The industry challenge
Increasing competition, together with more regulation and heightened customer awareness, is changing the competitive landscape for lenders offering unsecured credit through loans, retail finance and credit cards.
In a highly competitive market a lender needs to offer a high level of service with an attractive offering to generate loyalty before someone even becomes a customer.
Customer management is a key driver, faced with intense competition and increasing recruitment costs it has never been more important to maximise relationships with existing customers.
If an organisation takes too long to provide funds to the customer, their need for credit could be met from another source with a corresponding effect on profitability. However, without thorough risk management and fraud detection the lender’s results will suffer due to increased collections costs, bad debt write-off and fraud losses.
The answer
With Experian's proposition, lenders can automate and manage the customer relationship from the point of the first customer contact, through to the collections and recovery.
Decision Analytics enables lenders to balance the customer’s service expectations with accurate risk management and fraud detection throughout the portfolio and maximise opportunities for proactively evolving customer relationships.