Are you leaving opportunity on the table?  GDS Link helps lenders fully capture available wallet share from their existing customer base.

The cost to acquire new customers will vary based on channel, the products a lender offers and other factors. Regardless of the cost of acquisition there is one constant; it is more expensive to acquire a new customer than to retain an existing customer. According to Invesp, the cost to acquire a new customer is five times higher than the cost to retain an existing one. And increasing customer retention rates by just 5% can dramatically increase profits.

The benefits of a customer management strategy will vary by lender with a key driver being the number of products a lender offers in the market.  A mono-line Installment Loan Lender’s use of customer management technology, as an example, will primarily focus on receivables management. A customer management platform coupled with access to both real time and batch external and third-party data and analytics allows a lender to apply more intelligent treatment strategies to individual accounts as they cycle through various delinquency levels up to charge-off and recovery.

In the case of multi-line lenders, cross selling is one of the most effective marketing strategies and one of the primary methods in which lenders can generate new revenue.  Given that a lender already has a relationship with the borrower and historical data on the borrower’s performance, automating the cross-sell with a customer management strategy that leverages internal and external data has a high pay off.  Lenders essentially can take a customer from a one product relationship to a multi-product relationship.

GDS Link’s Customer Management solution serves lenders who need a consistent and proactive approach to managing their customers. GDS Link offers clients highly-flexible data and decisioning tools to source and analyze relevant data internally and externally and convert it into the strategy that will maximize the relationship, improve the customer experience and increase profitability.

Recent Blog Posts

Categories Analytics Application Processing Decision Engine Partner Spotlight Press Releases Process Automation Risk Management Scorecards & Scoring Software Spanish Thought Leadership Most Popular Fintech Innovation Creating New Opportunities For Small Business Lenders
Fintech Innovation Creating New Opportunities For Small Business Lenders
President's Perspective | Lending-as-a-Service and Decisioning-as-a-Service
President's Perspective | Lending-as-a-Service and Decisioning-as-a-Service
Data Analytics Essential As New Alternative Credit Scoring Models Emerge
Data Analytics Essential As New Alternative Credit Scoring Models Emerge
Blockchain Lending Opportunities in Financial Services & Risk Management
Blockchain Lending Opportunities in Financial Services & Risk Management
Top 4 Major Challenges of Credit Risk Management in Banks: Why It's Important
Top 4 Major Challenges of Credit Risk Management in Banks: Why It's Important
The Benefits and Risks of Mobile Banking
The Benefits and Risks of Mobile Banking
What Is The Credit Risk Assessment Process? Going Beyond the 'Five Cs'
What Is The Credit Risk Assessment Process? Going Beyond the 'Five Cs'
How Successful Is Alternative Data For The Lending Process?
How Successful Is Alternative Data For The Lending Process?