Santander Consumer Finance is revamped its customer database to help dealers increase retention rates and improve their sales performance.
It has enhanced its free Customers for Life programme with ‘Propensity Modelling’ to help dealers to identify customers who are more likely to renew.
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.
It has developed a statistical analysis model using its exclusive historic database as part of ongoing investment in its technology platform.
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.”