How can data and innovation help you make smarter lending decisions?

To find the right customers, you need to gather and analyse the best customer data, then act on it without manual processes slowing things down. Innovative software can help.

 

For many FinTechs, innovation isn’t just the lifeblood of the business – it’s the key to success. Being at the cutting edge means they can give their customers the experience they expect. And because many startups need to show investors a return on their investment quickly, it can sometimes be a case of ‘innovate or die’.

With startups leading the way, the pressure is also on established lenders to innovate if they want to keep up. “Innovation makes the market more competitive, and keeps larger businesses on their toes – they can’t become complacent,” explains James Tate-Smith, Experian One Product Manager. “It also gives the consumer more choice, which ultimately drives the best deal for them.”

Applying big changes to your business usually means investing serious amounts of money, time and resources. But it doesn’t have to. When you need a future-proof system that gives you everything you need in one place, Experian One can help.

Experian One

When you’re lending thousands of pounds to a person or business, reliable information is essential. Pulling together information from your own applications and combining it with data from many third-parties can be time-consuming. Even with all that data, you might not get a complete view of their financial history and repayment behaviours.

“Having access to the widest possible coverage is a must have for businesses,” says John Curliss, our Business Development Manager. “By having that access, you give yourself every opportunity for success.”

Experian One uses the industry’s most comprehensive data sets to help you make more informed decisions, faster. We hold credit history information on more than one billion people and 145 million businesses worldwide. You can take this data and combine it with your own – along with any data your current supplier has already supplied.

With all this data at your fingertips, our automated system uses rules and policies that you’ve set to make more informed lending decisions. While manual processes can be slow, our system takes seconds. You can find the more valuable, high-quality customers faster than ever before. And verify identities at speed, reducing risk and preventing fraud.

It’s all handled through our Strategic Design Studio. It brings your information together and helps you make sense of the most important parts. You can even customise your strategy, choosing the criteria for accepting or declining applications. So you can weave your credit risk strategy into your business strategy. For example, do you want to increase your market share? You can adjust the criteria to accept a broader range of applicants.


“With more data, you can tailor every part of the journey directly to an individual.” 

James Tate-Smith, Experian One Product Manager, Experian


“With more data, you can tailor every part of the journey directly to an individual, from targeting to onboarding,” explains James. For instance, one demographic might be more interested in using a mobile app, while others might prefer to talk over the phone.

That’s great news for your business, but customers will also feel the benefits of Experian One. They won’t need to submit as much information thanks to the amount you already have on record. And because decision-making is faster, their wait for a response is shorter.

Plus, because the system is cloud based and automated, it can make decisions around the clock. So customers can get a quick decision no matter when they apply.

 

If you’re looking for innovative new ways to evolve your business. Experian One could be the answer.

Discover how intelligent, automated decision-making could benefit you and your customers.