Application Processing

Sophisticated, robust, customer acquisition solutions

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A new approach to the SME credit lifecycle

Lenders need to consider whether they can automate many processes related to SME customers to reduce the high costs of servicing a small business portfolio.

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Our next generation application processing solutions further develop Experian's proven ability to deliver sophisticated, robust, customer acquisition solutions that have met the needs of consumer businesses for the last 20 years.

How can we help you?

By combining our consumer data assets, our range of predictive analytical models, customer strategy decisioning software and best of breed application processing systems, our specialist business process consultants are able to design unique solutions. Solutions that enable businesses to maximise the value derived from each and every customer application - turning applicants into loyal, profitable customers.

A few key facts

  • Increased speed to market.
  • Improved cost efficiencies.
  • Greater business control.
  • Flexibility and extensibility.

  •  Streamline application strategies
  • Easily alter strategies and respond rapidly to market changes
  • System changes are simple to make and can be implemented quickly
  • Deploy a range of application strategies to focus resources
  • Rapidly reduce exposure to bad debt

Rapid decisioning

Experian’s application processing automates the application of complex business strategies and rules to consistently make appropriate lending decisions across the organisation.

Using sophisticated segmentation and scoring techniques, Experian’s application processing provides the ability to accurately assess and make a decision on an applicant, identifying the optimal offering with a tailored package to suit both their needs and the business objectives.

The new business strategies are controlled by business users on the desktop and then deployed across the organisation, giving complete control to define, test and manage business strategies without the need for programming resource.

Experian’s application processing improves operational efficiency by enabling the automation of manual processes with task orchestration and workflow management to drive applications through the process, including industry standard techniques such as priority ageing.

Experian’s application processing provides an entire ‘applicant’ to ‘customer’ system, placing operational and strategic control in the hands of the user and giving the assurance that the origination strategy and processes will be consistently applied across the business.

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Accurate decisioning is only possible with a detailed understanding of each applicant

Technical delivery and integration expertise supports all business models, from Experian hosted services through to complete software deliveries.

Experian’s application processing seamlessly integrates into the operational business environment.

Real-time and scheduled tasks are automatically activated, such as the passing of information to an account management system or the creation of letters for declined applicants.

The open architecture enables the extraction of data for day-to-day operational management control and integrates with strategic management reporting for longer-term business improvement.

The application fraud system interfaces with the application process, taking cases for fraud checking and manual investigation before the results are passed back to the operational system.

Infrastructure

For many clients, the system is integrated within their own infrastructure.  Alternatively, as part of the flexible approach to delivery, a hosted Application Service Provider (ASP) system is available.

Experian consultants work closely with organisations to determine the most cost effective deployment.

The operating environment is typically composed of an online connection via a server and distributed workstations, with the functionality of offline processing and client access through an Intranet or the Internet.

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Improving strategic effectiveness and operational efficiencies

Experian delivers Decision Analytics experience and expertise gained from deploying over 150 application processing systems worldwide.

"In terms of our usage, Experian’s application processing system is highly flexible allowing us to change our policies and parameters in line with Management decisions and Regulatory requirements without the need to revert to a third party to do this for us. Additionally, we have flexibility to enhance the results we hold on file ensuring we highlight aspects of a client profile that are important to our decision making process and enabling us to make more informed decisions about our client profiles."

Associate Director of Compliance, Strategic Planning and Business Alignment, MF Global

With professional traders and individual investors increasingly trading online 24/7 in each of the markets they operate, a key part of MF Global’s strategy was to speed up the time it took to acquire new customers. MF Global in the UK needed a client customer acquisition system for its retail business to enhance its existing process that would allow it to make speedier decisions about new customers, boarding new clients quickly while reducing the cost of acquiring those customers.

Tasked with this new challenge, Experian created an integrated client customer acquisition solution based around its Experian’s application processing and decisioning software tool. Sitting alongside the CIS system, application processing draws on Experian’s UK consumer and commercial credit bureau data and so allows MF Global to receive, validate and process online applications from new clients promptly and also apply preset policy rules and customer acquisition strategies to drive appropriate trading decisions.

The Benefits

  • Instant account opening decisions
  • Automated process available 24/7 reducing costs and manual processes
  • More informed decisions and rapid customer service
  • Compliance with KYC regulations
  • Flexibility and control

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Customer acquisition for unsecured lending

In today’s unsecured lending marketplace customer expectations are increasingly high and competition is fierce. As competition increases customers have dozens or even hundreds of credit offers and lenders to choose from.

This proliferation of offers can reduce brand loyalty and lenders will have to work much harder to attract, acquire and retain customers.

As the origination process often handles the very first interaction with the applicant, it is critical for an applicant to have a positive ‘buying experience’, which essentially equates to a fast turnaround time for the decision to be made coupled with the offering of the appropriate products and services at the expected terms of business (e.g. interest rates, limits, facilities). A swift decision with the customer receiving their requested credit facility promptly is the first step in turning applications into loyal and profitable customers.

A variety of pressures (market, regulatory, competitive) will continue to force change in the unsecured lending arena. In response to these challenges the strategies being deployed by leading organisations are becoming increasingly sophisticated.

Risk based pricing enables organisations to improve acceptance rates, write more business and satisfy customers’ demands. Regulatory developments have seen the presence of models to calculate the required elements of Basel II now featuring in origination systems.

This white paper discusses the requirements of an effective and efficient origination solution for unsecured lending covering the business model, application process and system set-up with the aim of enabling a rapid response to changing customer needs and market demands together with managing portfolio risk whilst delivering growth

A profit driven approach to risk-based pricing

The concept of pricing according to risk isn’t new; it is common practice in the insurance industry and has been used in the credit industry for over a decade.

Risk based pricing is the practice of considering the ‘risk’ of an applicant and applying different lending interest rates and terms based on their profile.

 Those customers who are considered lower risk receive better terms, while those who are considered higher risk are offered higher interest rates, reflecting the potentially increased costs and losses associated with lending to those ‘riskier’ customers.

The adoption of risk based pricing can bring many benefits to the financial institution implementing the strategy, the customers and financial market as a whole.

Lenders can increase volumes, take-up and bookings whilst reducing attrition and mitigating the effects of adverse selection.

For customers, those who are lower risk are rewarded for their good financial performance, with higher risk customers gaining more access to credit.

The financial market and economy benefits by more of the population being brought into the mainstream lending process.

However risk based pricing has its critics, especially from some consumer protection organisations.

This paper reflects the many years of experience Experian has gained from working with financial lenders implementing risk management decision support and scoring systems.  

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