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In Part One of this two-part blog, we started providing a short overview of just some of the propensity models that Principa has developed. In this Part Two, we continue to look at different types of propensity models available across the customer engagement lifecycle that are used to predict behaviour and solve business problems.
Propensity modelling attempts to predict the likelihood that visitors, leads and customers will perform certain actions. It’s a statistical approach that accounts for all the independent and confounding variables that affects said behaviour. The propensity score, then, is the actual probability that the visitor, lead, or customer will perform a certain action.
If 2020 was not hit by the COVID-19 global pandemic, many were touting 2020 as the year of alternative data. In the credit assessment world, data has typically incorporated demographic data and credit bureau data (where available), but now we are seeing alternative data playing more of a role namely in cellular behavioural data and psychometrics.
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