- Micronotes launched Prescreen Acquire, a tool to help community financial institutions reach and acquire new customers.
- Prescreen Acquire’s algorithms leverage big data to find creditworthy customers in geographical areas lenders are seeking to reach.
- Prescreen Acquire is added to Micronotes’ other products, including Cross-Sell, and Digital Prescreen.
The new technology provides FCRA-compliant credit offers that are personalized to customers’ financial needs. To come up with the most relevant offers, Prescreen Acquire leverages 230 million consumer credit records, pulling credit, email, and direct mail data and delivery data.
The platform combines this big data set with the CFI’s underwriting criteria, rate sheets, and the geographical region they want to target. Prescreen Acquire’s algorithms are able to use this information to acquire new, creditworthy customers that CFIs are looking to reach.
Boston-based Micronotes was founded in 2008 and is privately held. The company’s technologies leverage AI, big data, and machine learning to help financial institutions use their data to better engage their customers, foster involvement, and ultimately build new revenue.
Micronotes’ other products include Cross-Sell, which helps CFIs leverage bank-held data to cross-sell new products using micro-interviews, and Digital Prescreen, which delivers personalized credit offers to customers who hold debt at a competing institution.
Founded in 2008, the company has raised a total of $23.3 million, including a $2 million Series C extension it closed last month. Devon Kinkead is Founder and CEO.