SuuS in action
Use Case
Financing the purchase of a home, more than any other banking engagement, leaves customers allergic to the experience. It takes sixty plus days, costs several thousands in fees, and it is a painful process for consumers.
Curated Experience Platform (CEP)
Customer Data Intelligence Platform (CDIP)
Intelligent Profiles-as-a-Service (IPaaS)℠
Curricula Delivery-as-a-Service (CDaaS)℠
Property Data Intelligence Platform (PDIP)
2nd-Party Data/Real Time Context (RTC)
Before we get into the details of assets and services, here is a sample use case to introduce key elements and illustrate how our services work in the case of a loan origination, as an example. Financing the purchase of a home, more than any other banking engagement, leaves customers generally allergic to the experience. It takes sixty plus days, costs several thousands in fees, and it is a painful process for consumers.
This use case illustrates SuuS assets and services, in action, masterfully transforming every aspect of the mortgage experience. Distinct platform components being leveraged in each step are denoted by colored dots:
Customer Data Intelligence Platform (CDIP)
Intelligent Profiles-as-a-Service (IPaaS)℠
Curated Experience Platform (CEP)
Curricula Delivery-as-a-Service (CDaaS)℠
Property Data Intelligence Platform (PDIP)
Second Party Data / Real Time Context (RTC)
Sarah
Sarah is a highly educated, affluent, young professional with strong preference and affinity to handling her affairs, e.g., banking, shopping, and social networking, through online & mobile channels
CDIP
“Sarah” merely represents an anonymized profile, at this point, albeit the actual profile of a specific consumer. PII has been removed and set aside, nonetheless, until a permissible use event is presented later to enable an interaction with Sarah (note: all data used in this example are fictional, for illustration purposes only).
Context
Sarah’s digital ID was sourced via a private data exchange with one of our real-estate listing partners, allowing us to anonymously match against all consumer intelligence and digital behavior profiles in our Customer Data Intelligence Platform
First & Second Party / RTC
First and Second Party data are combined to provide real time context to deliver relevant solutions, in time and context. Still anonymously, Sarah is seen here shopping for a new home.
Shopping for a home
Over the last few days, we served several display ads to Sarah, all on listings in or around The Hills area in NW Austin, TX, all with property values ranging from $1.1MM to $1.5MM
Second Party / CDaaS
First party data is further enhanced with specific intelligence provided by second party data to enable remarkable capabilities otherwise not possible. Here, Sarah is linked to a new property with all relevant information (including legal & vesting) in advance of any purchase transaction!
Pre-approval
In all regards, based on the information available about Sarah and the particular property in the SuuS Data Intelligence Platform , she is a perfect match for our digital, streamline-mortgage target audience!
She has 824 FICO, clean payment history for over 24 months,
heavy credit reliance but low utilization (national credit file).
She has had a Jumbo 5-1 arm mortgage for 4 years,
with no co-borrower on a property in Palo Alto, CA (public records & credit).
Still employed by the same firm, but her job title has recently changed
Her new salary as of three months ago is $550K (employment verification)
Her house in Palo Alto is now under contract for $1.55MM
with a mortgage balance currently at $721K (multiple listings and credit file)
Property at 117 The Hills Dr has correct vesting and clear title to close
the listing of which Sarah has been visiting daily lately (legal & vesting)
Turns out Sarah is also a customer, for one of our client banks,
with $550K in deposits and investments (client’s database feed)
CDIP, PDIP, 2nd-Party, and IPaaS
SuuS Customer, Property, and Mortgage Data Intelligence platforms in action, with a wealth of specific data transforming FCRA pre-screen into a sophisticated loan decisioning and personalization capability. Sarah is still an anonymous profile, just selected as a net-down for an FCRA-compliant firm offer of credit. The specificity of the offer and what it enables, nonetheless, are simply astounding!
Streamline Mortgage
At this point, we know enough about Sarah and the property she wants to buy to pre-decision a mortgage loan for her. That’s even before we have any contact with her! Better yet, we have an offer that is hard to beat in terms of both pricing and the all around experience. Thus, we confidently push a mobile notification alert to her, saying that her dream home in Austin “might just be a few clicks away…”
The Offer
Responding by taping the alert notification led Sarah to the “MySolutions” tab of the app, where she was presented with details and step by step guidance to activate the offer: A no-pain, no-hassle, and no-closing cost, streamline mortgage specifically for the property at 117 The Hills Drive!
CEP, CDaaS, and IPaaS
Here is where for the first time Sarah’s PII is re-inserted into her profile, in real-time, as the pre-screen mobile notification is being processed for delivery. Consent for her full credit report is also obtained from Sarah as she elects to proceed to activate the offer.
Fullfillment
With only minimal additional information needed, Sarah was able to provide and confirm all pre-existing data to complete the process and secure a conditional approval within only about an hour! She was also able to tentatively schedule closing just two weeks away!
All Assets & Services
Mortgage originations process masterfully transformed! What would typically be 60 days of pain and an enormous expense for Sarah is turned into an hour’s interaction on her mobile device.
Customer for life
Sarah is extremely happy and content!! She got the best mortgage rate in the market by far, she did not have to pay any closing costs, and she was completely done securing an approved loan ready for closing in just a little over an hour, on her mobile! Contrast that to the nightmare of an experience she had getting her last mortgage, and she cannot even begin to believe what has happened! She will be moving into her new home in two weeks...
SuuS Assets & Services
The enormous operational simplification and efficiencies made possible by the SuuS platform allows our client to substantially reduce their processing cost. That in-turn allows them to pass-on some of the savings to their customer for a huge pricing advantage, growth potential, and greater profitability margins at the same time.
In Summary
The purchase-mortgage use case, above, is merely an example. The same capabilities are available for every other type of loan origination, including Home Equity, Auto, Credit Card Instant Issuance, or Personal Loans at Point of Sale. Yet, much the same is also true for every other banking product, for that matter, in every phase of the lifecycle, including marketing, acquisition, origination, on-boarding, and servicing. The context might be somewhat different and collateral information and second party data are obtained from other specialty sources, but much the same great benefits tailored to individual consumers are being delivered, in context. Some of the key benefits made possible by the SuuS platform, illustrated above, include: (i) remarkable and unique personal experience for the individual consumer; (ii) tremendous operational efficiencies, and (iii) far more effective marketing and servicing. The end-result is huge value for the end-consumer and far greater profitability and growth potential for our banking clients who serve those consumers.