FinGoal April Product Update: New Tags and Financial Institution User Tags

This April, we're excited to introduce several new updates to the FinGoal platform that will further enhance your ability to identify key customer segments and opportunities. These updates include new user tags and a comprehensive set of financial institution user tags.

What's New

New User Tag:

• High Interest Non-Bank Loan: This tag includes transactions related to PayDayLoans and other high-interest personal loans that generally do not require a credit check. These are often characterized by fast approval times and high interest rates.

New Financial Institution User Tags:To better identify potential takeover opportunities from large financial institutions, we've added new user tags that highlight consumers' relationships with major banks. These tags are crucial for targeted marketing and personalized service offerings.

Financial Institution Tags:

• General: Financial Institution (any relationship at these institutions)
• Specific Banks: Bank of America, Capital One, Citibank, Discover Bank, Chase, PNC, US Bank, Wells Fargo

Bank Accounts:

• Specific Accounts: Bank of America, Chase, Wells Fargo, US Bank, PNC, Citibank Bank Accounts

Credit Cards:

• Specific Cards: Bank of America, Capital One, Chase, Citibank, PNC, US Bank, Wells Fargo Credit Cards

Mortgages:

• Specific Mortgages: Bank of America, PNC, US Bank, Wells Fargo Mortgages

Auto Loans:

• Specific Loans: Bank of America, Capital One, Chase, Wells Fargo, Non-Bank (e.g., Dealer, other) Auto Loans

Use Cases

These new enhancements allow you to:

1. Target High-Risk Loan Customers: Use the High Interest Non-Bank Loan tag to identify customers who may be vulnerable to high-cost debt cycles. Offer them better alternatives and financial advice to help manage their financial health.
2. Understand and Leverage Bank Relationships: With the detailed Financial Institution User Tags, you can tailor your marketing strategies to attract customers from large banks by highlighting competitive advantages or niche services that meet specific needs.
3. Segmentation for Personalized Offers: Use the specific product tags to segment customers based on their existing financial products. This enables highly personalized cross-selling opportunities, such as offering a refinancing product to someone with a high-rate auto loan.

For a full list of FinGoal tags, see this document.

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