woman processing data

With a growing list of risks, and lending considerations to examine, accessibility to wider sources of data has never been more important.

Today we see growing number of data sources becoming available, from payslip information to bureau data and Open Banking. But how can businesses use data democratisation to help make better decisions?

For many years, the best customer decisioning capabilities were the preservation of the biggest players with the biggest budgets. But that’s changing. At Experian, we’ve invested continuously in making our world-leading data, analytics and machine learning tools more agile, accessible and affordable for all businesses. By democratising technology and hosting it in the cloud, we are enabling more lenders of all sizes to access the latest whole-of-market data, pre-configured models and advanced decisioning capabilities to help them make the best business decisions.

Decision-making throughout the customer lifecycle

Lenders today need to make decisions and conduct affordability checks throughout the lifecycle of a customer, not just at onboarding or when customers get into difficulties. By democratising access to data and analytics, Experian is helping businesses better understand their customers at every stage and empowering them to make the right decisions at the right time, with complete confidence.

Scalable, pay-as-you-use capabilities 

We are doing that by bringing data, analytics and decisioning tools together on to a single cloud-hosted ecosystem. Here they can be continuously updated, secured, adapted and expanded. It means businesses of any size can instantly access the best of Experian data, including our bureau and OpenBanking or salary data. Our cloud system also allows businesses to plug in their own and third-party datasets and deploy advanced analytics to optimise decisions. This decisioning software is a pay-as-you-use service, with no upfront costs-which can scale up easily as your business grows.

To discover how the democratisation of data by Experian can help your business unleash its potential, please contact us.

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Analytics drive innovation 

Predictive analytics play an important role in innovation today – enabling businesses to extract insights from multiple datasets in an instant and build a complete picture of each customer’s financial behaviour, habits and traits.

For businesses without in-house data science expertise, the democratisation of data and analytics opens up exciting new opportunities for growth and innovation. Easy access to advanced analytical tools helps lenders to build, monitor and test decision-making policies and strategies, while also enabling those strategies to be changed in an instant to prevent discrimination or capitalise on new opportunities.

Direct access to bank transaction data via Open Banking is allowing lenders to offer products to customers who previously may not have had access to mainstream credit.

Now that these insights and opportunities are open to businesses of any size- are you making the most of the tools and support available?

Analytical power for every part of your business

Democratising data is not just about opening access for more businesses, it’s also about enabling the different teams within your business to reap the benefits. From customer service to IT and operations, the power of data and analytics can help to meet departmental goals – as well as supporting wider business objectives. Technology teams can use analytics to improve IT orchestration whilst customer service can deploy more insight-led decisions, which improves the customer experience while reducing risks. Democratising data enables the different areas of your business to work in a unified way towards the ultimate business goals of greater accuracy, efficiency and growth.

Constantly hone your decision-making 

Our cloud-hosted platforms enable you to respond to compliance changes and easily plug in new APIs to bring additional data sources directly into the decision-making environment. That means you can operationalise data in real time to make well-informed decisions that are auditable, explainable and continuously optimised against business strategies and market opportunities.