Card-to-card balance transfers represent a substantial profit opportunity for lenders. According to Experian estimates, balance transfer activity is currently in the range of $35 billion to $40 billion annually. With financial service institutions increasingly focused on attracting customers, it is critical for lenders to utilize advanced analytics in order to identify individuals who have the highest potential to transfer their balances to another institution.
As lenders look to overcome regulatory challenges and restrictions, they must increase efforts to target lucrative balance-transfer prospects in order to grow their portfolios. The identification and segmentation of highly desirable balance-transfer consumers requires a deep understanding of the balance-transfer universe. This understanding can be achieved using unique tools that will:
Developing effective strategies for targeting and retaining the optimal balance-transfer candidates — those who will deliver returns with minimal risk — are well worth pursuing. Such strategies also will enable lenders to promote the right products to help consumers, thereby strengthening this important relationship.
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According to Experian estimates, balance-transfer activity is currently in the range of $35 billion to $40 billion annually.
Battling for balances