Jamaican FI in social media analytics project with Neener Analytics
Social media analytics can boost KPIs
Neener Analytics is showing a payday lender in Jamaica how its social media analytics can help boost a number of KPIs, reports David Penn at Finovate.
Neener Analytics has completed a pilot resulted in lowering the lender’s default rates by 33%, and showed ways to grow revenue by more than 20% and increase loan volume by than 33% without increasing current risk thresholds.
“We’re not cherry-picking here. This is just another example of results we achieve regularly for our customers,” the company states.
Neener Analyics has developed social media analytics solutions for lenders, insurance companies and other businesses to help assess risk outcomes for thin file and no file credit customers. The company’s regulatory, compliant solutions work with a simple, single login from Facebook, LinkedIn or Twitter, and enable institutions to predict which borrowers represent a high default risk, which borrowers are likely to payoff debts early, and even which debtors are likely to pursue full amortisation (the likelihood that their debt will be revolved). Neener Analytics also provides a risk-correlated, projected FICO score with an accuracy of nearly 80%.
Based in San Jose, California, Neener Analytics was co-founded by Jeff LoCastro (CEO) and Marc Tomlinson (CTO).
