Proper customer segmentation is important because it allows businesses to focus their marketing efforts on specific target markets more likely to purchase their products or services. As there is always a scenario where you’ll find a group of a target audience that you have been not able to cater to for your products/services. So, segmenting […]
TL;DR: The information banks and NBFCs have access to is restricted, and does not substantially mitigate risk. It is because the lending industry relies on credit score analysis as a standard tool of risk assessment. Inherent nuances within those systems create ambiguities that, in turn, leave margin for errors, omissions, and confusion — leaving a
TL;DR — ‘Affluent’ Customers — individuals with distinctly apex lifestyles, are BFSI’s’ most coveted cohort. Inarguably — they have the purchase dispensability to be consumers to the finest products. For Banking and Insurance companies, it translates to one thing only — minimal risk. But there’s another challenge — how do you know if a consumer
Credit Bureaus such as CIBIL are responsible for keeping historical information of credit of individuals and businesses and credit history is gathered from lenders and other financial sources to obtain the credit score. For individuals and small businesses not having access to regular banking services, standard credit scores from bureaus are not available; and hence
