New Credit Line for Unbanked US Population

A financial institution with a financial inclusion goal wanted to launch a marketing campaign for its line of credit for the unbanked and underbanked population in the US.
This population consists of at least 30 million Americans who have no or limited access to credit products due to lack of credit data in major credit bureaus.
They needed a way to identify and target the most suitable customers for their line of credit and offer them a convenient and affordable way to build their credit.

We used alternative data sources other than major credit bureaus to understand the financial behavior of the unbanked and underbanked population in the US.
We built a response and credit underwriting model that could identify and target the most suitable customers for the line of credit based on their income, expenses, payment history, and other factors.
We also partnered with different third party channels such as tax preparers, community organizations, and online platforms to reach and offer the new credit product to the target population.

Our marketing campaign enabled the financial institution to acquire more than 20,000 unbanked and underbanked customers in the first three mail campaigns.
These customers were able to build their credit with the new line of credit and gain access to other financial products offered in the US.
This resulted in:
- Increased financial inclusion, as we helped more than 20,000 Americans join the mainstream financial system and improve their financial well-being.
- Improved credit scores, as we helped our customers increase their average credit score by 50 points within six months of using the line of credit.
- Expanded market share, as we helped our client reach a new segment of customers that was previously untapped and underserved by traditional credit products.