When Data and Underwriting Intersect, the Consumer Wins
As data and algorithms permeate more and more of what we see, touch, read and even feel, companies face questions on how to use all this data to really help people make better decisions. The more specific you can get in your recommendations for members, the more trust and ultimately, loyalty you’re able to maintain. Thanks to machine learning from 5 terabytes of data collected daily, Credit Karma only surfaces the most appropriate products for each member to ensure they are matched with the product that makes the most financial sense for their profile. On a macro level, Credit Karma is using this data to address the issue of mispricing with Americans’ financial products. If Americans refinanced their auto loans, they could save $37 billion dollars alone. This is just one example of how we use technology as the bridge to match financial institutions and consumers.