Compliance-friendly 3rd-party wealth solution provides enhanced precision

In this use case, a firm turned to Equifax for a solution to enhance segmentation for deposit growth efforts without using protected class variables. Early test results by a leading financial institution show that the new WealthComplete® HD 2.2 offers enhanced precision over legacy WealthComplete in predicting total assets across nearly all asset tiers. 

Challenge

A financial institution had been using household-level wealth estimates that performed well, but included protected class variables and demographics in its customer segmentation models. The firm wants to identify deposit growth opportunities amongst its client-base as well as prospect audiences, but transition away from using 3rd party solutions that include protected-class data.

Solution

Equifax provides WealthComplete HD  household-level total deposit and total asset estimates to fuel the firm’s segmentation models and better assess deposit growth opportunities. This compliance-friendly solution excludes the use of protected-class variables or demographics which satisfies the firm’s internal compliance requirements. The firm used consumer-contributed total net worth estimates as the basis for validation of WealthComplete HD's estimates.

Outcome

This test of WealthComplete HD showed:

  • It was more predictive in providing accurate total asset estimates across nearly all asset tiers when compared to legacy WealthComplete and other 3rd party solutions

WealthComplete HD is available to IXI Network members only. Find out more about the IXI Network here.

Results may vary based on actual data and situation. 

 

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