Credit Unions and Community Banks will now offer streamlined, instant automated lending decisions thanks to Experian’s cloud-based platform
Digital banking platform Soar will use Experian’s Decision Analytics solutions to support its work in the community banking market.
The new partnership will see Soar clients utilise Experian’s SaaS PowerCurve Customer Acquisition platform to help automate lending decisions, transforming their digital onboarding and customer application journey.
Incorporating affordability and eligibility insights based on Experian bureau data, anti-fraud checks, and advanced data analytics all within one cloud-based solution, Soar clients will now have a clear picture of their customers helping them to access the most appropriate lending for their circumstances.
Typically, organisations like Credit Unions and Community Banks have relied upon manual application processes, leading to customers waiting up to a week – and sometimes longer – for their application to be reviewed and completed.
The solution will significantly improve that wait, returning a decision within minutes, boosting acceptance rates at the beginning of the customer application due to the rich level of customer insight provided.
By removing the need for organisations to attempt to build a similar solution in-house, PowerCurve will enable clients to quickly modernise their operations and, at the same time, attract new customers who otherwise wouldn’t consider a Credit Union as an option for a financial product.
Steve Pulley, Managing Director Decision Analytics, Experian UK&I, said: “Today’s customers expect digital services to work seamlessly and almost instantaneously, while the impact of Covid-19 means it’s critical that lenders can accurately assess a potential customer’s suitability for lending.”
“Our software plays a critical role in organisations’ decisioning, radically improving their efficiency and outcomes for customers and I’m delighted that those in the community banking market will feel the benefit that data-led analytics can bring.”
Andrew Duncan, CEO of Soar, said: “The community banking market has traditionally been underserved when it comes to technology advancements. We’re committed to changing that, giving organisations the chance to provide their customers with the best digital offering possible.
“The breadth and accuracy of what Experian software can offer will be central to us in meeting that ambition and modernising the ethical banking sector.”
PowerCurve Customer Acquisition is a cloud-based platform that automates credit decisions easily and efficiently, providing clients with an off-the-shelf solution, removing the need of building it in-house. By taking applicants’ information and enhancing it with credit, fraud, and internal data, along with predictive scoring models, PowerCurve Customer Acquisition helps businesses make instant automated decisions.
Part of the Scottish fintech community, Soar provides affordable technology solutions to financial organisations, helping them meet the demands of digital and mobile banking.
Source: Experian Press Release