Intelligent Data From Large
Data Sets

AnswerMine Banking Services

AnswerMine Banking Solutions uses proprietary data mining techniques to meet a broad range of challenges facing financial institutions both internationally and in the United States. Focused on analytically based target marketing, AnswerMine can provide critical insight into new target markets, reducing costs and improving penetration with preferred clients.

In addition, AnswerMine analytics can provide increased understanding of an institution’s existing customer base, exposing opportunities to improve profitability from a bank’s core businesses.

AnswerMine has a staff of experienced international bankers who understand risk and are able to apply the AnswerMine analytical tools to real world situations.

Credit Product Design:

With its experienced industry professionals, AnswerMine understands practical challenges of developing innovative credit products globally. Our design approach includes an investigation and of the available data in the local our ability to analyze it for stated marketing and risk outcomes.

Many times our clients have sufficient internal data which is accurate, complete and available for modeling. In cases where the credit records are not available this may be an important aspect of our work. Projects which cover areas that have credit records such as Western Europe can be scored by a custom AnswerMine model, using company specific performance data and published credit data. In less developed areas, our modeling will rely more on internal data generated by our clients.

Developing Analysis Based Marketing Strategies:

AnswerMine can apply its analysis to the practical issues facing individual banking industry environments by developing data based strategies such as the following.

Creating participation levels:

Bronze, Silver, and Gold memberships and increasing credit availability can be achieved only after good credit behavior is demonstrated.

Exploit viral marketing:

Viral marketing is based on the assumption that responsible people congregate with responsible people. Answermine’s approach is to mine a client’s database for the best prospects and turn them into recruiters of other good prospects. Recruiters can be rewarded with additional benefits including reduced fees on existing credit products. Recruiters can also be utilized as enforcers if a referred credit weakens. New prospects will be underwritten by data class.

Worksite marketing:

A tactic that Aflac and Metlife have used successfully, worksite marketing with employers may be appropriate and shift some of the risk to the employer. A critical aspect to this strategy is the requirement for automatic deductions from paychecks for loan repayment. To encourage users to sign up for automated deductions a reduced rate can be charged to reflect the reduced risk.

Targeted database marketing:

Using AnswerMine data mining and credit data targeted prospect mailing lists are created. AnswerMine has done a great deal of this sort of work over the years and are very aware of the strengths and weaknesses of this marketing approach.

Depending on the availability of third party data this approach may be more effective after other strategies are exhausted. However, it is our experience that AnswerMine’s involvement in assisting a client in the early stages of mining its existing data will be invaluable when these more traditional and sophisticated approaches are undertaken.

Portfolio Review and Model Updates:

Using data to develop credit programs and marketing strategies is not effective if it only involves the initial analysis. The data that evolves from ongoing programs is important and instructive to develop ever increasing effectiveness. That is why AnswerMine monitors the credit portfolio monthly for weakening credits and adapts marketing strategies based on what the data tells us is effective. Periodic status reports permit the client to initiate corrective action as quickly as possible improving the long term results achieved.

AnswerMine’s models are rebuilt periodically (typically monthly) to incorporate the newest performance data to adapt to the evolving market addressed by the client’s strategy. This ongoing review will allow the data to tell the client what is occurring with his client base and if the strategies are achieving the desired outcomes.