Industry: Financial Services
Overview: To predict refinance churn to ensure customer retention and reduction in opportunity loss
Frequently fluctuating global and regional economic cycles have made it difficult for banks and other financial services companies to design products and services that hedge the risk of default when economy takes a downturn. Long term loan products with fixed EMIs, for example, assume that the customer will have a constant availability of capital for payback even after owing to changes in economic environment and other personal obligations.
A refinancing solution is prudently utilized by the industry to hedge the risk of default along with retaining and increasing its customer base. Though a powerful tool, such a solution requires data from multiple channels to identify the right customers at the right time. Enterprise data available with the banks is generally outdated and generally completes the puzzle partially.