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Zoot's Instant Prescreen Decisioning Solution
Zoot's Instant Prescreen Decisioning Solution allows financial institutions to qualify consumers for credit products in realtime and make offers when customers are most likely to accept—at the point of sale. In May of 2009, Zoot introduced the solution’s ability to provide an immediate resolution to emerging regulatory requirements in the credit card industry and promote customer satisfaction. Instant prescreen is an FCRA compliant approach that eliminates stipulations when offering credit, a key component in current legislative mandates and cause of customer friction.
Features that make this an innovative approach to customer acquisition and effective business management include:
- Ensures compliance with the burdensome new credit card regulations that require banks to deliver on pre-approved offers without stipulations or additional screening.
- Reduces customer friction by only making offers the customer is approved for and providing decisions instantly.
- Reduces costs by not having to pull a second credit report to verify the consumer passes the bank’s final criteria.
- Reduces maintenance and overhead by having the bank’s credit policy and logic in one place.
- Gives FIs control over making changes to their credit policy, allowing updates to be made more quickly and cost effectively than relying on the bureaus to implement changes.
- Provides unparalleled ROI (average acceptance rate for realtime prescreened credit cards is 20%, while batch prescreen is one quarter of 0.6%).
Zoot’s Instant Prescreen Decisioning Solution is the most efficient way to get credit products into customers’ hands. It can be used at any point of interaction and eliminates lengthy processes that require consumers to fill out an application and then wait (sometimes days or weeks) to find out if they have been approved. Customers can begin using their new account immediately due to Zoot’s established connections to booking processors.
Zoot has been a leader in instant prescreen for more than a decade. Bringing new capabilities to instant prescreen ensures lenders will be able to maintain profitable programs in spite of changing legislation and market behavior.
Zoot Enterprises
www.zootweb.com