AI Case Study
LendUp has built a machine learning driven platform to encourage debt holders to make payments using personalised reminders, offers and repayment plans
LendUp, a fintech company that provides loans and credit cards, is using TrueAccord's machine learning platform to influence the behaviour of customers by reminding them in effective ways about repayment. They come up custom repayment plans and offers for customers.
"TrueAccord’s Patent Pending decision engine uses machine learning to create personalized, digital first, consumer experiences that are uniquely tailored for each consumer. TrueAccord platform uses a state machine to create a complex interaction model with a consumer, and a clustering engine to compare the consumer to more than 1.5 million consumers who passed through our platform. Based on those 100’s of millions of data points, it predicts the consumer’s reaction to communication frequency, timing, channel, and content.
TrueAccord's decision engine then selects from hundreds of internally generated and legally pre-approved messages that drive consumer engagement via omni-channel delivery. Once delivered, it tracks real time events from the consumer - email opens, link clicks, browsing pattern on TrueAccord assets and interaction with our call center - to decide what its next step should be.
TrueAccord's Compliance Firewall enforces compliance rules on contact timing, frequency, and included disclosures. The Compliance Firewall allows easy implementation of new rules at scale, as State-level rules may vary, and keeps a detailed event log for audit purposes."
2.5 Million customers have been served so far
"Heartbeat is a fully automated and reactive decision engine that uses a combination of machine learning and data-driven heuristics to determine the optimal way of interacting with each individual debtor."
"LendUp is a financial technology company that provides loans and credit cards, as well as financial education, access to credit reporting and gamification for responsible lending behavior."
More than 2.5 million consumers and tens of million of interactions have resulted in more than 100m data points