To thrive in a digital world, organizations need Customer Identity Intelligence: real-time, predictive insights about all relevant knowledge of customers, including their identities and creditworthiness.
Customer Identity Intelligence isn’t just a repository of consumer data. It’s an interactive approach to analytics that enables organizations to verify and screen customers at every stage of the customer journey, gaining insights, fine-tuning offers, and optimizing the customer experience.
Customer Identity Intelligence means using consumer data to improve outcomes for both the organization and the consumer. It’s quick as a consumer flipping through a mobile app in the sharing economy, and it’s robust enough to deliver double-digit growth for companies in industries as varied as financial services, healthcare, and hospitality.
Why is Customer Identity Intelligence so important?
In 2010, Gartner proposed the concept of Identity Intelligence, which referred to enterprises having complete, real-time knowledge about the identities and activities of their employees. In contrast to directories of user identities and access rights, Identity Intelligence correlated data and events from disparate data sources to provide new insights about employees and their activities.
We believe that companies need that same kind of intelligence about their customers. But we want to broaden the scope of intelligence in two ways: first, by focusing on customers, and second, by enabling that intelligence to be predictive.
Customer Identity Intelligence is knowledge and predictive insights about a consumer that:
Customer Identity Intelligence enables you to bring on more customers by providing four capabilities:
To learn more about our Accelerated Insight Platform and topics related to building Identity Intelligence into products, services, and workflows visit our website HERE.
While the U.S economy continues to grow, there are signs that the credit market is tightening. making it even more challenging for lenders to approve borrowers and meet growth and profitability goals.
Identifying good customers will be more important than ever, but where will they come from? Recent estimates suggest 30% of adults in today’s credit market are virtually invisible to traditional screening methods. Future success will require access to hard to reach populations:
Want to learn more? Download our eGuide, 'The Invisible Marketplace' by clicking the button below.
As the leading provider of predictive insights about customers, we can help your organization dramatically enhance its Customer Identity Intelligence, enabling you to identify more customers and grant them fast, fair, and frictionless access to your business.
Want to learn more? Download our 'Predictive Analytics Solution Brief' by clicking the button below.
Businesses in every digital industry should offer mobile account opening to their customers. Why? Because mobile devices have become the default computing devices for consumers, and consumers carry and interact with those devices all day, every day.
Need to do something? Check something? Know something? Consumers reach for their smartphones.
Why not enable consumers to open an account as quickly and easily as they do everything else on their mobile devices? Businesses that support mobile account opening will gain customers before their less nimble competitors do.
Survey results from Pew and other organizations show just how devoted consumers are to their smartphones and tablets:
The average American mobile device owner now spends 162 minutes—almost 3 hours—per day on mobile devices. Smartphones and tablets have become our constant companions—our ready-at-hand shopping centers, entertainment consoles, reference libraries, social networks, and financial tools.
Especially for Millennials, a business’s failure to provide adequate mobile features is a reason for customers to choose a competitor. In a survey by SNL Financial, 54% of Millennials said they would consider switching institutions based on the apps available for their mobile devices.
For 10% of Americans, including many thin-file and no-file adults, smartphones provide the only means of Internet access. For these consumers, online access means mobile access.
Most banks and credit unions now offer mobile apps for their customers. Most of these apps are designed to perform routine tasks for a customer already known and trusted by the institution.
Here’s how financial customers are using these apps today:
All these features are convenient. Customers have come to expect them. But these features represent only some of the activities a customer might engage in with her financial institution.
To reach Millennials, unbanked and underbanked consumers (together, about 30% of American consumers and a growing market), and tech-savvy consumers generally, businesses must offer mobile services that are more comprehensive and as good or better than the competition. And these services should rightfully include mobile account opening.
The Financial Brand estimates that by 2020, one in four financial accounts will be opened on a mobile device. Institutions that lack mobile account opening will lose out to their competition.
If businesses want to grow accounts, and if consumers are shopping for products and services on their mobile devices, what is stopping businesses from offering mobile account opening today?
There are two major obstacles to mobile account opening today.
To understand how these obstacles create problems for both businesses and customers, consider a typical mobile account opening process:
When performed on a mobile device, especially a smartphone, these steps pose several problems:
What all these problems have in common is data: either the difficulty of entering data easily and accurately, or the difficulty of verifying and assessing that data to support making the best possible business decisions in near real time.
Data analysis turns out to be the keystone to successful mobile account opening. Handling data correctly is a win/win for the applicant and business: the applicant benefits from a much better experience, and the business gains a customer that it really understands and is ready to serve.
Consider how the mobile account opening process could be transformed by real-time Customer Identity Intelligence, including:
In place of the typing-intensive process described earlier, businesses could offer a fast, frictionless mobile account-opening experience benefiting from Customer Identity Intelligence in customer screening, product guidance, and onboarding. Aided by real-time data analytics, the app could support a significantly smoother process:
Let’s sum up this new, streamlined approach to mobile account opening:
Real-time Customer Identity Intelligence has transformed the customer experience of mobile account opening from a risk-prone slog to a low-risk snap.
At the same time that businesses are striving to deliver better customer experiences on mobile devices, they are also re-thinking the customer experiences they provide in brick-and-mortar locations such as stores and branches.
For example, some financial businesses are adopting the model of a universal banker trained on all products and functions in the branch. In this model, a teller is free to roam the branch floor, greeting customers and guiding them through decisions and tasks on a mobile device such as an iPad. Even institutions that have not converted their staff entirely to the universal banker model recognize the benefits of bankers using tablets in branches.
One of the advantages of implementing a Customer Identity Intelligence solution for mobile banking is that the same data analytics used for mobile account opening on a consumer’s device can be integrated in mobile apps and other customer software used in brick-and-mortar locations.
In other words, by solving the Customer Identity Intelligence problem for mobile account opening, businesses can simultaneously solve data challenges in their face-to-face interactions with customers.
Real-time Customer Identity Intelligence turns out to be a key enabler of multiple strategic initiatives.
Want to learn more? Download our ''7 Warning Signs Your Mobile Account Opening Process is Costing You Business" eGuide by clicking the button below.
"Lenders are missing out on up to 30% of the market, because their traditional screening tools lack the right customer data and intelligence. Leveraging AI techniques and alternative data can unlock predictive insights that help our clients identify and say "yes" to more good customers"
Greg Cote Accelitas, Inc.
Accelitas delivers the intelligence to grant fast, fair, frictionless access to good customers that others miss. By leveraging artificial intelligence (AI) and alternative data to confirm identity and predict profitability, our Accelerated Insight API Platform powers real-time services that provide a faster, smarter way to seamlessly open digital accounts, verify identities, and say “yes” to good customers.
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