CRC Returnex, an artificial intelligence-enabled financial solution is offering lenders a means for quick identification and retention of customers based on data analytics.
Launched by CRC Credit Bureau one of the foremost companies in Nigeria’s credit profile building industry. CRC Returnex is data enabled and provides lending institutions the means of using information technology and artificial intelligence to identify and retain borrowers in their portfolios.
What this means is that as a credit bureau, the product helps CRC give lenders insights into borrowers’ profiles showing who will likely take loans again. It also points to borrowers who may borrow from other institutions and those who may stop borrowing in entirety or for a duration of time.
This innovation in Nigeria is the first in the credit reporting industry. It is a solution that enables lenders to manage their credit risk exposure. This also focuses marketing communications activities to the right customer base, saving on marketing spend.
With this solution, lenders can detect delinquent customers on time while driving customer loyalty.
In this new normal, especially with the ongoing pandemic, it is paramount for lenders to become more data-focused on all their business operations especially when it comes to risk analysis and marketing. CRC Credit Bureau is poised to support by providing various products and services that are data and technology-driven which will solve identified pain points for both lenders and borrowers.
With CRC Returnex, lenders can forecast if a customer has a high or low probability of coming back to access a loan in the future and as well identify the most important metrics for a return customer.
‘Tunde Popoola, the managing director/CEO of CRC Credit Bureau Limited said “CRC has entered a new phase of growth and expansion beyond offering credit solutions. We are evolving into a data analytics company.”
As a data company, CRC would ensure that beyond providing credit data, customers are empowered to use data to improve their business operations and make informed decisions. With CRC Returnex, customers can efficiently and effectively manage their customer retention and marketing activities, Popoola explained.
CRC Credit Bureau provides a nationwide repository on credit profiles of corporate entities as well as consumers. This improves the ability of credit providers and borrowers to make informed lending and credit decisions. The bureau’s database covers the credit industry which includes commercial banks, non-bank institutions, retailers, utility service providers, and financial technology (fintech).
