Experian®, the world’s leading global information services company, is joining forces with Micronotes.ai, the leader in automated, artificial intelligence-driven marketing systems in the financial services industry, to launch Micronotes ReFI powered by Experian to the global financial services industry. The product will help financial institutions lower customers’ or members’ borrowing costs by refinancing mispriced debt held elsewhere.
“We’re thrilled to partner with Experian to leverage artificial intelligence (AI) and data to help consumers lower their borrowing costs,” said Devon Kinkead, founder and CEO of Micronotes. “With an estimated $2 trillion in mispriced debt, during an era of persistently low interest rates, we help digital banking customers see where they’re overpaying interest that can be refinanced with a lender they know and trust — their primary financial institution.”
Deployed through email-, online- and mobile-banking channels, Micronotes ReFI automatically compares a financial institution’s current lending criteria and rates to the consumer’s credit profile. The system then performs a synthetic refinancing of existing debt held elsewhere and spots refinancing opportunities that represent material savings.
Next, the marketing automation system initiates a personalized conversation with the customer in their digital banking channels. For example, “Hi Jane, you may be able to save $355/mo. on your mortgage payment!” Response options include “Show offer” “How?” “Remind me later.” Jane can choose to “apply now,” “talk with a banker,” “start a chat session,” or request a text with the details of the offer or any number of customizable actions based on her preferences and the financial institutions’ capabilities.
“At Experian, we are committed to using data for good to help consumers improve their financial health on the road to recovery from the pandemic,” said Greg Wright, executive vice president and chief product officer Experian Consumer Information Services. “Our work with Micronotes.ai supports this commitment to consumers by helping them save money to better control their financial future.”
Micronotes.ai, based in Boston, Massachusetts, is a privately held SaaS marketing automation company serving financial institutions with tools to deepen relationships with existing customers and acquire new customers. The company’s fast, automated, cloud-based solutions apply machine learning to customer data to improve engagement and dialogue to sell more financial services through the digital service channels.
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car to sending a child to college to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 17,800 people operating across 45 countries, and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.