In the current inflationary environment, the challenge for commercial lenders is to onboard more ‘good risk’ customers at the lowest possible cost
In this paper, we look at how commercial lenders can harness the wealth of data available on UK businesses and operationalise it to optimise their commercial onboarding strategies and achieve differentiation in today’s highly competitive market.
Specifically, we explore how our Commercial Onboarding solution, which combines rich data sources, advanced analytics and real-time decisioning capabilities, allows lenders to optimise and automate the onboarding process from end to end to ensure the highest levels of operating efficiency, profitability and customer satisfaction.
To help lenders successfully onboard customers, we offer a single, end-to-end Commercial Onboarding solution
This brings together comprehensive data, advanced analytics models and cloud-based decisioning software to support highly accurate and efficient onboarding.
By operationalising the right data at speed and scale, the Experian Commercial Onboarding solution allows institutions to make the most predictive, most accurate onboarding decision for the right customer – in moments. This not only reduces credit risk and strengthens portfolio resilience based on forward looking affordability projections, but it also dramatically increases the efficiency of the onboarding process, while providing faster, simpler, more convenient experiences for business customers.
Reduced credit risk
Optimisation of onboarding for future success
Reduced financial crime and fraud risk - and compliance support with regulations
Reduced onboarding workloads and associated operating costs
In this whitepaper, we cover:
Affordability decisions
Are you making decisions based on old data?
Cost-of-living crisis
How is the crisis impacting your business customers?
Key requirements for success
The need for accurate onboarding decisions is more pressing than ever.
Onboarding accuracy and efficiency
Bring together comprehensive data and advanced analytics models.
A sneak peek into...
Combining data, analytics and decisioning for digital commercial onboarding
How the cost of living crisis is impacting your business customers
Several of they key factors currently impacting businesses are:
Inflation in raw materials, fuel costs and energy costs
Reduced consumer confidence and levels of spending
Brexit challenges to free flow of goods
Increased staffing costs due to both a lack of skills and available employees, as well as higher wage demands related to the cost-of-living crisis
Slowing economies around the world have a negative impact upon UK businesses that export goods or services overseas
The rising cost of credit due to interest rate rises
To survive, and thrive, in this environment, commercial lenders need to identify and onboard customers who represent ‘good risk’ quickly. What’s more, the onboarding process should be as automated and simple as possible, both to deliver great customer experiences, and to ensure that lenders can also keep their referrals and overall onboarding costs to a minimum, thereby maximising margins.
To reduce credit risk, while providing the fast, convenient onboarding experience commercial customers want and expect, the onboarding strategy should include five key capabilities:
- Rapid and effective credit risk assessment.
- Accurate calculation of affordability (initially, and throughout product lifecycle).
- Comprehensive financial crime checks.
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Download the full whitepaper
We offer a single, end-to-end Commercial Onboarding solution that brings together comprehensive data, advanced analytics models and cloud-based decisioning software to support highly accurate and efficient onboarding.
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Why partner with Experian for Decisioning?
Our decisioning solutions offer all the benefits of cloud whilst bringing together Experian's advanced analytics and software capabilities alongside industry-leading data assets.