Prescreen Acquire™ complements Micronotes' Digital Prescreen by leveraging 230 million consumer credit records to deliver hyper-personalized FCRA-compliant credit offers to creditworthy prospects in targeted service areas using the lender's underwriting criteria.
BOSTON, Jan. 29, 2024 /PRNewswire-PRWeb/ -- Micronotes.ai, the Boston-based FinTech serving banks and credit unions, announces the first customer results from its recently launched Prescreen Acquire™. Prescreen Acquire™ complements Micronotes' Digital Prescreen by leveraging 230 million consumer credit records to deliver hyper-personalized FCRA-compliant credit offers to creditworthy prospects in targeted service areas using the lender's underwriting criteria.
"Our new customer acquisition results were excellent," said Dave Thomas, President & CEO of Clear Mountain Bank. "For years, we experienced declines in our consumer loan portfolio, but now, with Prescreen Acquire™, we've reversed that trend and have seen a noticeable uptick in consumer lending opportunities. And in many cases, we have helped our customers lower their borrowing costs, resulting in a true win-win scenario."
"In a single prescreen campaign targeted in the bank's branch footprint, the bank acquired 60 new creditworthy loan customers with a net profit after all campaign, technology, and origination expenses of $1,875 per loan," added Rob Flockvich, Head of Retail Lending.
"While many banks are spending thousands of dollars to acquire a new customer, we have provided meaningful savings to each of these individuals at a negative cost of acquisition," concluded Tim Broyles, Head of Digital Banking & Retail Operations.
"Clear Mountain Bank is an example of a great community bank that just needed the right technology solution to compete and win," said Devon Kinkead, Founder and CEO of Micronotes. "We're grateful for the partnership and to be able to supply the winning technology solution."
About Clear Mountain Bank
Clear Mountain Bank is a locally owned and managed community bank serving North Central West Virginia and western Maryland for over 130 years. The bank offers a full range of financial products and services for personal, business, and commercial customers, as well as online and mobile banking solutions. Additional information is available at www.clearmountain.bank.
About Micronotes
Micronotes delivers cloud-based big data, analytics, and digital engagement solutions to financial institutions to expand wallet share, market share, and retention. Founded by tech entrepreneurs from MIT, the company is privately held and based in Boston.
Prescreen Acquire™ is now available for immediate deployment. For more information, visit Micronotes.ai (https://www.micronotes.ai).
Media Contact
Cynthia Laidlaw, Laidlaw Group, 1 617-423-2801, cl@laidlawgroup.com
SOURCE Micronotes.ai
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