AI advertising skilled Micronotes lately launched a refinancing software that may assist customers reorganize their debt, whereas enabling banks to decrease their borrowing prices and increase buyer retention.
The brand new software builds on Micronotes’ ReFi resolution it launched final June. The credit score advertising automation suite allows banks to leverage AI to assist their purchasers robotically establish refinancing alternatives for a variety of client debt, together with auto loans, private loans, scholar loans, bank card debt, and mortgages.
With as we speak’s development of ReFi, Micronotes is teaming up with Experian to leverage the agency’s database of client credit score profiles. Experian will evaluate the financial institution’s present lending standards to the patron’s credit score profile, after which synthetically refinance the client’s current debt held elsewhere whereas figuring out different refinancing alternatives.
“We’re thrilled to accomplice with Experian to leverage synthetic intelligence and information to assist customers decrease their borrowing prices,” stated Devon Kinkead, founder and CEO of Micronotes. “With an estimated $2 trillion in mispriced debt, throughout an period of persistently low rates of interest, we assist digital banking clients see the place they’re overpaying curiosity that may be refinanced with a lender they know and belief — their major monetary establishment.”
Micronotes’ personalization experience is available in by way of the client communication piece. The corporate will ship the client a message within the digital banking channel that informs them of the potential financial savings. Utilizing Micronotes’ expertise, the client can reply to the message utilizing preset, customizable quick-response buttons that vary from “remind me later” to “chat with a banker.”
This quick-response messaging system is Micronotes’ bread and butter. The corporate was based in 2008 to assist monetary establishments begin conversations with their clients in a non-invasive manner. On the firm’s most up-to-date Finovate look, FinovateSpring 2013, Micronotes confirmed off its cross-sell function that makes use of predictive analytics to carry the department gross sales course of into the digital channel.
Headquartered in Boston, Massachusetts, Micronotes has raised $12.2 million.