OnDemand | Beyond Credit Risk: Onboard Thin-File Customers with Confidence
Roughly one third of Millennials and almost half of Gen Zers between 21 and 25 years old don’t have a credit card, according to a recent Cornerstone Advisors study. This growing population of thin-file customers presents a challenge for financial institutions focused on expanding their customer base without creating friction for good customers or inviting increased risk.
Ian Li, Director of Global Strategic Accounts at Ekata, explains how using a mix of traditional data—such as credit risk and document verification—along with alternative data based on personal identifiable information can help financial institutions quickly and confidently identify and onboard good thin-file customers while protecting against fraud.
During this fireside chat, you’ll:
- Learn how alternative data can supplement traditional data in identity verification for a growing population of thin-file customers - including Millennials, Gen Zers, and immigrants
- Discover how machine-learning technologies can streamline workflows and provide user insights that enable better, quicker risk decisions for thin-file customers
- Understand why competitive customer acquisition necessitates faster, more nimble risk decision-making and onboarding to capture those customers’ lifetime value