A CARD ISSUER CASE STUDY – A prominent card provider with over 1,000,000 customers was looking for a new way to accept more applicants.
The majority of their applicants were scored using traditional credit reports with a credit file score. However, a significant population, nearly 20% of the applicants, were not scoreable with credit bureau data. The client conducted a proof of concept to determine if they could accept more applicants utilizing the PI Risk Score. Under the test, the company presented the remaining 20% of the applicants with the opportunity to enter their bank account information, which is all that was necessary to generate a viable PI Risk Score. Of those applicants that submitted their additional information 50% of them received a PI Risk Score that was acceptable to the secured card company.
Incorporating this new process and PI Risk Score proved to be extremely successful for the secured card company. Furthermore, applications that were previously disregarded now presented opportunities. Moreover, the secured card issuer is now reaching an additional 7.5% of their applications that they could not monetize on in the past. Lastly, for more in depth information, download the case study below.
For more valuable information or to test the PI Risk Score, visit validifi.com/payment-instrument-risk-score or email us at email@example.com.