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eFunds Introduces QualiFile |
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Breakthrough New-Account Opening Service Enables Financial Services
Companies to Manage Risk and Offer Consumers Greater Access to Financial
Products
MILWAUKEE, Sept. 23 /PR Newswire/ -- eFunds, a business
unit of Deluxe Corporation (NYSE: DLX), today introduced QualiFile(SM), an
online real-time account-opening service that will help financial services
companies open more accounts while reducing risk and targeting cross-sell
offers.
Now available, QualiFile combines debit, credit, demographic and
financial product usage data to help financial services companies make
more intelligent decisions at the new-accounts desk and help consumers
gain access to more financial products. "This is the breakthrough service that will truly help financial
services companies maximize their customer relationships," said Kim
Anderson, head of sales and marketing at eFunds. "When financial
services companies don't have enough information, they tend to be overly
cautious, too often turning away potentially profitable customers. Managing risk QualiFile will help financial services companies better manage risk and reduce losses. To help financial services companies determine whether to accept an applicant, QualiFile uses data from DebitBureau(SM), which is the most comprehensive source of debit data available. QualiFile will pull credit data from one or more of the three major credit bureaus, according to a financial services company's choice of which bureau to access. QualiFile validates an applicant's identity and predicts the likelihood of the account being forcibly closed by scoring an applicant's risk level and, within seconds, presents the new-account representative with messages predetermined by the financial services company to "accept," "deny" or "review" the application. Account decisions are based on financial services companies' predetermined risk threshold, with each setting its own parameters for the amount of risk it will accept. Financial services companies have long relied solely on credit information in offering deposit products to consumers. But credit information doesn't tell the whole story. Debit and credit information together provide a more detailed consumer picture leading to better decisions on account openings and product offerings. DebitBureau includes information about account opening and closure histories, check order histories and retail nonsufficient funds checks. It has amassed more than 2 billion records and is growing at a rate of 1.3 million records a day. Increasing customer profitability QualiFile helps financial services companies develop more profitable customer relationships through individually targeted cross-selling, risk-based pricing strategies and increased customer retention. "With QualiFile, we anticipate that financial services companies will increase their average customer profitability significantly by turning information into opportunities," said Anderson. Once an applicant has been approved for a deposit account, QualiFile instantly presents the new-account representative with a list of up to nine product offerings to present to the new customer, based on the financial services company's product set and marketing parameters. QualiFile again will use DebitBureau data and credit information from one or more of the three major credit bureaus to help financial services companies make decisions. It combines that information with comprehensive demographic and financial product usage data provided by Claritas Inc., Arlington, Va., the premier provider of intelligent marketing information and target marketing services. This is the first time such demographic information and financial product usage data will be combined with extensive debit and credit data, and the first time it will be available in real time, delivered directly to the new- account representative's desktop. The combination of data is used to create a comprehensive profile of customers leading to more intelligent decisions about product offers. In addition to products, QualiFile presents new-account representatives with details such as product offer limits, rates and terms. Consumer benefits Consumers benefit from gaining access to more financial products than ever before. For example, they may qualify for a higher line of credit at a lower interest rate or a higher daily withdrawal limit on a debit card. And they get more relevant products, like debit and credit cards and home equity, auto and education loans, from their financial services companies. In addition, QualiFile helps ensure that applicants are treated fairly and measured against consistent, objective criteria. Streamlining account openings QualiFile streamlines the account-opening process and simplifies decision-making about which products to offer consumers. It provides financial service company-specific messages, leading new-account representatives quickly and easily through account openings. By automating the account-opening process, QualiFile reduces the cost of training new-account representatives. About eFunds eFunds provides leading electronic payments solutions to providers and consumers engaged in commerce, any time, any place. eFunds helps financial services companies and retailers manage, secure and process debit-related transactions while minimizing risk and optimizing customer opportunity. End-to-end solutions include customer and identity verification; and transaction authorization, capture, conversion, processing and settlement. About Deluxe Deluxe Corporation is a holding company composed of four business units: eFunds, Deluxe Paper Payment Systems, iDLX Technology Partners and Deluxe Government Services. More information about Deluxe can be found at http://www.deluxe.com/. SOURCE: Deluxe Corporation Web site: http://www.deluxe.com/ CO: Deluxe Corporation; Claritas Inc.; eFunds ST: Minnesota, Virginia |
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| Posted September 23, 1999. |