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Unique Data Sources

Possessing unique data -- and more of it -- can provide competitive advantage. In addition to account performance data, other external data sources may be valuable. Credit bureau data is the best example of this. Credit reports disclose a full credit profile of an individual. The number and type of credit relationships is included as well as the opening dates, balances outstanding and payment history information. Over time creditors have improved reporting so that more and more data is included in the credit file. Credit behavior is highly correlated with more than credit performance. Insurance companies are using credit data increasingly in both targeting and underwriting.

Demographic data can help describe an individual. It is less powerful, however, than credit data in predicting most outcomes. Its descriptive power can aid targeting by helping describe prospects to improve the relevance of the marketing message.

Transaction data includes some detail that is generally captured by transaction processing systems such as payments. However, significant other information exists in other detailed transaction data such as credit card transactions. More frequently overlooked are customer service and collections transactions. These transactions typically are not of a financial nature. They might include information such as address changes and phone contacts. This type of data can be very valuable in other applications.

The Internet plays an important role for some companies. Going forward its importance will increase as a data gathering tool. As customers transact over the Internet new information can be captured and updated. In turn, the Internet can be used as another channel to communicate special offers tailored to the individual. This closes the loop between data gathering, analysis and implementation.

CDG can assist you by bringing our experience and creativity to bear on the problems and opportunities facing your business. Creating new data variables can have a huge impact on the value of predictive models and simple analysis. We can impact acquisition effectiveness, loss performance, revenue generation efforts and customer retention.

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