The Equal Credit Opportunity Act and the Fair Housing Act were created to protect consumers from unfair and discriminatory lending practices. This covers a whole host of things, like discrimination based on race, religion or marital status when it comes to credit transactions or housing-related lending.
The creation and enforcement of these laws are invaluable to the everyday consumer, but with such strict regulations comes a unique set of challenges for financial institutions. How can you market your products and services to would-be buyers if you can’t determine who they are, for fear of breaking the rules?
The answer may be simpler than you think. You can reach your best (current and future) customers efficiently without risking fines, penalties or irreversible damage to your reputation and success. You can create an advertising message that hits the inbox of consumers who perfectly fit your product’s intent. And, you can avoid reaching people who aren’t interested in your services.
How is this done? By using syndicated financial segmentation. But we’re not talking just any segmentation – we’re talking Claritas P$YCLE Premier, which was built with financial marketers in mind.
Marketers across all industries face a tough battle, and financial and insurance marketers are no exception. You’re tasked with things like comparing actual market penetration rates against potential market size and measuring market and branch composition to identify marketing strategies. You set performance goals and develop and enhance products based on usage patterns; it’s a lot to stay on top of, but that’s where smart targeting methods come into play.
P$YCLE® Premier was developed to overcome challenges like these, and then some. It’s not just a simple score on a CRM file. It’s an actionable solution that helps you market smarter and ultimately win bigger as a company. All this, and it’s regulatory compliant, so you don’t have to worry about potentially falling into a trap of UNfair lending practices or even breaching the trust your consumers have when it comes to their privacy.
When you listen to the recent podcast we recorded, you’ll hear all about why P$YCLE Premier is the solution that helps you solve your fair lending challenges easier than ever before.
Meanwhile, here are three ways P$YCLE Premier helps you reach your best customers while complying with fair lending practices:
We only just scratched the surface of how segmentation can help financial institutions succeed in a regulatory-compliant and privacy-safe way. But you can find out more in our latest episode of The Why Behind The Buy podcast (available to listen on your computer, here).
And stay tuned for upcoming podcast episodes, more blog posts, and future thought leadership articles diving deep into the hot topic issues buzzing through the financial and insurance industries.