Welcome to Scorenomics!
We have changed our company name from RevolutionCredit to Scorenomics. In this post, we explain why.
RevolutionCredit’s roots in financial health advice
When RevolutionCredit launched, its initial focus was to provide engaging content to help consumers be better financially. Our goal was to provide smart financial health advice.
Our products have evolved in the past few years. In addition to providing advice, our tools also gauge and score key behavioral information. Using this approach, our BeyondMyScore tool helps institutions safely approve more consumers. We have also released BackOnTrack, a behavioral collections platform. As discussed here previously, BackOnTrack improves payment performance for collections customers.
That’s not the end of the story. In both cases – BeyondMyScore, BackOnTrack – what has emerged amongst our clients is the importance of applying behavioral analytics to understand each customer individually, with an eye toward profitability and customer lifetime value.
Scorenomics: behavioral analytics to improve your economics
Going forward, analytics is a critical part of our future. Our name change reflects that. You can think of Scorenomics as a portmanteau of two words: score and economics. Score reflects the analytics focus. We will continue expanding our offerings to provide insight into each individual customer. Economics represents the reason for providing analytics: improve the economic outcomes of creditors’ relationships with their customers. We are building insight and products that reflect what we know about each customer.
We’ve touched on that previously with the BackOnTrack collections personas. The table below shows how applying analytics allows us to better understand the payment risk for customers.
|#||Persona||Dollar 90+ DPD rate||Pct total|
|1||“Financially secure” forgetter||5.0%||11%|
|2||“Will figure it out” forgetter||8.3%||17%|
|3||“Get through it” saver||9.9%||8%|
|6||“Scrambling after a setback” payer||19.8%||11%|
|8||“On the edge” payer||28.0%||12%|
|9||“Under an avalanche” payer||34.8%||16%|
Scorenomics: applying behavioral analytics to improve your revenue and profitability.
One thing that doesn’t change: we continue to offer our BackOnTrack and BeyondMyScore platforms. And watch for exciting new product announcements in the months ahead.
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