The Shell Game

You remember the shell game? Three shells with a ball under one, spin them around with some sleight of hand and see if your mark can find the ball. Simple enough, right? Several $20 bets later and you realize that even something as simple as finding the ball, a one-out-of-three chance, is next to impossible.

This is what’s been happening to lenders over the last few months as a result of the government’s stimulus package designed to provide relief for affected consumers. While it may have provided temporary relief to consumers, it has made the job of online lenders more difficult than ever when it comes to determining risk factors of applicants.

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Solving the Puzzle in Your Customer Data

If you’re like most FIs, insurance, ecommerce, or other online businesses, you probably have a load of customer data. But it is what’s hidden in that data that can make all the difference in detecting fraud, friction, customer satisfaction and creating a customer journey that makes purchasing from you a great experience.

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FI's Digital Transformation More Real Than Ever

I don’t usually talk in absolutes, but there are two things that are absolutely clear about the effects of the Covid-19 pandemic. First, there will be more demand for online financial services, from a broader spectrum of consumers (by a large margin) than earlier projected growth rates led us to believe. Second, this mass migration to online services is uncovering several weaknesses in the FI space which will require the industry to step back and consider new ways to meet the demand of their customers.

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The Changing Face of Risk

As we continue to navigate the uncharted waters of the COVID-19 pandemic, risk is taking on a whole new face for financial institutions. What may have been seen as an average credit application a few weeks ago, now could be considered high-risk, or worse...fraud. And, I don’t expect things to change back very quickly.

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