Strategic Link Partners with Neener Analytics to Offer Regulatory-Compliant Social Media Analytics
Small versus big data helps deliver specific financial risk outcomes to individualize decisions and grow credit unions’ membership.
Neener Analytics believes the criteria once used to evaluate a loan applicant still applies today: the content of their character, their individual risk traits, and who they were fundamentally as unique human beings. Those factors were important back when default rates were low because the decision maker “knew” the applicant.
Neener advises that the most important question for credit unions to consider is not whether a borrower CAN pay back a loan but, rather, if they WILL pay it back.
In these days of big data, those types of questions and answers have gone by the wayside, yet Strategic Link’s newest partner, Neener Analytics, has the tools to ask the questions and make those personalized decisions.
Neener Analytics gives credit unions the power to fundamentally “know” their members and applicants using two product lines:
- A one-click-based member application through a social media profile.
- A fast online chat with the Autonomous Risk Information Assessment (ARIA), the world’s first augmented AI chat-based risk decisioning tool that Neener has automated for financial risk decisioning.
Using regulatory-compliant social media analytics for underwriting thin-file, no-file, and credit-challenged consumers allows credit unions to reduce borrower defaults by typically 25 to 33% – those the lender would normally say “yes” to but should have said “no,” and dramatically improve the turn-down process – those the lender would normally say “no” to but should have said “yes“ – borrowers that are typically lost forever.
“We’re excited to be able to offer our members Neener Analytic’s AI-based solution that relies on tried-and-true methodology,” said Jason Smith, NWCUA Vice President of Strategic Resources. “We believe that Neener has a unique approach that can have a positive impact on our members’ growth.”
Neener’s solutions allow for risk alignment; better matching applicants risk preferences with credit unions’ risk tolerance. Matching preferences and tolerances can result in conversions. By lowering defaults and increasing conversions, credit unions can expand their markets and dramatically increase revenue.
On Sept. 24, Neener Analytics will appear as a finalist at the The Finovate Awards in New York City. More than 200 companies were nominated from 42 countries. Of these, Neener Analytics is the only company to be nominated in two categories: Best for Financial Inclusion and Best Machine Learning/Artificial Intelligence.
Neener Analytics will also be on hand during the Strategic Link Trade Show at MAXX in Spokane from Oct. 15 to 17. Meet them in person and learn about their services at betaSpace.