In this use case, we'll showcase how banks turn to Equifax for help removing protected class variables from marketing models in order to satisfy legal and compliance policies.
A bank has been using 3rd party estimated household financial measures which incorporate protected class demographic attributes (such as age, marital status, presence of children) as variables in its customer segmentation models. The bank wants to maintain model performance, but transition away from using measures that include protected-class data.
Equifax provides its compliance-friendly estimated asset and income measures to fuel the bank’s customer segmentation models. These measures satisfy legal and compliance concerns as they do not include protected-class data, yet their foundation of direct-measured assets still provides a granular estimate of household-level wealth and income.
By using compliance-friendly financial measures to power its segmentation, profitability, and predictive marketing models, a bank can:
- Better identify affluent consumers
- Enhance product analysis(next best sale, price sensitivity, attrition)
- Leverage the models across the entire bank, while meeting requirements regarding protected-class data
Results may vary based on actual data and situation.