As all businesses know, the customer acquisition phase can be challenging. Businesses require additional tools and reliable information with which to assess an individual’s affordability, in order to determine credit repayment commitments. Our Decision Analytics business unit, Scoresharp, has developed such a tool – a highly beneficial model based on statistically derived linear regression techniques. The resulting product is a cutting-edge technological tool called Income Predictor, which is available via a secure web service, online, via batch, or in real-time.
When calculating the prediction model that Income Predictor uses, Scoresharp’s linear regression techniques were applied to widespread samples of consumers with known outcomes. Income Predictor is able to predict the gross monthly income of an individual, across a wide range of income groups. This reduces time and risk for you, as it confirms with certainty that the information you access is a true reflection of a consumer’s income.
Various factors are taken into account when calculating the prediction model for Income Predictor:
- nature of credit accounts held by an individual,
- existing limits of these accounts, any outstanding balances or instalment values,
- individual’s repayment behaviour,
- any property and deeds information, and
- key demographic data.
The resulting outputs will therefore include a comprehensive set of data, to enable you to make customer acquisition decisions with confidence.
The data outputs include the individual’s predicted income (in Rand value); the predicted income band; a confidence measure to indicate the level of confidence assigned to the prediction, which is dependent on the depth of the data; the individual’s monthly bureau commitments; and any surplus or deficit amounts.
Income Predictor Key Features:
- Rely on our statistically-derived prediction, based on highly reliable linear regression techniques
- Benefit from our comprehensive data sets, which cover a wide spectrum of the South African population with confirmed income details
- Access this product via batch or online
- Conduct full credit bureau enquiries through our online service
- Depend on the highly accurate confidence level associated with each income prediction
Income Predictor Key Benefits:
- Accurately predict consumers’ gross monthly income across a wide range of income groups
- Objectively determine affordability, using the vast amounts of excellent quality, up-to-date data that we have available
- Access the service with ease, saving time
- Simplify the income verification strategies that are relevant to your customer acquisition phase
- Predict a consumer’s affordability at various decision points throughout the credit life cycle
Dirk Lombard is the product owner for Income Predictor. Dirk started his career as a mainframe programmer, where he discovered his fascination and love for data and analytics. After 5 years in programming, Dirk joined SAS for 12 years, where he gained valuable insights into the power of analytics deployed on good data.
In 2009, he joined Compuscan with the belief that the company would make a mark on the industry by bringing superior analytical expertise closer to data. Dirk bridges the divide between IT and business with an expert understanding of technology and software development combined with practical business application.
For more information on Income Predictor, contact Dirk at firstname.lastname@example.org.