Fintech data and marketing

Before offering products to customers, you must make sure they meet your affordability and credit criteria. Look for a prequalification and eligibility solution that automates your decision-making to give customers round-the-clock access to solutions that are right for them.

The more data you can gather on a customer’s credit history, the less risk you’ll carry when making prequalified offers. Seek out an option like PowerCurve Originations, which allows you to build a more fully rounded picture of a customer’s finances without performing intrusive credit checks.

Customers leave in droves when facing tricky online applications or unwanted delays. Automated solutions help to supercharge your digital user experiences by integrating data into your systems to quickly verify identities and reduce the need for probing questions. Look out too for social media and smart advertising solutions that give customers instant ways to connect with you. Experian’s solutions all link into Open Banking to provide instant access to prequalification data.

Once you’ve unlocked what products your customer may be eligible for, why not look to upsell other services at the same time? Automated systems like Delphi for New Business can provide you with the data required to attract customers with other deal, which can then be presented on-screen throughout the application process with the help of PowerCurve Originations.

Step one of the process is to verify applicants' identities in such a way as to meet your Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. Look for a combination of solutions to make these checks – for example, Experian’s Identity Authenticate combines various checks to give you a clear picture on whether applicants are genuine, while Bank Wizard verifies applicants’ bank accounts.

Identity checks need to be fast as well as accurate, to prevent customers getting frustrated and looking elsewhere. A good checking solution will be seamless while protecting your business. Speed is achieved through biometric checks and support for digital document uploading. Having enabled customers to verify themselves instantly, tools like ProveID search over a billion global records in real time to confirm everything is above board.

Understanding people's creditworthiness involves drawing data from a wide variety of sources, so look for a platform that combines credit scorecards with verified data supplied by your customers in the form of income and spending. Finally, put in checks to ensure they don’t overstretch themselves – for example, Experian’s Affordability IQ reveals useful information like debt-to-income ratios and disposable incomes.

Speed is of the essence when acquiring new customers, so make sure your checks don’t introduce unacceptable delays. Automated lending platforms such as PowerCurve Customer Acquisition encourage fast and safe signups while meeting your regulatory and anti-fraud requirements, all tailored to your own criteria.

Detailed customer data is the key to reducing the number of customers who end up in severe arrears. That applies across the entire customer lifecycle, so look for tools that can accurately gauge customer affordability at the beginning of the process, then provide an accurate, up-to-date picture of their changing financial circumstances. A tool like Experian’s Bureau Insights can flag up fortnightly warnings of potential repayment issues, giving you time to formulate a plan of outcome that’s fair to both you and your customer.

Before escalating a non-payment to collections, it helps to know why customers have missed payments – for example, they're in serious debt or they've simply forgotten to pay. PowerCurve Collections provides the insights you need to make informed and fair decisions. That's good for customer relationships – and your compliance.

Collecting debt is impossible if you can't contact your customers. And contacting the right people is a big part of staying compliant. Smart tracing systems like Experian’s SuperTrace cross-check your details with a wealth of data, alerting you to any contact changes, and reconnecting you to "lost" customers.

It's important to recover debt quickly without putting your customers into serious financial straits. Shared financial data from Open Banking provides you with a detailed picture of your customers’ financial situation. Look for solutions that can quantify your customers’ assets to help formulate repayment plans, while ensuring debt repayments are set at affordable (and sustainable) rates.

The better the quality of your data, the more accurate insights you’ll be able to pull from it. Data quality services audit your data for errors, gaps and out-of-date information – you can choose between bespoke services or off-the-shelf web-based platforms such as Experian’s Aperture Data Studio. And if data is scattered across your business in multiple silos, a tool like ExPin can link disparate and duplicate records to create a single, comprehensive view of every customer.

The earlier you spot problems, the quicker – and more effective – your response can be. A combination of scorecards and daily trigger-based alerts can warn you of potential financial difficulty so you can set appropriate credit limits. Look for solutions that can combine multiple data sources to forensically analyse data for risks. A tool like Ascend reveals financial risks, while CrossCore provides a complete defence against fraudsters that won’t inconvenience genuine customers.

Your line of business may require you to comply with UK regulatory compliance for banks, FCA (Financial Conduct Authority) compliance monitoring, anti-money laundering (AML), Know Your Customer (KYC) and more. Thankfully, solutions exist to help your business comply, implement robust procedures, and protect your customers. A tool like ComplianceIQ can automatically ensure you comply with regulations.

How do you identify products your customers want and can afford? The solution lies in your data – particularly when combined with trusted third-party sources, such as those offered by Experian. Look for tools like MarketIQ, which can reveal new business opportunities, and BusinessView, that will uncover companies most likely to buy your products and services.