ID Score®-Action DDA: An Essential Perspective into Consumer Risk
The evolving regulatory environment continues to challenge the profitability model for demand deposit accounts (DDA). With several key revenue streams eliminated or heavily constrained, retail banks are quickly realizing that continued success requires improved decisions at account opening. Basing offer decisions strictly on conventional credit scores and non-sufficient funds (NSF) data provides only a partial view into consumer risk. To deliver targeted competitive offers for DDA accounts, retail banks need the comprehensive visibility into applicant risk only attainable through a combination of traditional and alternative credit data.
ID Score®-Action is an FCRA-compliant risk score which delivers a highly accurate and comprehensive assessment of the likelihood an applicant will result in a loss to a retail bank. The score leverages proprietary cross-industry event and performance data, delivering powerful risk insights which can replace traditional bureau scores, while significantly enhancing custom credit scores and NSF data.
Purpose-built for the DDA market, the ID Score- Action model was developed to inform the key decisions and specific pain points associated with checking, savings, and money market applicants. Designed to reflect the retail banking reality that "a loss is a loss", the model is optimized to effectively assess both the credit and the fraud risk of an applicant.
ID Score-Action's ability to deliver a precise and unique perspective is driven by the ID Network®, a repository of consumer behavior data from a wider range of industries than other leading sources. By combining both traditional and alternative credit data, ID Score Action is able to deliver a comprehensive assessment of DDA risk on nearly every credit-active consumer in the US, including thin files and most no-hit applicants.
ID Score-Action is a hosted software solution that is easy to implement across all points of customer interaction, including online, call centers, and branch locations. The solution is available to receive applications and return scores in batch processes or in real-time 24 hours a day, seven days a week.