Even Financial uses data and machine learning to improve customer conversions

Even Financial is one of those companies working in the background to help financial services companies serve their customers as efficiently as possible, CEO Phill Rosen said. The dedicated supply-side API and platform for online finance products and services works to enhance the end user experience while helping companies properly monetize their opportunities.

“Being a supply side platform means we’re in the pipes of companies, sitting in between touchpoints with consumers so companies can monetize them,” Mr. Rosen said.

Phill Rosen

Even Financial helps different companies in different ways, Mr. Rosen explained. For affiliates such as publishers, portals, merchants and marketers, Even’s API facilitates the integration of financial products and services within. In concert with machine learning protocols, Even can score a variety of products ranging from loans to mortgages to credit cards in order to provide the best match for the people most likely looking for them.

Even also works with originators through a recommendation API and toolkit which distributes financial services products across their partner network to increase conversions through native customer experiences. Publishers, mobile app developers, performance marketers and merchants employ Even’s recommendation engine to match consumers with product offers using self-reported and third party data, with the aim to identify those most likely to need the client’s products.

Mr. Rosen shared a few key considerations Even Financial kept in mind when designing their technology. First is a good user experience, one that keeps them engaged with the client. They also seek to onboard the customer as deep into the experience as possible. That, along with the use of machine learning that combs through large data sets to identify trends, makes the process not a cold call but more of a highly educated guess.

“Our focus is bringing very contextual recommendations to consumers within mobile apps which improve their financial lives,” Mr. Rosen said.

Even Financial enjoys a unique position as a trusted intermediary between both parties, Mr. Rosen said. They have large and growing data sets on consumer habits. They also employ machine learning to gain a deeper understanding of what a specific customer is most likely looking for. The API delivers the offer, which is more likely to be effective than identifying the person as in the ballpark of possibility because they have certain general demographic traits.

 

 

“It will suggest this specific loan or a certain credit card to a user with a certain probability that this is right for their lives,” Mr. Rosen said. “It’s a much more focused analysis.

“We now know very well what the probability of conversion is, and a good sense of what a customer’s lifetime value will be.”

That underwriting knowledge is a key part of Even Financial’s marketing push, Mr. Rosen said.

Clients also have a higher degree of cost certainty with less risk, as Even Financial charges up front rates instead of using less predictable methods.

“Our pricing is a reflection of the conversion rate,” Mr. Rosen said.

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