Fair, Isaac Debuts Customer Acquisition Service
The San Rafael, CA-based firm said its consulting service is based on its strategy science, a series of methodologies, decision analytics and techniques introduced last spring that use empirical data to develop and guide business strategies.
Fair, Isaac applies its strategy science techniques to three distinct aspects of the customer acquisition process.
-- Designing better offers.
-- Targeting the optimal offer to the best prospects.
-- Increasing the activation and use rate of new customers.
Several financial institutions in the United States and the United Kingdom have adopted strategy science to optimize credit lines in their portfolios. The companies include Fleet Credit Card Services, First USA, People's Bank of Connecticut and HSBC Holdings, plc, a global financial institution based in the United Kingdom. The new technique will tackle how to effectively and efficiently acquire new customers in a changing business environment.
While the consulting service is tailored to the specific needs and business objectives of a customer, it relies heavily on the strategy science techniques. As a result, customers can expect a fast turnaround and quick deployment, with a custom fit that meets individual requirements, the company said.
The company touts its service as improving the customer acquisition process by allowing lenders to prioritize thousands of combinations of marketing ideas quickly and efficiently, optimize the targeting and prospecting process and assign the optimal initial credit lines to new customers.