AI and improved data governance can help to combat commonplace problems associated with opaque credit decision-making. Source: Shutterstock. In credit decision-making, transparency is essential between the lender and the applicant. However, the lender’s reasons for a specific offer or a rejection can often be unclear to a potential customer. Free eBook Personal Lending: The Fundamentals of Digital Loan Personalisation To retain a competitive edge in the digital banking era, personalised loans are becoming increasingly common. Effective data analytics can enhance the process to boost customer satisfaction and reduce risk. Download this free report below to learn more. By Earnix Personal Loans EMEA For a lender, there are considerable benefits available in sharing the reasons for denying a credit application. A lender can advise the applicant on how to improve their chances of success when reapplying or suggest other products that may be a better fit for the individual through Alternative Deal Structures. On the flip side, there can be damaging consequences for the lender in not communicating effectively with the customer. Banks may lose out on future business from a potential customer who may not require major changes in circumstances. In addition, insufficient communication can land banks in trouble […]
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