Tim VanTassel, a VP, Head of Product Management for FICO, has rich experience in consulting, financial services, and banking. He’s interested in data and applied analytics, which he finds incredibly important in delivering a convenient member experience for credit unions.
In the latest episode of Digital Banking Podcast, Tim mentions other issues faced by credit unions and the process of their digitalization. Tim is focused on data, seeing them as an essential factor in user experience, loans, and sales.
What will you hear?
Through many interesting examples provided by both Tim and our host, Josh DeTar, you will learn about member score, behavior scores, sales relevancy, digitalization, and other concepts closely related to credit unions and member experience.
Tim and Josh will also discuss the problem of transactional fraud, another field in which Tim excels. Can fraud affect one’s credit score even if people didn’t know they were victims? You’ll be surprised.
⚡ Data is a key to the consumer experience. Big data, data science, and the use of data in general, can help generate a better consumer experience, whether it is about big banks or small credit unions. By understanding the customers’ and members’ unique needs, a credit union can define reasonable loans according to the member’s expectations. But are companies, such as FICO, limited to accessing only certain forms of data?
⚡ Transactional fraud and credit score. The better the credit score, the better the chances to get credit approved. But what happens when you’re a victim of transactional fraud? Banks might not give you the opportunity to justify yourself, but what about credit unions? Based on Josh’s car example, Tim finds credit unions more compassionate when it comes to fraud issues.
⚡ Relevance in sales – relevance in loans. Tim explains that successful sales depend on the relevance of the offered product. The same is with credit unions, loans, and financial services in general. A product (loan) must be compelling, useful, and in line with a person’s needs and requirements. Otherwise, it doesn’t stand a chance.