Micronotes and Experian Empower Financial Institutions to Lower Customers’ Borrowing Costs

By AIT News Desk On Feb 5, 2021

Experian, the world’s leading global information services company, is joining forces with Micronotes.ai, the leader in automated, artificial intelligence-driven marketing systems in the financial services industry, to launch Micronotes ReFI powered by Experian to the global financial services industry. The product will help financial institutions lower customers’ or members’ borrowing costs by refinancing mispriced debt held elsewhere.

“We’re thrilled to partner with Experian to leverage artificial intelligence (AI) and data to help consumers lower their borrowing costs,” said Devon Kinkead, founder and CEO of Micronotes. “With an estimated $2 trillion in mispriced debt, during an era of persistently low interest rates, we help digital banking customers see where they’re overpaying interest that can be refinanced with a lender they know and trust — their primary financial institution.”

Deployed through email-, online- and mobile-banking channels, Micronotes ReFI automatically compares a financial institution’s current lending criteria and rates to the consumer’s credit profile. The system then performs a synthetic refinancing of existing debt held elsewhere and spots refinancing opportunities that represent material savings.

Next, the marketing automation system initiates a personalized conversation with the customer in their digital banking channels. For example, “Hi Jane, you may be able to save $355/mo. on your mortgage payment!” Response options include “Show offer” “How?” “Remind me later.” Jane can choose to “a********,” “talk with a banker,” “start a chat session,” or request a text with the details of the offer or any number of customizable actions based on her preferences and the financial institutions’ capabilities.

“At Experian, we are committed to using data for good to help consumers improve their financial health on the road to recovery from the pandemic,” said Greg Wright, executive vice president and chief product officer Experian Consumer Information Services. “Our work with Micronotes.ai supports this commitment to consumers by helping them save money to better control their financial future.”