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Optimizing The Consumer Credit Life Cycle

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25 November 2019
Craig Focardi

Connecting Analytics and Decisioning to Processes to Improve Customer Engagement

Key research questions

  • What are the market and banking industry trends driving customer engagement across the lending lifecycle?
  • What loan data, decisioning, analytics, and IT capabilities are needed to optimize customer engagement?
  • How will the full digitized consumer lending journey look, and what action steps should lenders take to make it happen?

Abstract

The focus of the retail lending industry in recent years has been on digital account origination at the point-of-sale (POS). Attracting prospects, engaging with them, and originating loans are of course mission-critical activities for any organization. However, the digital POS is only one channel in one part of the credit lifecycle. Long-term customer satisfaction - and customer lifetime value - is driven by cross-channel customer engagement across the credit lifecycle that includes customer retention, cross-sell, utilization and other actions. Optimizing this engagement and elevating customer lifetime value can only be realized by deploying a combination of data, analytics, decisioning, and communications technologies.

This research report will address how financial institutions should approach customer engagement and analytic-driven decisions across the consumer credit lifecycle, and stay engaged with customers for cross-sell, retention, and customer service purposes.

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