Solution overcomes cost, IT limitations of access to actionable data sources
Zoot, a global provider of advanced loan origination, account acquisition and credit risk management solutions, announced today the launch of zLinkSM data aggregation solution at the 26th Annual Card Forum and Expo. zLink is an independent portal of established connections to a global network of integration-ready data and service providers. The solution provides a cost effective way to access better data sets that solve problems facing banks today, while providing opportunities to be innovative.
“Interest in utilizing alternative data is on the rise, but there is a gap in the ability to access and evaluate this data. Banks want additional information to address a variety of business needs; from managing fraud on mobile devices to determining the creditworthiness of consumers with no credit history,” said Eric Lindeen, marketing director for Zoot Enterprises. “Zoot’s zLink solution provides a diverse selection of data and services our clients can easily integrate for a more actionable view into consumer behaviors.”
Zoot’s data and services marketplace has established connections to more than 70 global providers including credit data (in the U.S., Canada, Mexico, Europe and India), fraud data and multiple other categories. Through a single interface, Zoot clients eliminate the challenge and costs of configuring and connecting to each data source individually. Zoot clients are benefiting from more effective fraud prevention, account acquisition and collections strategies by having open access to a variety of data. They are also better equipped to manage new compliance requirements.
“TransUnion analysis of new consumer auto and credit card accounts shows an interesting dynamic. Consumers who were revolving on their existing credit card accounts (paid less than the full balance) in the month prior to opening a new account are 2-3 times more likely to become delinquent than consumers who were previously transacting on their credit cards (paid the full balance on all cards),” said Tony Terrazas, senior vice president in TransUnion’s Innovative Solutions Group. “This is an example of the advanced insights now available to help banks make better lending decisions. Our data, including our newest solution suite CreditVision, are readily available through Zoot’s zLink solution, providing access to some of the most predictive information available.“
“Banking executives are increasingly interested in augmenting their data sets to address a dynamic market. In my conversations with bankers, the major obstacles they face are the cost and IT limitations of incorporating additional data into their client onboarding and credit granting processes,” said David Albertazzi, senior analyst with Aite Group, a Boston-based research and advisory firm serving the financial services industry. “Having tools that allow banks the flexibility to easily incorporate third-party data into their operations, without coding, eliminates these barriers.”
Zoot executives will be available to discuss effective credit card acquisition strategies and the benefits of actionable data at booth number 414 during the Card Forum and Expo, April 22-25, 2014 at the Hilton Bonnet Creek in Orlando, Florida.