Telecom businesses must stay ahead in all aspects in the fast-paced world of wireless technologies and still provide dependable service to legacy lines of business, retaining existing customers and focusing attention on those that offer the highest potential returns.
In addition, telecom companies must offer customers competitive pricing on the right service package and leverage marketing to reduce churn while mitigating risk and maximizing profit. These challenges make the need for real-time information and sophisticated analysis to drive credit decisions and relationship management more urgent than ever.
Scoring – To gain market share in the growing thin file segment, particularly in the area of wireless services, businesses need a risk analysis partner that can deliver alternative data to facilitate accurate offers and control and adjust account spending limits. Telecom companies can realize decreased customer acquisition costs and improved credit workflow efficiency with an automated risk analysis partner that can aggregate real-time data from a wide range of internal and external sources.
Reducing Churn – Reducing churn within the telecom industry has become a mission-critical pursuit. Cable and wireless churn rates are near 30%, ISPs are as high as 50%, and resulting losses are as much as $4 billion a year. Considering that customer acquisition is up to six times more expensive than customer retention, it is no wonder that retention activities have become a major corporate focus.
With proven risk analysis software, businesses can benefit from increased CRM and reduce churn by applying the data collected from modeling, analysis and reporting to marketing campaigns, thereby offering personalized pricing across the board.
Fraud Prevention – Bad debt and fraud within the customer base of the telecom industry results in the loss of billions of dollars every year. Telecom operators need an automated solution that can detect fraud over their entire customer base, even as newer technologies are introduced to the market.
Compliance – There is no shortage of telephony regulations, and non-compliance results in heavy fines, lawsuits and bad publicity. This accentuates the need to maintain fully documented support for fair and consistent decisions, while remaining current on industry-related regulatory changes.
Magnum’s Solution
Proven solutions from Magnum give telecommunications companies the competitive tools they need to act swiftly and confidently on customer credit and service matters. In addition to individual solution components, Magnum also offers a comprehensive business process management (BPM) solution which provides quick response during the customer acquisition phase, helps manage risk, maximizes profitability, and assists with maintaining consistency and compliance across all market populations.
Key Magnum Benefits
- Gathers accurate, real-time data from the three credit bureaus and over 20 other trusted sources
- Easily integrates with your own internal data sources
- Analyzes the complex relationship between thousands of data points to reveal risk and fraud
- Helps maintain compliance by cross-referencing applicants with current databases of criminals and terrorists
- Robust, intelligent software that enables millions of safe decisions in seconds
- Utilization of a fine-grained approach gathers alternative data to serve the thin file segment, delivering the right offer to every customer
- Dependable software requires minimal service and assures no downtime
MAGNUM PRODUCTS:
CreditFlow, Workflow Management
CREDICHECK, Data Acquisition
RapUP, Data Analytics
StrategyOne, Decision Engine
Dante, Scorecard Development
Magnum Test Facility, Test/Simulation Tool