The number one demand we’ve seen across a range of UK FIs is a better understanding of consumer income. Given UK data restrictions, the opt-in nature of UK electoral rolls, and generally limited marketing data, we’ve invested substantial time in integrating new income-related attributes based on UK post code data.
Key Data Sources. DemystData has consulted with three different UK vendors while also integrating a substantial library of publicly available post code data in the UK. There are 29 million addresses in the UK identified in 1.8 million post codes, which on average cover only 15 properties — that’s a high level of granularity for locational data.
Key Attributes. We generally consider three categories of variables for our income prediction packages.
Income-Specific Attributes. What is the median weekly household income? What is the average net annual income?
Economic Deprivation Attributes: Are there high levels of delinquency or unemployment in a given location?
Financial Risk Attributes. What is the financial risk profile of individuals in a given location? What are the types of assets they own?
All together, we have approximately 50 attributes directly or indirectly pertaining to income levels. DemystData focuses on triaging attributes from these three categories to create custom Income Prediction Packages. In some cases, it may be as simple as using an income-specific attribute in its current state. In other cases, we’ll control for relative deprivation or financial risk, to provide FIs with a more detailed income snapshot.
Stay tuned next week for a detailed thought piece on creating rules for fraud detection!
Key DemystData Announcements:
London-Based Operations. DemystData has been operating in the UK market since 2012, serving an array of banking institutions and alternative lenders. Our product offering has been particularly well received by next generation lenders in the financial inclusion sector. To solidify our operations and improve our UK product offerings, DemystData has formally launched a London-based office staffed with data scientists and business development professionals.
UK Data Expansion. Coinciding with the launch of our London office, DemystData is unveiling over 200 new location-based attributes focusing on income, lifestyle, criminal status, and energy consumption, among others.