Oct 2018 | Credit Decisions

Consumer lending has always been a competitive marketplace, but in recent years the level of competition has increased. Customers have easy access to product and price comparison sites, meaning price sensitivity and reduced margins. Combined with the rising expectations of people, who expect a slick, fast experience at the touch of a button, the market is becoming increasingly challenging for every business.

We all know it’s all about making the right decision, quickly but that’s easy to say, and harder to get right.  The volume of data available to help you make the right decision is growing, however trying to make sense of it all and so quickly, is a real challenge.

“You must to be able to make secure and accurate decisions quickly.”

Tackling these four issues can turn problems into a competitive advantage:

1. Not understanding your customers well enough

When you take on new customers or offer new products to existing customers, you need to understand them. When you know your customers you’ll fully understand what the right products or most appropriate rates are for them. Having a detailed picture of your customers will allow you to understand their current level of risk and how this could change over time and protect them from fraud.

2. Having a lengthy or difficult application process

People expect easy access to products and services. In today’s 24/7 ‘always on’ culture, people don’t like to wait. If you take too long to progress your customers’ applications they will lose patience fast and you may lose a potential customer.

You must to be able to make secure and accurate decisions quickly. Don’t ask your customers to change channel or complete a long application or require information that the customer may not have at that point in time.

3. You aren’t able to adapt quickly enough to market change

In a competitive market, most businesses are on the constant look out for developing trends, new opportunities or new sectors which presents a profitable opportunity. Those who can’t quickly adapt to change and respond quickly with appropriate products and services are likely to miss opportunities and lose market share.  This is why it’s increasingly important to stay ahead of your competition by being agile and making the most of solutions available to you.

4. Adhering to regulatory requirements

It’s crucial that companies offering consumer credit ensure consistent and fair treatment of individuals, and meet regulatory requirements without impacting the customer experience. By treating consumers as individuals, you will reduce your risk of non-compliance with industry regulation. Experian One is here to help you meet these challenges.

We understand the market that you are operating in – we have years of experience and the expertise to help you improve your customer acquisition processes. Experian One is a Software as a Service (SaaS) solution offering which means we can get you up and running with a cloud-based platform that you can rely on – allowing you to focus on growing your business in the market.

“We have years of experience and the expertise to help you improve your customer acquisition processes.”

You can get instant decisions 24/7 without the complexity of an in-house solution.  We take applicant information and enhance it with credit, fraud, and internal data, giving you a comprehensive view of potential customers.  We combine this with predictive scores and policy rules to trigger fast, automated decisions about your customers. As a cloud-based solution it’s sophisticated and secure but without prohibitive set-up costs, lengthy deployment, and never-ending IT challenges.

Experian One will not only help you make better informed lending decisions in a changing consumer lending market, it will also provide you with insights for increased customer value.