Equifax and Argus Align to Optimize DDA Acquisition Strategies for Financial Institutions with Primary Impact™
Equifax Inc. announced at the BAI Retail Delivery conference that it has formed a strategic alliance with Argus Information and Advisory Services, a Verisk Analytics business and a leading provider of analytics, information, and solutions to consumer banks and their regulators. The companies are excited to announce a new solution, Primary Impact™, which will help optimize demand deposit account (DDA) acquisition and maximize portfolio growth and customer profitability for financial institutions.
Primary Impact couples robust data and leading analytics from Equifax and Argus to enable financial institutions to identify households that have a higher propensity to produce positive contribution margins. With this additional insight, financial institutions can also custom-tailor their messaging and optimize incentives, which can positively affect response rate. Primary Impact is a proprietary suite of models that leverages aggregated financial and household insights to analyze:
- Primacy: the propensity of a prospect to have its primary account with a specific financial institution within 120 days post acquisition
- Profitability: the predicted profitability of a prospect’s checking account within the first year of acquisition
- Lifetime value: the estimated value of a prospect based on predicted profitability and attrition
- Relationship expansion: the propensity of a prospect to accept an offer for additional products, such as a credit card or savings account, within the first year of acquisition
Argus research shows the top 20 percent of checking customers represent more than 125 percent of portfolio profits.
About Argus Information and Advisory Services
Argus Information & Advisory Services, LLC, is a leading provider of competitive benchmarking, scoring solutions, analytics, and customized services to financial services institutions and regulators in North America, Latin America, and Europe. Using more than ten years of de-identified longitudinal data, Argus provides important insights for its customers, who currently include most of the leading retail banks and credit card issuers in the United States, Canada, and the United Kingdom. Argus is a Verisk Analytics business.
Source: Equifax Inc.