The science of analyzing raw data is what data analytics is. With digitization of most of the companies, they are now using data analytics, which have also optimized their performance and increased the efficiency. It helps the companies reduce costs by establishing more efficient ways of functioning and also by storing huge amounts of data.
While most people think, data analytics is something that is used mostly in automation, most financial institutions too use data analytics. Use of data analytics in financial institution has certainly decreased the risk factor. Pioneering in this very field is Neener Analytics.
To put it in simple words, Neener Analytics has automated financial risk decisioning to 1-click of the consumer social media profile OR in as little as 3-minute chat with ARIA, the world first augmented AI chat-based risk decisioning tool the company can decide potential and current borrowers at very high rates of success. This is perfect for those thin-file, no-file, or credit challenged consumers that risk-based businesses mis-decisions, mis-prices, or simply rejects because good decisioning on them is unavailable or unreliable. Neener is not a big data company.
Jeff LoCastro, CEO/Founder of Neener Analytics was one of the first to connect affinity and behavior to understand non-linear correlations. Based on his ability to extract unique insights, Jeff pioneered the first ever effective CPA (cost-per-action) model which became the basis of all future social analytics models, as well as the foundation for all social media monetization.
The Company –
Everyday human beings produce 2.5 Exabyte’s (2,500,000,000,000,000,000) of data; which equals to 75 Exabyte’s per month. That is incomprehensibly big, and it’s growing exponentially. Understanding that unstoppable tsunami of information is key to future of every business (big & small), but also for every human being individually. This tsunami is unstoppable. We can deride the cultural implications of so much observable information being generated by so many people (and lose), or simply accept it, service it . . .and Win. It is a supreme understatement to state that the understating of Information is critical to the survival of every business on the planet. And Data Analytics is at the core.
Neener Analytics are the leaders in computational social science and the only social media analytics that delivers specific, individual, risk outcomes in a 100% friction-less environment.
“We are a Small Data company.”
Their biggest challenge has been at the core of their innovation; no one is doing what they are doing, and Neener Analytics doesn’t differentiate based on the colour of t-shirts or “we are the ______, of _______.” Neener Analytics is a company that focuses on selling the revenue rather than the product; and with it the quantitative, measurable results. Anytime you sell revenue it not only disrupts a market, but it creates internal disruption with the customers. That is one thing that drives the company forward. But when your product is seen as authentically disruptive, it creates a different kind of conversation. Longer sales cycles for sure, but longer customer relationships too.
We don’t sell “efficiency” yet that is certainly a by-product.
There are a number of factors that have contributed to the growth of the company inspite of the challenges and continue to do so. There certainly is the core innovation in their technology, but any truly disruptive innovation leads the market a bit, i.e., jumps out ahead of where the market is at that moment.
Their Products/Services –
From a single social media profile, one can not only predict or project a correlated Fico score with an accuracy of almost 80%, but also predict the likelihood of default, risk attitude, patience/impatience, veracity — that is, are they likely telling the truth on their application, and with a 71% accuracy predict if they are a Transactor, Revolver or Dormant. That is – will they pay off the loan early? And a lot more.
56% of US consumers alone are thin-file, no-file and credit challenged; 88% globally. These are the invisible consumers; invisible not because they are high risk, but rather because current risk assessment systems simply don’t work for them. This is a massive global problem. Neener Analytics contends that this is the biggest problem in the world.
“You cannot build a middle class or improve the standard of living for a society or individual without access to financial products and services. And you cannot deliver that access if the risk of the engagement cannot be assessed.”
Getting ‘banked’ is great. But the problem is a so much bigger problem than simply the “unbanked” or “underbanked” because being “banked” still doesn’t solve the underlying problem of financial risk invisibility. If the risk is not understood, no one is delivering services to these consumers that improve their life.
And the scenario is such that literally every other solution provider is still trying to solve this using big data. It doesn’t work. The solution is Small Data; the solution is in the story each individual consumer is telling. Not based on what group to which they belong (big data), or the sum of their transactions (big data), or who their friends are (big data).
“Increase Volume. Deliver Better Customers.”
Neener specializes in alternative risk assessment and marketing conversions for Lending, Insurance, Product Leasing, Real Estate Tenant Management, Marketing, and Human Resources/Hiring. What they do can be stated in the following 4 steps-
- Dramatically lowers defaults
- Better decisioning your turn-downs: The ones you’re saying ‘No’ to but should be saying ’Yes’
- Complete ocularity to the blind spot of No-file, Thin-file and Credit-challenged
Transactor/Revolver Prediction –
- Predict whether someone will likely Payoff loan early or let it fully amortize
- Predict or project future income of a real, fixed or financial asset portfolio
Risk Alignment –
- Convert Application Abandons to Borrowers
- Convert Visitors to Applicants
- Market to them Individually NOT ‘transactionally’
- Better match their likely risk preferences with your risk tolerances.
- Preferences + Tolerances = CONVERSIONS
Veracity and Resiliency –
- 88% of applicants admit to entering incomplete of incorrect on application or registration forms (Blue Research 2014)
- Is YOUR applicant or registrant telling the truth?
- Are they likely trustworthy?
- How ‘Resilient’ are they?
- Will they likely bounce-back after default caused by major life events (job loss, Illness or Divorce)?
- Perfect in Collection scenarios
Jeff and his Team –
At Neener Analytics, Jeff is the Founder/CEO. Because we’re in the high technology industry, things move extremely fast. There is no time to rest upon last week’s victories or even last week’s failures. His favourite part is simply trying to find new ways to use, leverage, and expand their underlying discoveries and create new and better products.
The single most important this a CEO can do is build and maintain the right team. They have a clear mission at Neener Analytics. It is Jeff’s responsibility to see in their eyes that they “get it.” He needs to hear about how they do not, will not approach what we do that same way they have always approached problems.
“‘Mold-busters’ are my kind of people; the only kind that interest me.” The team consists of not the person who “contributed to _______.” It’s always the ones who have DONE it!