TransUnion and Edgar, Dunn & Company Launch Payment Preference Model

TransUnion and Edgar, Dunn & Company today launched their Payment Preference Model, the first direct marketing solution to combine individual credit behavior with payment preference data from the PaymentDynamics 2007(SM) Preferred Payment Study. The model offers financial institutions a predictive marketing tool that has the capability to offer payment products based on a customer’s particular payment preferences.

The Payment Preference Model is ideal for retail banks, financial services companies, credit card issuers, and card associations. It allows them to maximize and prioritize direct product offer strategies across the full payment spectrum of cash, check, debit cards and credit cards. The model can optimize all direct marketing campaigns including direct mail, online, in-branch instant decisioning, as well as enhance current "in market" response models to maximize results of existing customer targeting strategies. Consumers will benefit from receiving offers more tailored to their needs and payment habits.

"During the PaymentDynamics studies conducted in 2000 and 2004, clients expressed an interest in linking consumers’ survey responses with their risk attributes," said Beth Costa, director at Edgar, Dunn & Company. "By partnering with TransUnion we are able to continue observing consumer payment preferences, and use that data to develop a very actionable marketing tool for new account acquisition."