Experian’s Categorisation as a Service (CaaS) automates the analysis of bank and credit card transactions. Driven by a suite of machine-learning algorithms, it quickly categorises up to 12-months of a customer’s bank or credit card transactions into over 180 different income and expenditure categories.
Automatically categorising transactional data gives you invaluable insights into the financial well-being of your customers. It helps you understand a customer’s income, expenditure and credit behaviour, providing a detailed picture of their financial circumstances and resilience. Available for use in batch, on the cloud or in real-time as part of an Open Banking data exchange, it provides access to verified income and expenditure data to help you make better informed decisions.
Customers benefit from a better, quicker, more personalised experience as you’ll be making decisions based on an accurate view of their finances, with an understanding of what they earn, spend and save and what they can afford to repay when they borrow.
CaaS can be used to spot changes in financial behaviour providing you with insight so you can proactively manage your customers, identify their needs and help them avoid falling into debt.
The service is the only solution in the UK which currently categorises both bank and credit card transactions enabling you to get the complete picture.
Get a more holistic view of your customers' financial situation
Pre-qualify eligibility for products and personalise services to drive better outcomes for customers
Accept more applications from a better understanding of an individual’s personal finances
Upsell and cross-sell services to existing customers, or extend their credit limits responsibly using your understanding of their financial behaviour
Identify vulnerabilities and manage customers proactively to reduce delinquencies and debt
Automate the secure sharing of verified income and expenditure data to improve customer experience and enhance your understanding of risk
Reduce underwriting time and accelerating decision making without increasing risk
Richard Sunman, director of Consumer Information at Experian answers questions on what CaaS (Categorisation as a Service) is and how and where it can be used to give you invaluable insights into the financial well-being of your customers to reduce underwriting time and improve the accuracy of your decisions.