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How to Enterprise Connectivity Can Help Underbanked a Consumers

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					How to Enterprise Connectivity Can Help Underbanked a Consumers


How Enterprise Connectivity Can Help Underbanked Consumers - Enterprise solutions that connect
channels and lines of business can be used to enhance the interactions underbanked consumers have
with their bank,improve customer satisfaction, increase customer retention, and expand wallet
share for the bank. Underbanked consumers are those consumers with no or limited traditional credit
history. The two main solutions that can help provide financial services to the underbanked are
decisioning and cross-sell. These solutions work together to provide positive and effective customer
interactions for underbanked consumers.




Enterprise decisioning is used to connect all channels and lines of business through a layer that falls
between the separate channel and line of business. Each incoming application is converted to a usable
format regardless of what channel was used to submit the application, and the application is routed to the
correct line of business through the enterprise layer. Each line of business can maintain their own
decisioning system to analyze the application or they can use one decision engine that is configured to
decision different products. After decisioning is complete, the application is returned back to the
enterprise decision layer, and then back to the channel from whence the application came.




What does this have to do with underbanked consumers? Because all lines of business are
connected through the enterprise decisioning layer, each line of business, rather than being siloed and
autonomous, is connected to every other division of products. Banks can gather information through the
enterprise layer from these other lines of business to accurately determine how responsible a consumer
is. Many underbanked consumers have a simple debit account, checking account, savings account, or
even a low-limit credit card. While this information often will not appear on a traditional credit history, this
valuable internal information can be used to more accurately judge the past actions of consumers.




Enterprise cross-sell can be used to help underbanked consumers because all lines of business are
connected. When a consumer submits an application for a financial product an enterprise cross-sell
solution has the ability to decision that application for additional products that the consumer would be
likely to accept. A common example of this would be a consumer applying for a debit or checking
account who is also decisioned for a credit card. They did not apply for acredit card, but through
enterprise cross-sell, they were qualified for the product and are likely to accept the offer. This both
increases wallet share for the bank and increases consumer satisfaction because consumers are offered
products for which they qualify and are likely to accept. Specifically for underbanked consumers, this
serves as a way to help them acquire financial products to increase the amount of traditional credit history
they have.




Overall, enterprise solutions can benefit underbanked consumers in a variety of ways. Through enterprise
decisioning, consumers can be more accurately analyzed for credit worthiness because of internal data.
Enterprise cross-sell can be used to encourage these consumers to hold more products and gain more
traditional credit history. This will help them in the future if they want to open more complex accounts,
such as an auto loan or home mortgage. Enterprise solutions are used to gather data, make accurate
decisions, and enhance the overall customer experience.

				
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Description: Tips and trick Credit, Finance, Money, Personal Finance