Santander Consumer Finance has added propensity modelling to its Customer for Life programme, a move it says will help improve dealer renewal rates.
The modelling has been developed through statistical analysis using its historic database, as part of ongoing investment in its successful Gateway technology platform.
Propensity modelling indicates whether a customer has a higher than average likelihood of renewing by categorising leads according to a propensity status rating; it does not recommend whether or not to contact a customer.
The platform, which is already delivering increases in renewal rates of up to three times the industry standard, will enable dealers to increase efficiency when prioritising customer contacts and designing their own campaigns.
Andy Green, director of marketing and innovation at Santander Consumer Finance, said: “Our unique approach in this area will help to deliver mutual sales growth. Propensity Modelling identifies which customers have the greatest probability of renewing, enabling dealers to focus their efforts where there is the greatest chance of making a sale.”