Motor finance data and marketing

In the absence of a full credit check, how can you hope to understand a customer’s financial status? Look for solutions that take the data provided by your customer and compare them against a wide-ranging set of shared data – including Open Banking data – to obtain a fuller picture on which to base prequalified offers.

The affordability checks you perform can’t be made at the expense of your customer experience. They need to be fast and seamless. Automated checks, like those offered by Experian, can be deployed around the clock, and aid in making informed decisions in seconds.

Once a customer’s financial eligibility has been determined, you’ll want to make attractive, but realistic, offers. Experian’s Eligibility Checks help tailor your finance offers to your customers using real rates from an extensive lender panel, all without impacting the customer’s credit score.

Harness the power of data-driven decisioning to ensure your assessments are based on as detailed a picture of your customer as possible. Experian’s solutions draw on a wide pool of shared financial data to make fair decisions based on the customer’s long-term ability to make repayments.

Automated solutions that make decisions based on data are known to reduce the need for manual review – in the case of Experian’s solutions, by 30%. They’re also fast, and that reduced friction in the customer journey helps raise acceptance of credit offers by up to 10%.

While many have struggled during the recent pandemic, 30% of customers have actually seen an increase in their financial assets. Experian’s marketing solutions can help you locate these newly affluent customers to make suitably attractive offers of new products and services.

Save time and resources by using online methods to verify documents. Using tools such as those provided by Experian’s Document Verification service, customers can prove their identity by scanning in digital documents, which are analysed to make sure both the document and the information supplied on it are genuine.

After verifying your documents, how do you link them definitively to the person supplying them? With the right tools you can make use of biometric technologies such as facial recognition, coupled with platforms that can ask the right questions, then check the answers against a variety of rich data sources to form a confident answer.

Cloud-based authentications systems are all well and good, but how do you ensure all your checks can be performed from a single platform? Experian’s CrossCore system allows you to mix and match your own anti-fraud solutions with those from other providers as well as Experian’s own.

The quicker you can identify financially vulnerable customers, the sooner you can formulate strategies to help ensure neither they nor you end up in financial hot water. Solutions like Experian’s allow you to proactively monitor high-risk customers for changes to their financial circumstances.

Once you’ve identified at-risk customers, you may need to consider revising their repayment plan to reduce the stress on them while protecting your long-term investment. Experian’s DebtSense is one example of a tool that can help both you and your customer negotiate a sustainable solution.

IFRS 9 regulations require you to apply more thorough analytical calculations to reach your expected credit loss (ECL) figures. Experian’s solution combines credit data with economic scenario modelling to not only help you meet these demands but provide more accurate forecasts to better inform your own strategies.

Understanding the reason a customer has missed a repayment goes a long way to choosing the best course of action. Experian’s solutions can help you select a debt recovery strategy that’s fair to both parties, whether it’s setting up a simple reminder for forgotten payments or allowing the customer to take an emergency payment holiday (EPH).

Your collections are likely to be under pressure after the shock of Covid and subsequent rise in unemployment. Look for solutions that can automate collections processes, such as Experian’s self-serve tools. These provide customers with a convenient and discreet way to make repayments through an online portal.

The UK population is constantly on the move – and it’s vital you stay in touch with customers who owe you money. A tool like SuperTrace allows you to keep close tabs on customers, ensuring your contact details are always correct and up to date.