Tags are labels applied to entities within the system, such as borrower accounts, enabling powerful filtering, sorting, and reporting. While users can manually apply custom tags to categorize data based on their unique criteria, our platform also leverages system tags.
Distinguishing System Tags
Unlike manual tags that rely on direct user input, system tags are automatically applied and removed based on real-time data and events within the borrower's ledger. These tags reflect objective facts, such as payment history, loan status changes, or credit score updates. This ensures accurate and dynamic borrower segmentation without manual intervention.
Benefits of System Tags:
- Automated Segmentation: System tags enable sophisticated borrower segmentation based on actual financial behavior and account status, leading to more precise risk assessment and targeted strategies.
- Data-Driven Insights: By analyzing the prevalence and transitions of system tags, lenders can gain deeper insights into borrower trends and portfolio performance.
- Enhanced Workflow Automation: Similar to manual tags, system tags integrate seamlessly with our notification subsystem and Canopy Connect. This allows for automated workflows triggered by changes in a borrower's financial status, such as sending proactive communications for late payments or offering new products based on positive repayment history.
- Objective and Reliable: Because they are driven by ledger data, system tags provide an objective and reliable basis for segmentation, reducing the potential for human error or bias.