This product gives lenders an edge to maximize the number of loans closed -- regardless of whether interest rates are low or high.
(PRWEB) August 21, 2012
Datamyx, a premier provider of data-driven technology solutions for the marketing industry, today announced In-The-Market Alerts, a unique program designed to identify those customers who are “in the market” for a wide variety of financial products and services, including auto loans, mortgages, credit cards and installment loans.
The solution, which leverages inquiries from all three credit bureaus, provides the added benefit to financial services marketers of prescreening those customers for credit-worthiness. The technology monitors this customer activity every 24 hours, giving organizations the opportunity to ensure that their offer is considered at the most critical time in the buying process.
“One of the strongest indicators of a customer who is shopping for a financial product is an inquiry on their credit report,” said Ben Waldshan, CEO of Datamyx. “That's where Datamyx steps in. This product gives lenders a significant edge to maximize the number of loans closed – regardless of whether interest rates are low or high.”
How it Works:
Lenders provide their customer file to Datamyx, so that it can be cross-referenced on a daily basis against specific loan inquiries. The lender is able to select the type of inquiries they wish to monitor, (i.e. auto loan, mortgage or credit card.) The leads are then pre-screened using pre-established criteria, such as credit score or payment history, to ensure they meet the lender’s loan qualification requirements. The leads are output to the lender for immediate marketing action.
Over the past year, after conducting programs with 32 beta clients, Datamyx uncovered a key trend: prompt follow-up is critical to success. Those organizations that reached out to their customers as soon as they are alerted were able to capitalize on the short window and generate sizeable loan growth. For example, DHCU Community Credit Union grew their loan portfolio by 28% this past year, while leveraging In-The-Market Alerts.
“The metrics we’ve seen are outstanding – on average, our client’s cost per acquisition is less than $100. In-The-Market Alerts are not predictive, they are factual. The program should be in every financial marketer’s repertoire,” said Waldshan.
Datamyx offers a complimentary Opportunity Analysis on any institution’s account holder data, providing a detailed report on credit activity by inquiry type, state and credit bureau; as well as qualification rates over a period of 30 days. A White Paper is also available at Datamyx.com/Resources/Whitepapers.aspx.
Datamyx is the premier provider of data-driven technology solutions for the marketing industry. As the sole source of tri-bureau credit marketing data in the country, Datamyx helps its clients achieve record-breaking results from their marketing campaigns by leveraging actionable insights in order to drive greater ROI. We work with the nation’s leading banks, credit unions, mortgage and automotive lenders to intelligently connect the right people to the right products at the right time.
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