FI Works launches Signals to turn predictive insights into action

FI Works has launched a new tool called 'Signals' designed for community banks and credit unions. This tool uses machine learning to predict which customers are most likely to need a new loan or financial product. For retailers and service providers who partner with local banks for their consumer financing, this is a significant development. It means your local lending partners are getting better at identifying which of your customers have the 'propensity' to borrow. When local lenders use this technology, they can be more proactive in pre-approving customers or offering competitive rates before the customer even starts shopping. This helps bridge the gap between a consumer's intent to buy and their ability to pay. The software analyzes household data to flag individuals who are ready for a big purchase. For a merchant, this could lead to higher approval rates and more targeted financing offers from your local banking partners. The tool also flags 'churn' risk, helping banks keep their customers—and your potential buyers—financially active and ready to spend.

Source: Finextra — Lending

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