Scoring Accuracy – It’s not enough to use the most accurate, real-time data to make safe decisions quickly. In the customer acquisition phase, finance departments must offer customers a loan that is competitive in the market, while still being profitable. To stay competitive, it’s important to use a fine-grained approach that pulls non-traditional data sources, all while managing risk effectively.
Rapid Response – Businesses must provide the fastest response possible during the loan origination process, while managing risk, maximizing profitability and maintaining consistency and compliance across all market populations. You need real-time answers to risk issues, and the ability to analyze multiple sources of credit data.
Efficiency Optimization – Efficiency is key to surviving in an ever-changing environment, heightening the need to save time on manual processes like paperwork and phone calls and consequently lowering operating costs.
Pinpoint Fraud – 8.4 million people fell victim to identity theft in 2007, totaling 49.3 billion in losses (Javeline Strategy and Research Survey). Identity theft and fraud disguised as bad debt is a steadily growing problem. As technology advances to eradicate fraud in one area, another type of scam emerges elsewhere. It is imperative that businesses choose an automated risk decision partner that is capable of accessing the most accurate real-time data on potential fraudsters.
Compliance Certainty – Today’s lenders must consider Sarbanes-Oxley, Basel II, FCRA, ECOA, GLBA, The Patriot Act, and the list goes on. Compliance regulations are ever-increasing, and non-compliance results in heavy fines, lawsuits and bad publicity. You can’t afford to rely on anything less than the most trusted automated decision software built by pioneers of the industry.
Key Magnum Benefits
- Decision management and analytics software that sets the standard for the industry in terms of flexibility and dependability
- Real-time data from the three credit bureaus that incorporates the bureaus’ continually changing processes, plus integration of over 20 trusted external and internal sources of data
- Powerful analytics software that assists in identifying potentially fraudulent activities
- Fully-documented support for fair and consistent credit decisions that support compliance requirements
- Tools that empower risk managers to create, change and test new scoring models with no hard coding, thereby reducing time and expense
MAGNUM PRODUCTS:
CreditFlow, Workflow Management
CREDICHECK, Data Acquisition
RapUP, Data Analytics
StrategyOne, Decision Engine
Dante, Scorecard Development
Magnum Test Facility, Test/Simulation Tool