Why good match rates mean better ROI - Sip and Solve
•
0 likes•73 views
Finding the right business is the backbone of what drives each task a risk manager must do – ranging from onboarding new accounts to reviewing their existing portfolio. Sometimes, identifying that business can be very challenging if you don’t have the right information. Which name should you use for the business? Legal name? DBA? What if the business has multiple locations? What if the business is collocated with another? What about businesses that are merged? What if the business moves to another location? There are numerous challenges behind finding the right business with significant upside in doing so. If you’re able to increase your ability to find the right business by just 10%, it could have a significant impact on your bottom line. Learn how Experian tackles these challenges and gain an understanding on best practices for how you can solve for them, as well as: How improving match rate will improve ROI Strategies to identify the best business information to use How accuracy & timeliness of contributed data improves match quality (and improves ROI) Watch the recording of this webinar: https://www.experian.com/business-information/webinar-sip-and-solve-ep-22-why-good-match-rates-mean-better-roi
Recommended
Recommended
More Related Content
Similar to Why good match rates mean better ROI - Sip and Solve
Similar to Why good match rates mean better ROI - Sip and Solve (20)
More from Experian
More from Experian (20)
Recently uploaded
Recently uploaded (20)
Why good match rates mean better ROI - Sip and Solve
- 1. 1 © Experian Sip and Solve A perfect match – why good match rates mean better ROI Featuring: Kyle Blanchard Product Manager Maneesh Raswan Sr. Director of Search Engineering and Architecture
- 2. 2 © Experian A hypothetical situation Main Street Sandwiches at 123 Main Street in San Francisco, CA asks to establish a large line of credit. Main Street Sandwiches 123 Main Street San Francisco California
- 3. 3 © Experian A hypothetical situation (continued) Main Street 345 Browning Way San Francisco, California Main Street Sandwiches 120 Main Street Barstow, California Main Street Associates 419 Park Ave San Francisco, California Sally’s Sandwich Shop 123 Main Street San Francisco, California For Main Street Sandwiches at 123 Main Street in San Francisco, CA, we receive the following matches:
- 4. 4 © Experian A hypothetical situation (continued) Main Street 345 Browning Way San Francisco, California Main Street Sandwiches 120 Main Street Barstow, California Main Street Associates 419 Park Ave San Francisco, California Sally’s Sandwich Shop 123 Main Street San Francisco, California For Main Street Sandwiches at 123 Main Street in San Francisco, CA, we receive the following matches:
- 5. 5 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit
- 6. 6 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit 90% 10% Match rate
- 7. 7 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit 90% 10% Match rate: • The ability to accurately match on a business. • Crucial for automation activities, portfolio monitoring - ALL activities are impacted by match rate!
- 8. 8 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit 90% 10% Three variables that influence match rate: 1. Data provided 2. Data available 3. Underlying search technology
- 9. 9 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit 90% 10% Three ways to increase match rate: 1. Inquiry & search strategies 2. Better data understanding 3. Better search/match technology
- 10. 10 © Experian Defining the Challenge
- 11. 11 © Experian The evolving nature of a business Business established Doing business out of residence Open retail location Rebranded Applies for credit Main Street Sandwiches
- 12. 12 © Experian The evolving nature of a business Sally’s Sandwich Shop 123 Main Street San Francisco, CA Sally Smith 345 Grand Ave. San Francisco, CA Existing information Main Street Sandwiches 123 Main Street San Francisco, CA New information Evolution of business
- 13. 13 © Experian A hypothetical situation (continued) Main Street 345 Browning Way San Francisco, California Main Street Sandwiches 120 Main Street Barstow, California Main Street Associates 419 Park Ave San Francisco, California Sally’s Sandwich Shop 123 Main Street San Francisco, California For Main Street Sandwiches at 123 Main Street in San Francisco, CA, we receive the following matches:
- 14. 14 © Experian Less reliable – Limited availability on small, newer companies Ambiguous – Less commonly reported, can be reassigned, or may be tied to consumer Flexible – Can and will likely change The changing anatomy of a business Business Name Business Address Tax Identification Number (TIN) Phone Number Website / Domain Name Third Party ID Contacts
- 15. 15 © Experian Creating a better search strategy So, how do we find our business effectively? Uniqueness matters Start specific, then go broad Try different combinations of data When in doubt, ask the business! 1. 2. 3. 4.
- 16. 16 © Experian What else can help?
- 17. 17 © Experian How finding a business works 123 Main Street San Francisco CA Sally’s Sandwich Shop 123 Main Street San Francisco, CA Inquiry Result(s) Inquiry Candidate selection algorithm(s) Machine learning matching model(s) Quality matches stack ranked Result(s) Inquiry data standardization Improves match quality overtime Main Street Sandwiches Address Standardization Name Cleansing Feedback
- 18. 18 © Experian OneSearchTM Experian’s enhanced search/match technology for more confident matches: Let’s say… Portfolio size: 1 million businesses Revenue: $50/month per business If we see a 2% match rate lift ... then 2% additional matches over 1M is 20,000 businesses. Revenue = 20,000 x $50 = $1,000,000 That’s an additional $1 million dollars in revenue per month. 2 – 10x faster Speed 2 – 10% more Matches How can it impact my ROI?
- 19. 19 © Experian Summary/key takeaways • Match rate has a direct correlation to ROI – it improves chances for automation, allows you to make quick decisions, and prevents slowdown in your process. • The best way you can improve match rate is describing the business to the best of your ability. Start specific – get broader as needed. • Additionally, you need to understand how the data on the other side changed. The timeliness and accuracy of this data will impact your match rate.
- 20. 20 © Experian Thank you! Have questions or want to learn more about finding the right business? • Send us a message in the “Chat” function or via: bit.ly/sip-solve-chat Upcoming Sip and Solves - • Join the list to stay in the loop: bit.ly/sip-and-solve