Expand your pipeline with predictive analysis
A lender often sends a generic offer to an existing customer without considering their specific situation. But artificial intelligence (AI) can predict when that customer is likely to enter into a car buying cycle.
A company can predict when the customer will be looking for a new car by leveraging external databases, such as credit bureaus, social media, and online searches, and internal data, such as customer risk score, payment histories, and loan to value. By taking advantage of AI, a lender can expand their pipeline by 5% to 10%.
An intelligent predictive analysis program includes built-in risk-based pricing, so that each person can be given a customized offer. And by analyzing customer contact points and preferred mode of contact, lenders can reach out to customers with customized offers through an omnichannel strategy, including email, text messages, and online portals.
A large US automaker, for instance, is using machine learning to enhance risk scoring. Meanwhile, better credit models are enabling the firm to provide seamless and personalized vehicle financing experience for customers, while also lowering the firm’s credit losses.