Prodigal's AI-Powered Email Strategy Transforms BNPL Lender's Payment Rates

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Feb 28, 2024, 08:32 ET

MOUNTAIN VIEW, Calif., Feb. 28, 2024 /PRNewswire/ -- Prodigal, the pioneer of AI-powered consumer finance intelligence, has successfully transformed the collections process for a large buy now, pay later (BNPL) lender through an innovative digital engagement strategy.

The BNPL lender faced challenges in their digital outreach efforts, particularly in generating revenue from email payment requests. Recognizing the transformative potential of AI, they turned to Prodigal for a solution.

Prodigal developed a customized AI model, incorporating almost 200 variables, to evaluate customer engagement and behavior. By analyzing factors such as the day, time, message, and frequency of emails, Prodigal's AI determined the optimal approach for maximizing revenue.

The results of the lender's implementing Prodigal's AI-powered email strategy were even better than expected. The BNPL lender experienced a 14% lift in open rates, and there was a significant 27% increase in click-through rates, indicating improved customer engagement and responsiveness.

Most notably, the number of payments received saw a remarkable 43% increase, showcasing the effectiveness of Prodigal's AI model in driving successful payment outcomes.

These numbers highlight the immense value of a digital strategy supported by specialized AI and data-driven decision-making.

"We are proud of the incredible results from this partnership to transform our BNPL customer's collections process," said Shantanu Gangal, CEO at Prodigal. "Our AI-powered email strategy has proven to be a game-changer, increasing customer engagement and driving substantial revenue growth. This groundbreaking collaboration proves the potential of Prodigal's consumer finance-trained AI to revolutionize consumer finance."

This right-time-to-contact strategy is just one of Prodigal's suite of strategic intelligence offerings, making use of its proprietary AI and industry expertise to deliver dynamic, unique solutions across lending and collections.

Prodigal is the only fintech using AI to analyze consumer finance customer interactions and turn the results into actionable intelligence, making it possible for lenders and collections teams to devise highly personalized strategies that directly impact revenue.

About Prodigal: Prodigal is the pioneer of consumer finance intelligence, supplying fresh and dynamic strategic and operational intelligence across lending and collections.

Their proprietary AI has been trained on over 400 million consumer finance conversations and interactions, empowering businesses to improve revenue, reduce expenses, decrease risk, and gather insights that drive efficiency and effectiveness.

To learn more, visit ProdigalTech.com.

For media inquiries, please contact: Jennifer Durishin, (650) 802-7795, [email protected].

SOURCE Prodigal