No one can guarantee a 100% possibility of return on any loan. However, for some, it can be an exciting potential market that is relatively untapped. Working with so-called “gray-area” clients isn’t a good fit for every business. Armed with intelligent data, you can adjust your business strategy to suit the market need and have the tools to do so at your back. For example, many businesses consider credit scoring, artificial intelligence, machine learning, predictive models and product matching tools as the backbone of their data-driven strategy when entering into digital transformation. To keep ahead of the market, it’s vital you adapt to suit new opportunities and challenges. Just as the market is constantly shifting, so too should your approach. Implement a smart strategy with the right tools. For example, what was risky once is now the norm.īy onboarding big data tools and other smart digital transformation tools, you make it possible for your business to work with large amounts of data that will help ensure accuracy in your business plans for the future.ģ. Data is not always accurate and needs to be verified.Ģ. Here, it’s vital to remember two key points:ġ. Too relaxed and you create unnecessary risk, too strict and you reduce the size of your market. Setting the bar too far in one direction or the other can impact your profitability. It’s another to be able to use it accurately and effectively. That’s why, to stay ahead, it’s essential to keep testing. The market is continuously changing and once you find a good data source, it’s likely your competitors will soon pick up on it. Remember, it’s vital that you keep testing hypotheses when it comes to consumer data. These deliver the potential to assess your potential clients’ spending habits and current debts and commitments, which will go on to inform your strategy. Where can you get the data that you need? Often such data is collected via apps, mobile banking solutions, store cards, discount cards and other lines of credit that your potential client may have access to.
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Explore current data trends and market strategies and you’ll soon find one that works for you. For companies just starting out, establishing this level is all about trying and testing hypotheses.
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By focusing on the statistics, you can accurately assess the level of risk you are willing to take on, how risky your potential clients actually are and more. To work with the gray zone, your business needs to be data-driven. The only question is how? Let me break it down into three essential components. Handling risk in an intelligent way enables you to work with a broader range of clients safely while ensuring or even boosting profitability for your business. How can digital transformation help you access untapped potential? It’s all about utilizing technology to become smarter than your competitors and assess and access an untapped client base, which might not just be profitable for your business but help to contribute to the overall economy as a whole. That’s where the art of working in the gray zone comes in.