prompt alert to a tax lien filed against a borrower in its portfolio. It could immediately begin a dialogue with the business about the situation that could lead to a solution that would be much better for the business than default. Through mass-customization, analytics also have the potential to enhance user confidence in an online experience, make it more personal, and expand its acceptance. Google, Facebook, and Amazon are gathering data that will help them do better at showing users the search results that they are most interested in.
but we believe that it significantly upgrades the user experience in ways that will compel borrowers to use our platform over that of our competitors. Financial services companies in America have an abundance of data at their fingertips, which, if used wisely, can enhance the trust that the public places in us.
“THINK ABOUT WHAT IT WOULD MEAN TO A FINANCIAL SERVICES FIRM TO HAVE A PROMPT ALERT TO A TAX LIEN FILED AGAINST A BORROWER IN ITS PORTFOLIO.”
Mass-customization is also showing up in financial services. On Bizfi, the connected funding marketplace that I debuted earlier this year, we have used data and technology to better tailor a borrower’s screen experience to him or her. This work saves keystrokes (and time) in the application process,
Finally, analytics can help financial services companies reduce their operating costs, through both process automation and process optimization. Yes, we need to let machines do what they do best, as often as possible. But we also need to do a better job of harnessing technology to help humans do the work in finance that they need to do—a process some call augmentation. The leaders in finance--both traditional lenders and alternative finance newcomers--will be those companies that most accurately map their processes and pinpoint the opportunities for automation and optimization.
Payment Quarterly | August 2015
33