- Micronotes has rebranded as Eligen after selling its Cross-Sell digital engagement business to embedded fintech provider Array.
- Eligen will focus on helping banks and credit unions use credit bureau data to identify qualified borrowers and deliver personalized, prescreened credit offers.
- The company aims to help banks grow loan portfolios by automating borrower targeting and using post-campaign analytics to improve future campaigns.
Digital engagement solutions provider Micronotes is revamping for the new era of fintech this week. The Massachusetts-based company has relaunched as Eligen after selling off its Cross-Sell business to Array.
The new brand will help lenders proactively identify consumers who already meet certain credit criteria and send them a firm offer of credit. In the long term, Eligen plans to bring in additional data and expand offer types.
Unlike traditional marketing campaigns that target consumers based on broad characteristics, Eligen uses credit bureau data to identify consumers who meet a lender’s specific credit criteria. For example, the platform may identify a consumer who holds an auto loan with another lender at a higher interest rate than the bank or credit union can offer. Eligen can then calculate the potential savings and help the institution send the consumer a personalized, prescreened offer to refinance the loan.
The approach allows financial institutions to target borrowers who are more likely to qualify for the products being offered, while automating much of the work involved in identifying prospects and executing campaigns. Eligen also provides post-campaign analytics that lenders can use to measure results and refine subsequent campaigns.
“Community institutions are sitting on a structural advantage—trust, rates, and local presence—but losing on speed and targeting,” said Eligen CEO Joe Heller. “Focusing our efforts means our clients get a better acquisition engine that uses post-campaign analytics to improve over time. This allows them to compete regardless of institution size.”
As part of the change, Eligen will no longer operate the Cross-Sell tool, a predictive digital engagement and marketing tool that allowed banks to conduct conversational “interviews” within online banking platforms to help financial institutions identify sales opportunities, measure customer satisfaction, and pitch relevant financial products. Cross-Sell has been sold to embedded fintech products provider Array.
Eligen was originally founded as Micronotes in 2008 to help financial institutions use their data to better engage their customers, foster involvement, and ultimately build new revenue. Under the new brand, the company noted that much of the operation will continue as it did when the company operated as Micronotes. The company’s employees, client contracts, and Experian partnership will all remain unchanged.
As Eligen, the company will double down on its focus on using credit bureau data to help banks automate campaigns using targeted offers and actionable post-campaign analytics to grow their loan portfolios.