This product gives lenders an advantage in maximizing the number of loans closed, whether interest rates are low or high.
Aug 21, 2012
Datamyx, a leading provider of data-driven technology solutions to the marketing industry, today announced Market Alerts, a unique program designed to identify customers who are “in the market” to a large extent. variety of financial products and services, including auto loans, mortgages, credit cards and installment loans.
The solution, which leverages requests from all three credit bureaus, offers the added benefit of financial services marketers of screening the creditworthiness of these customers. Technology monitors this customer activity every 24 hours, giving organizations the ability to ensure their offer is considered at the most critical point in the buying process.
“One of the strongest indicators of a customer purchasing a financial product is an investigation of their credit report,” said Ben Waldshan, CEO of Datamyx. “This is where Datamyx comes in. This product gives lenders a significant advantage in maximizing the number of loans closed, whether interest rates are low or high.
How it works:
Lenders provide their client file to Datamyx, so that it can be cross-referenced daily with specific loan requests. The lender is able to select the type of claims they wish to monitor (i.e. car loan, mortgage or credit card). meet the lender’s loan qualification requirements. Leads are forwarded to the lender for immediate marketing action.
Over the past year, after running programs with 32 beta clients, Datamyx has discovered a key trend: Prompt follow-up is critical to success. Organizations that contacted their clients as soon as they were alerted were able to capitalize on the short window and generate significant loan growth. For example, the DHCU Community Credit Union increased its loan portfolio by 28% last year, while taking advantage of market alerts.
“The metrics we’ve seen are exceptional – on average, our client’s cost per acquisition is less than $ 100. Market alerts are not predictive, they are factual. The program should be on the directory of every financial marketer, ”Waldshan said.
Datamyx offers a free opportunity analysis on account holder data from any institution, providing a detailed report on credit activity by request type, state and credit bureau; as well as qualifying rates over a 30-day period. A white paper is also available at Datamyx.com/Resources/Whitepapers.aspx.
Datamyx is the leading provider of data-driven technology solutions for the marketing industry. As the only source of tri-bureau credit marketing data in the country, Datamyx helps clients achieve record results from their marketing campaigns by leveraging actionable insights to drive greater ROI. We work with the nation’s leading banks, credit unions, mortgage lenders, and autos to intelligently connect the right people with the right products at the right time.
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