Banks and financial institutions have been operating in the market from time immemorial. They have been lending money to consumers by using their experience along with some of the time-tested methods that were being used. However, with the demand for consumer lending increasing significantly every year consumers are looking forward to having a personalized, frictionless and transparent experience with their chosen institution. Providing such experiences becomes difficult for financial institutions unless they have incorporated consumer lending analytics within their infrastructure. Earnix is providing a solution for consumer lending in the form of consumer lending software which can enable banks to deliver on the needs of their consumers by leveraging the power of advanced analytics to power digital processes in order to enhance the growth of lending assets with the targeted level of risk exposure.
The consumer lending software from Earnix can help banks to create real-time and responsive pricing which can support quick business decisions while integrating their decisions into the existing business processes and deliver them to the market. Senior decision-makers can simulate or make quick changes according to market conditions, competition, and several other factors.
Confidence in their pricing and strategies is a factor which banks are craving for. Earnix is capable of providing banks with the analytics and the experience to achieve their origination and margin goals even as they improve their margin requirements. The software and modeling experience from Earnix helps banks to better manage the life-cycle of their customer by predicting and pre-empting prepayment attrition and refinancing needs.
Lenders and individual customers are both aware that loans are large decisions. Lenders are required to adhere to strict margin requirements and regulations. They are also confronted with additional challenges in the form of pay downs, utilization as well as refinancing. Earnix can help lenders to prevent consumers with the best possible offer to provide an exceptional customer experience.
The Earnix predictive model can help lenders to target new customers which will reduce the cost of customer acquisition and increase profitability. The software can also help to increase activation and utilization which again leads to an increase in profitability while managing risk appropriately. The platform from Earnix can be deployed on-premise or in the cloud providing the lender flexible options for meeting present and future needs. The Earnix cloud option allows the lender to instantly make the solution available across the organization and to establish a unified analytical platform.
Banking customers receive support from Earnix professional services at every stage of the implementation and deployment process. The industry experts from Earnix are available to guide users on leveraging all the benefits of the platform. The support model from Earnix is customized to provide every level of support needed by the customer regardless of whether it is too high or too low. The consultant team’s from Earnix comprise experts and data scientists in analytics with deep domain experience in financial services. The trusted advisors from the company work closely with clients to define and develop models that are customized to their specific requirements.
Consumers of Earnix have already acknowledged they were witnessing improving results with the implementation of the customer-centric pricing strategy provided by this company. A leading European bank has commented that they witnessed a net interest margin increase of €2 million month over month which provided a value of €57 million over a period of three years. Under the circumstances, it can be confirmed that the consumer lending analytics software is a runaway success which should be implemented by all lending institutions.