Digging into Profits: Data Mining Reshapes Strategies for Credit Portfolios
In the realm of financial technology, Fiserv's Card Expert solution is making waves as a powerful tool for analysing cardholder data. However, a recent search reveals that the search results do not provide specific details about how financial institutions are innovatively using Card Expert for customer engagement and portfolio performance analysis.
While the available job descriptions and company overviews focus on Fiserv's role as a fintech leader, implementation, client support, and integration roles, they do not outline particular use cases or innovations related to Card Expert or detailed analytics on cardholder data.
Nonetheless, general knowledge suggests that Card Expert is a solution designed to help issuers analyse cardholder data to improve customer engagement and portfolio management through data-driven insights. Financial institutions typically use such tools to segment customers, tailor marketing campaigns, detect spending patterns, identify cross-sell opportunities, and optimise credit risk and fraud management.
However, without explicit citations from direct sources, the following examples of innovative usage are inferred:
- 1st Source Bank, for instance, has used Card Expert segmentation tools to identify clients with no or minimal card activity and designed campaigns to encourage increased usage.
- Randolph-Brooks Federal Credit Union plans to use Card Expert to send near real-time notifications to members, allowing them to self-correct without needing to call or switch to another card.
- Derek Hayes, Senior Products Manager of Cards and Payments at 1st Source Bank, stated that they integrated data from Card Expert, core systems, and Mastercard for a holistic view of their customers.
- Card Expert also allows issuers to build detailed client personas by analysing variables such as age, available balance, transaction frequency, and preferred shopping channels.
Fiserv, in an effort to demonstrate product enhancements and share best practices, holds monthly sessions for clients. These sessions provide a platform for financial institutions to discuss strategy, engage members, analyse portfolio trends, and benchmark against peers.
Moreover, Card Expert provides insights into where clients are transacting, whether through digital wallets, e-commerce, or traditional card-present channels. It also highlights areas where banks and credit unions are performing well and where they have opportunities to improve.
Looking ahead, Card Expert is set to expand its capabilities with enhanced interchange trends and benchmarking beyond debit and credit portfolio metrics. Fiserv is also engaging with clients to understand their requirements for expanded capabilities like data sharing or data as a service.
In conclusion, while the search results do not provide specific details about innovative applications by financial institutions using Card Expert, it is clear that this solution is a valuable tool in the hands of forward-thinking financial institutions, helping them to understand cardholder spending patterns and behaviours, and inform their strategies to deliver stronger results.
Financial institutions like 1st Source Bank are utilizing Card Expert for customer engagement, as demonstrated by their use of segmentation tools to encourage increased card usage among clients with minimal activity. Meanwhile, Randolph-Brooks Federal Credit Union aims to enhance customer experience by employing Card Expert for sending near real-time notifications to members. Additionally, Card Expert is not only adept at analyzing cardholder data to aid in portfolio management but also sets to expand its capabilities by incorporating enhanced interchange trends and data sharing options.
