Financial Services & Insurance
Creating rapid and trusted data collaborations for the financial services industry
Across the world many millions of people are excluded from quality credit, insurance and contract services – simply because there is not enough data available for businesses to assess the risk of serving them.
This represents a huge untapped market opportunity for banks, insurers and credit bureaus. By combining alternative sources of data from other industries such as retail, telco, entertainment and pharmacy they can create more accurate risk models and find new customers.
However, these alternative data sources are made inaccessible by tightened global privacy rules, the need for businesses to protect their hard won customer insight and the complexity and risk of passing data between businesses.
Omnisient is unique in its ability to solve these challenges – creating rapid collaborations and enabling commercial partnerships between financial services businesses and owners of alternative data sets such as retailers, telcos, real estate agencies and pharmacies.
Accenture estimates the market value of alternative data to be worth $ 380 billion globally for financial inclusion alone.
Omnisient matches shared consumers across anonymized 1st party data sets to gain insights on consumers and drive data monetization.
80 % of consumers would likely share various types of financial information with lenders if it meant increased chances for approval.
96% of lenders agree that in times of economic stress, alternative credit data allows them to more closely evaluate consumers’ creditworthiness and therefore reduce their credit risk exposure.
“State of Alternative Credit Data” Experian, Sept 2020
- Score thin-file credit applicants
- Target in-market prospects
- New product development
- Identify property investment patterns
- Enable Open Banking and FinTech Ecosystem
“We overlapped our customer base with demographic data to lower lapse risk for new policy holders by identifying and targeting “look-alike” customers in the retail pharmacy’s loyalty customer database.”
A leading health insurer
Limitless use cases
“ We achieved a relative lift of over 40% on personal loans risk assessment using a grocery retailer’s loyalty shopper data as alternative data for credit scoring.”
A leading bank
Identify lapse risk in thin-file applicants
Upsell and Cross-sell to existing customers
Accelerate Rewards & Loyalty partnerships
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