Digital - Pre-Approval Credit Card Model
Streamline credit card approval processes with predictive modeling.
Business Problem Overview
In today's saturated credit card market, banks need a competitive advantage to proactively offer credit cards instead of waiting for customer applications. However, they must also control credit risk when issuing credit. With the right strategy in place, banks can gain a competitive advantage while still effectively controlling credit risk.
Pain-points
- Manual process for identifying eligible customers for credit card issuance.
- Lengthy credit approval process where customer information need to be gathered, updated and produce valid credit rating.
Business Solution
- Automated system to produce accurate credit ratings for customers. The system also can update the rating as more information related to customers is available.
- Automated process to identify eligible customers that should be offered credit cards while ensuring that customers meet the minimum credit rating.
- Digital experience to offer credit cards to customers via omni-channel.
Business value
- Competitive advantage in credit card offering.
- Increase revenue and profit of credit portfolio.
