Motor finance data and marketing
Discover how Experian, as one of the only credit bureaus to provide insight on both UK consumers and vehicles, powers the automotive market with next-level tools and data.
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Click the headings below to find out more about the ways in which Experian can help you deliver better outcomes from your automotive activities.
Customers are naturally keen to know what finance they may be eligible for when shopping for a new or used vehicle. Thanks to Experian’s range of affordability checks, you can make prequalified offers quickly, without subjecting customers to a full credit check.
Determine affordability
In the absence of a full credit check, how can you hope to understand a customer’s financial status? Look for solutions that take the data provided by your customer and compare them against a wide-ranging set of shared data – including Open Banking data – to obtain a fuller picture on which to base prequalified offers.
Reduce friction
The affordability checks you perform can’t be made at the expense of your customer experience. They need to be fast and seamless. Automated checks, like those offered by Experian, can be deployed around the clock, and aid in making informed decisions in seconds.
Make compelling offers
Once a customer’s financial eligibility has been determined, you’ll want to make attractive, but realistic, offers. Experian’s Eligibility Checks help tailor your finance offers to your customers using real rates from an extensive lender panel, all without impacting the customer’s credit score.
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If you’re making a lending assessment, you need as broad a view of your potential customer as possible. Find out how Experian’s data sources, automated tools and analytical expertise can provide you with the ability to make more confident, lower risk decisions.
Gauge customer affordability
Harness the power of data-driven decisioning to ensure your assessments are based on as detailed a picture of your customer as possible. Experian’s solutions draw on a wide pool of shared financial data to make fair decisions based on the customer’s long-term ability to make repayments.
Increase acceptance rates
Automated solutions that make decisions based on data are known to reduce the need for manual review – in the case of Experian’s solutions, by 30%. They’re also fast, and that reduced friction in the customer journey helps raise acceptance of credit offers by up to 10%.
Find new customers
While many have struggled during the recent pandemic, 30% of customers have actually seen an increase in their financial assets. Experian’s marketing solutions can help you locate these newly affluent customers to make suitably attractive offers of new products and services.
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Part of the customer onboarding process, and perhaps the most critical part of all, is ID verification. Discover how Experian’s solutions can help streamline your validation processes while providing robust protections against fraud.
Automate document verification
Save time and resources by using online methods to verify documents. Using tools such as those provided by Experian’s Document Verification service, customers can prove their identity by scanning in digital documents, which are analysed to make sure both the document and the information supplied on it are genuine.
Validate identities
After verifying your documents, how do you link them definitively to the person supplying them? With the right tools you can make use of biometric technologies such as facial recognition, coupled with platforms that can ask the right questions, then check the answers against a variety of rich data sources to form a confident answer.
Use a single platform for all ID checks
Cloud-based authentications systems are all well and good, but how do you ensure all your checks can be performed from a single platform? Experian’s CrossCore system allows you to mix and match your own anti-fraud solutions with those from other providers as well as Experian’s own.
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Covid has shattered the financial landscape, with previously reliable customers now struggling to make ends meet. Thankfully, Experian offers plenty of solutions to help you spot and manage the risk in your portfolio.
Identify vulnerable customers
The quicker you can identify financially vulnerable customers, the sooner you can formulate strategies to help ensure neither they nor you end up in financial hot water. Solutions like Experian’s allow you to proactively monitor high-risk customers for changes to their financial circumstances.
Set up new payment plans
Once you’ve identified at-risk customers, you may need to consider revising their repayment plan to reduce the stress on them while protecting your long-term investment. Experian’s DebtSense is one example of a tool that can help both you and your customer negotiate a sustainable solution.
Inform adjustments to loss provision
IFRS 9 regulations require you to apply more thorough analytical calculations to reach your expected credit loss (ECL) figures. Experian’s solution combines credit data with economic scenario modelling to not only help you meet these demands but provide more accurate forecasts to better inform your own strategies.
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When customers fall into arrears, it’s important you don’t jump to conclusions. Armed with the right set of tools and services, you can better understand why debts have gone unpaid, and formulate effective strategies to recover more of that debt without destroying customer relationships.
Avoid unnecessary collections
Understanding the reason a customer has missed a repayment goes a long way to choosing the best course of action. Experian’s solutions can help you select a debt recovery strategy that’s fair to both parties, whether it’s setting up a simple reminder for forgotten payments or allowing the customer to take an emergency payment holiday (EPH).
Streamline your collections processes
Your collections are likely to be under pressure after the shock of Covid and subsequent rise in unemployment. Look for solutions that can automate collections processes, such as Experian’s self-serve tools. These provide customers with a convenient and discreet way to make repayments through an online portal.
Find lost customers
The UK population is constantly on the move – and it’s vital you stay in touch with customers who owe you money. A tool like SuperTrace allows you to keep close tabs on customers, ensuring your contact details are always correct and up to date.
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