BriefsQuadstone's First for First National Bank
First National banks on Quadstone's predictive marketing solution to get clearer understanding of borrowers and their behaviour Edinburgh, UK - 2 October 2001 - One of the largest finance houses in the UK, First National Bank, has turned to Quadstone to help them to deliver the right product and service to meet each individual customer's requirements. Quadstone's predictive marketing software has been installed in both the First National Consumer Finance and First National Motor Finance divisions. The software will help the bank analyse millions of customer records and so build accurate predictions of the value of each customer relationship, and the likelihood that new products can be sold to increase the banks profitability. Owned by Abbey National, First National Bank is one of the leading finance houses in the UK, lending around £5 billion per year to consumers and businesses. Through intermediaries such as independent financial advisors (IFAs), brokers, high street retailers and car dealerships, First National services over four million customers. Over recent years, the financial services market has seen a dramatic rise in competitive activity including reduced rate credit cards, wider offering of unsecured loans and other enticements such as balance transfer and loan consolidation deals. First National recognized that in order to maintain their market leading position, they needed to build a more detailed picture of their customers' behaviour. Armed with this new customer knowledge, First National is now better placed to deliver the right product and service to meet each individual customer's requirements. Quadstone was evaluated against three other competitive solutions. Quadstone's software has been designed to empower business and marketing users rather than technical statisticians, allowing them to create customer predictions within the context of their business expertise and company knowledge. It is this business user focus combined with speed of analysis - Quadstone's high performance computing techniques allow interactive analysis of millions of customer records - and flexible visualization tools that gave Quadstone the edge over its competitors. For more information visit www.quadstone.com
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