Better risk management
The devastating impact of the global financial crisis emphasized the importance of comprehensive risk management in banking. See how Lify’s data can help your institution to improve its risk management models and reduce financial losses.
Despite the attention that risk management received since 2008, in recent years major banks suffered nearly $210 billion in operational risk losses. The majority of losses were caused credit risks (borrowers not paying back their loans) as opposed to fraud or execution. Lify’s vast data on consumers’ tendencies can help banks to make better credit risk decisions, thus improving profitability.
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Banks can augment the information that they gather from loan applicants with Lify’s data to generate new insights about what causes customers to default on their loans.
Specifically, by aggregating consumers’ lifestyle, shopping habits, exercise routines, job role, family situation and more, with data on loan defaults, financial institutions can create better predictive models to help them asses loan applicants more effectively and predict a default before it happens, thus minimizing losses.
Risk management is essential in the financial industry. Lify can allow financial institution to largely increase the amount of data they input into their risk management models, thus improving their effectiveness and over time minimizing the occurrence of default on loans.
An absolute game changer for institutions that rely on accurate risk assessment for the functioning of their business model.