, traditional branches, or fintechs), the right decisioning platform is essential for long-term success, growth, and profitability.
● How can we use AI-powered decisioning to maximise customer value across the entire lifecycle?
● What are the key capabilities of a risk decisioning solution for success across credit, fraud, compliance, and product decisions, at onboarding and beyond?
● What role does data play in risk decisioning, and how can we ensure the right data at the right time, across the lifecycle?
● What are the main benefits of an AI-powered decisioning platform?
● What’s the best way to create an RFP for decisioning solutions?
It also explores essential features and provides in-depth insights on how to make the best selection for maximised value throughout the customer journey, from onboarding to collections and every point in between.
Read Provenir’s “Beyond Onboarding: Buyer’s Guide to Risk Decisioning Platforms” e-book for a comprehensive guide on choosing the right risk decisioning platform tailored to your organisation’s specific needs.