CRC Credit Bureau Launches AI Solutions to Facilitate Lending

CRC Credit Bureau has launched CRC Returnex, a data enabled solution that provides lending institutions the means of using artificial intelligence to identify and retain borrowers in their portfolio.

This would enable lenders effectively profile borrowers that will likely take loans again, those that may borrow from other institutions and those who may stop borrowing in entirety or for a duration of time.

The Managing Director of CRC Credit Bureau Limited, Dr. Tunde Popoola, stated that this innovation in Nigeria, the first in the credit reporting industry, is a solution that enables lenders manage their credit risk exposure while cost effectively channeling their marketing communications activities to the right customer base, thereby saving on marketing spend.

He said: “CRC Returnex offers lenders a means of prompt identification and retention of customers through an effective customer management process. With this solution, lenders can detect delinquent customers on time while driving customer loyalty.

“In this new normal, especially with the ongoing pandemic, it is paramount for lenders to become more data focused on all their business operations especially when it comes to risk analysis and marketing. CRC Credit Bureau is poised to support by providing various products and services that are data and technology driven which will solve identified pain points for both lenders and borrowers. With CRC Returnex, lenders can forecast if a customer has a high or low probability of coming back to access a loan in the future and as well identify the most important metrics for a return customer.”

He further added: “CRC has entered a new phase of growth and expansion beyond offering credit solutions. We are evolving into a data analytics company. As a data company, we would ensure that beyond providing credit data, our customers are empowered to use data to improve their business operations and take informed decisions. With CRC Returnex, our customers can efficiently and effectively manage their customer retention and marketing activities”.