Improve risk management, fraud detection, and customer experience using external data

machine learning financial services
Financial service providers collect enormous amounts of data from their customers.
This data is analyzed and used in sophisticated models that drive these businesses. But this only tells them what their customers are doing. Financial service providers need external data sources and their relevant signals to better inform not only what their customers are doing but how potential customers will act.

Explorium's automated data science platform

Challenges

Consolidating external data for analytics is resource and time consuming
Explorium’s External Data Platform centralizes access to public, premium, and proprietary external data for business analysts, data scientists, and business leaders

Transforming, matching, and integrating external data is tedious work
Explorium’s External Data Platform ML capabilities automatically match and integrate external data with your internal data accelerating time to value

Assessing the value of external data is inexact
Explorium’s External Data Platform identifies the relevant external data signals and calculates the uplift in your ML models before deployment

resources for data scientists

Benefits

The right external data is a competitive advantage. 

Understanding the broader trends in the market and including that in your analytics and ML models will improve their performance. Integrate external data with your internal sources to improve decisions and outcomes for your business
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Refine customer lifetime value and churn analysis
Consumers have more options than ever when deciding on where to save and invest their money. Identifying profitable customers is critical - before they jump to a competitor. Redefine LTV and churn models by enriching your internal data with external data signals such as payment history compared to socioeconomic and income status, social activity, reviews of similar products, and income.
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Understand and manage Fraud & Default risk
Lending decisions have gotten more complicated. Your internal data will only tell you part of the story. Risk models built around traditional financial records — bank statements and basic accounting documentation — don’t take into account external factors. Add external data sources to get a complete picture and mitigate risk while staying compliant.
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Optimize marketing efforts through improved customer segmentation
Knowing who your best customers are and what services they’re more likely to need allows you to market more effectively to prospective customers. Send the right message at the right time to improve conversions. External data can enrich your internal information to better understand and target existing and new customers - both individuals and commercial businesses.
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CASE STUDY
machine learning financial services

Melio payments uses Explorium's External Data Platform to improve conversion rates and streamline operations

DATA

Unlock new business value with external data.

Explorium’s External Data Platform  improves analytics and machine learning. Explorium enables organizations to automatically discover and use thousands of relevant data signals to improve predictions and ML model performance. Explorium’s  External Data Platform empowers data scientists and analysts to acquire and integrate third-party data efficiently, cost-effectively and in compliance with regulations.

machine learning insurance
Example data signals for Financial Services

Consumer information:

  • Economic stability
  • Estimated income
  • Investing interests
  • Loan/lending information

Review based information:

  • Business rating and reviews
  • Health score
  • Noise level
  • Average pricing of businesses in area

Economic information

  • Annual revenue
  • Number of sales
  • Payroll
  • Growth and stability indicators
  • Loan/lending information

Business information:

  • Number of businesses nearby by category
  • Foot traffic information: number of visits in the area, places people visited on the same day, etc.
  • Tourist attributes: hotels and attraction characteristics (number of hotel rooms in an area, etc.)

View our Data Gallery to see more examples and learn more.

RESOURCES
How Do You Choose An Alternative Data Provider For FinTech Use Cases?
Why External Data Data Platforms are the Next Step for Alternative Data Seekers
The Guide to External Data for Better User Experiences in Financial Services
New! Explorium Closes $75M Series C Amid Soaring Demand for External Data Learn More