Eligibility

When customers are shopping around for credit, the last thing they want is an intrusive and time-consuming manual credit check. By automating your decision-making process, you can offer potential customers pre-authorised products on a 24-7 basis. This helps give them swiftly see the type of products available to them.

Building a picture of your prospect’s finances without instigating a credit check needs more than just advanced analytic technologies. It also requires adequate data on which to determine affordability. A solution like PowerCurve Originations can combine your records with Experian’s bureau data to provide you with a more complete picture, including customers’ previous behaviour and monthly income and outgoings.

Many customers may be wary of subjecting their finances to a full credit check with all the implications it can have on their credit score. Experian’s solutions are designed to perform soft checks that derive insight from a wide array of sources – including shared banking data – to help you make sensible prequalified offers without affecting customers’ credit scores.

Which products are best for your prospective customers? Once you’ve confirmed their basic eligibility, you need a simple solution that can quickly match their profile to products and services that are likely to be of interest to them. One out-of-the-box Is Experian’s PowerCurve Eligibility Check. This can be deployed in a matter of days but is flexible enough to be tailored to your existing infrastructure and requirements.

Open banking allows you to pair your customer data with that from other lending institutions to reveal a more complete picture of your prospects. Look for solutions that not only connect you to this data but which help you analyse and produce a more accurate view of what customers can afford. Experian’s Credit 3D, for example, derives these insights using a mixture of machine learning, data science and predictive analytic modelling tools and services.

How have your prospect’s finances changed over time? Basing your decisions on a long-term view of their financial health, helps you better understand their lifetime value to your business and make attractive prequalified offers at the right time. Experian Credit 3D enriches your customer information with bureau trends based on up to six years of data.

Trying to gain insight into an individual’s credit history is impractical without the right tools. Look for automated solutions that can be deployed independently or integrated into your existing systems. Experian’s Affordability Check is one such solution and can also provide you with fast, reliable and accurate information for each individual customer.

Historical data can tell you a great deal, but the last few years have demonstrated how the past is not always a reliable predictor of the future. How do you ensure your customer scorecards reflect changing market conditions and their effect on what individual customers can afford? Look for a solution that can analyse your existing risk models and update them to take into account economic changes. Ascend Intelligence Services offers tools to both validate existing models (Pulse) and quickly build and deploy new ones using smart machine learning (Challenger).

Fragmented digital systems and customer journeys throw up barriers to the customer experience. Look for ways to integrate outside data into your systems to help speed up identity verification and reduce the need for onerous questions regarding affordability. Another advantage of integrating fast, accurate and automated checks into your processes is that you’ll be able to offer more personalised prequalification deals.

The more you know about your customer, the better the prequalified deals you can offer. Tools like Experian Boost encourage consumers to add information voluntarily to their credit reports. This additional insight can be used to boost their credit score, which then feeds into scorecards, such as those offered by Experian Delphi for New Business.

Like everyone else, credit customers are often in a hurry. Make sure your application process is optimised to quickly give them an idea of what’s available and how much they can afford. Your credit process should incorporate prequalified offers as close to the start of the journey as possible to encourage customers to complete their applications.

Social media offers a great way to reach people who are looking for credit. Smart advertising solutions enable you to link prospects via their social media ID to a choice of contact methods. For example, Click for Credit can link to a chatbot or Experian’s market-leading prequalification process to steer them towards products and services of interest.