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Data is everything … if it’s translated into actionable insights. Enter the field of data analytics. Breaking down and manipulating big data can have huge payoffs for both lenders and consumers. Our readers explained how below.
David Proctor, Senior Database Manager at Everconnect Remote Database Support.
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Holistic Customer Profile
Data analytics is essential to the mortgage industry because it gives lenders a holistic look at a customer. The mortgage sector uses data tools to gather information from across the Internet including payment history, social media posts, etc.
All of that data is used to create a picture of a customer. This image informs them of the customer’s behavior, underlying habits, and the highly probable outcomes of giving them a loan or another service. This means that workers can make more informed, customer-based decisions that guarantee increased profit and security for the business.
Data analytics is also helpful for detecting potential threats for companies (mainly fraud). In these cases, analytics tools gather the information that can be used to identify and authenticate customers.