5 key take-aways from the 2014 Credit Risk Summit

The theme of our 2014 premier event of the year – The Credit Risk Summit was one of ‘greater expectations’. Leading thinkers tackled the challenge of staying relevant and meeting the greater expectations of today’s consumers and regulators.

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Key take-aways report:

View the Credit Risk Summit animated report with articles, videos and infographics based on presentations from the day.

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1. Make customer relationships personal

Today’s customers crave a return to the highly personalised service experience that was once delivered in bank branches across the country. However, they now want to access relevant, personalised financial services through multiple channels, in the most convenient way possible.

2. Leverage data science and analytics

Using big data to create actionable business insight requires the right blend of specialist big data skills, and secure, powerful big data infrastructure.  Experian DataLabs specialist team of Data Scientist’s review the mission-critical nature of data, and its growing role in strategic decision making.

3. Make financial services relevant

Over the last 15 years, many industries have been disrupted by the flood of information that the internet brings – and those that have embraced it have become highly relevant to their customers.

You can help your customers to find the right house, car, mobile phone that they can afford, using a transparent process and make the financing element something that supports the process rather than hinders.

4. Navigate the perfect regulatory storm

To navigate the perfect storm of financial services and privacy regulations, we have a common challenge. Both lenders and Credit Reference Agencies need to explain effectively and consistently to both regulators and customers how they use personal data when making decisions about consumers.

5. Expand financial access and inclusion

Despite new technologies and widespread innovation in financial services, there are still a lot of people who are ‘underserved’. We must have appropriate, affordable financial services available to everyone – in other words, we need financial inclusion.

To keep pace with consumer’s and the industry’s heightened expectations, successful organisations must truly put the customer at the centre of what they do. This approach will enable more mutually rewarding interactions, helping people and organisations to value each other.