Why good match rates mean better ROI - Sip and Solve

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Information about Why good match rates mean better ROI - Sip and Solve

Published on October 17, 2020

Author: ExperianBIS

Source: slideshare.net

1. 1 © Experian Sip and Solve A perfect match – why good match rates mean better ROI Featuring: Kyle Blanchard Product Manager Maneesh Raswan Sr. Director of Search Engineering and Architecture

2. 2 © Experian A hypothetical situation Main Street Sandwiches at 123 Main Street in San Francisco, CA asks to establish a large line of credit. Main Street Sandwiches 123 Main Street San Francisco California

3. 3 © Experian A hypothetical situation (continued) Main Street 345 Browning Way San Francisco, California Main Street Sandwiches 120 Main Street Barstow, California Main Street Associates 419 Park Ave San Francisco, California Sally’s Sandwich Shop 123 Main Street San Francisco, California For Main Street Sandwiches at 123 Main Street in San Francisco, CA, we receive the following matches:

4. 4 © Experian A hypothetical situation (continued) Main Street 345 Browning Way San Francisco, California Main Street Sandwiches 120 Main Street Barstow, California Main Street Associates 419 Park Ave San Francisco, California Sally’s Sandwich Shop 123 Main Street San Francisco, California For Main Street Sandwiches at 123 Main Street in San Francisco, CA, we receive the following matches:

5. 5 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit

6. 6 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit 90% 10% Match rate

7. 7 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit 90% 10% Match rate: • The ability to accurately match on a business. • Crucial for automation activities, portfolio monitoring - ALL activities are impacted by match rate!

8. 8 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit 90% 10% Three variables that influence match rate: 1. Data provided 2. Data available 3. Underlying search technology

9. 9 © Experian Evaluate terms An important challenge Credit file found for SMB? Deny / lower limit / use personal credit 90% 10% Three ways to increase match rate: 1. Inquiry & search strategies 2. Better data understanding 3. Better search/match technology

10. 10 © Experian Defining the Challenge

11. 11 © Experian The evolving nature of a business Business established Doing business out of residence Open retail location Rebranded Applies for credit Main Street Sandwiches

12. 12 © Experian The evolving nature of a business Sally’s Sandwich Shop 123 Main Street San Francisco, CA Sally Smith 345 Grand Ave. San Francisco, CA Existing information Main Street Sandwiches 123 Main Street San Francisco, CA New information Evolution of business

13. 13 © Experian A hypothetical situation (continued) Main Street 345 Browning Way San Francisco, California Main Street Sandwiches 120 Main Street Barstow, California Main Street Associates 419 Park Ave San Francisco, California Sally’s Sandwich Shop 123 Main Street San Francisco, California For Main Street Sandwiches at 123 Main Street in San Francisco, CA, we receive the following matches:

14. 14 © Experian Less reliable – Limited availability on small, newer companies Ambiguous – Less commonly reported, can be reassigned, or may be tied to consumer Flexible – Can and will likely change The changing anatomy of a business Business Name Business Address Tax Identification Number (TIN) Phone Number Website / Domain Name Third Party ID Contacts

15. 15 © Experian Creating a better search strategy So, how do we find our business effectively? Uniqueness matters Start specific, then go broad Try different combinations of data When in doubt, ask the business! 1. 2. 3. 4.

16. 16 © Experian What else can help?

17. 17 © Experian How finding a business works 123 Main Street San Francisco CA Sally’s Sandwich Shop 123 Main Street San Francisco, CA Inquiry Result(s) Inquiry Candidate selection algorithm(s) Machine learning matching model(s) Quality matches stack ranked Result(s) Inquiry data standardization Improves match quality overtime Main Street Sandwiches Address Standardization Name Cleansing Feedback

18. 18 © Experian OneSearchTM Experian’s enhanced search/match technology for more confident matches: Let’s say… Portfolio size: 1 million businesses Revenue: $50/month per business If we see a 2% match rate lift ... then 2% additional matches over 1M is 20,000 businesses. Revenue = 20,000 x $50 = $1,000,000 That’s an additional $1 million dollars in revenue per month. 2 – 10x faster Speed 2 – 10% more Matches How can it impact my ROI?

19. 19 © Experian Summary/key takeaways • Match rate has a direct correlation to ROI – it improves chances for automation, allows you to make quick decisions, and prevents slowdown in your process. • The best way you can improve match rate is describing the business to the best of your ability. Start specific – get broader as needed. • Additionally, you need to understand how the data on the other side changed. The timeliness and accuracy of this data will impact your match rate.

20. 20 © Experian Thank you! Have questions or want to learn more about finding the right business? • Send us a message in the “Chat” function or via: bit.ly/sip-solve-chat Upcoming Sip and Solves - • Join the list to stay in the loop: bit.ly/sip-and-solve

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