Advanced data and analytics

Knowing what you need to know makes the process of bringing in new customers smooth and hassle-free. Using a service like one of Experian’s Affordability Checks gives you access to insights derived from numerous wide-ranging data sets, potentially cutting the number of customers requiring a manual review by up to 30% and increasing acceptance rates by 10%.

Strong analytics turn a customer database into a rich pool of understanding – but why keep those insights to yourself? Supplying financial analytics directly to consumers can aid them in making better decisions for themselves and help you form a strong relationship built on sound advice. Tools like those available through Experian Consumer Advantage can also supply the data required to strengthen your own processes.

Running analytics on historical data can offer insights into a customer’s financial situation beyond their current status. Tracking historical behaviour helps enhance fraud detection and spot previous irregularities, reducing load on underwriters and helping you make more responsible decisions about new accounts.

Gaining a clear picture of your potential customers gives your organisation the chance to refine your message to match. Calling on a classification system like Experian’s Mosaic enables you to better understand consumer characteristics, using variables derived from a wide range of data sets and research studies to identify market segments as well as help personalise your communications.

If you really want to do more with analytics on consumer data, a tool like Experian’s Ascend Analytics on Demand can help draw insights out and improve your decision-making process. You’ll be able to access consumer bureau data and compare it with your own, then build the benchmarks and analyses you require to do better business without a massive internal IT infrastructure.

Calculating expected credit loss (ECL) in line with IFRS 9 regulations is an exhausting, resource-intensive and potentially very costly task. With the help of economic forecasts from a tool like Experian’s IFRS 9 Credit Loss Insight solution you  can reduce the strain on your organisation while demonstrating sophisticated ECL calculation to regulators – and the insights you gain may also help you plan for future economic shifts.

Savvy lending, based around an optimised credit limit strategy, creates accounts with high utilisation and lower delinquency – and finding good customers gives your business powerful marketing and account management opportunities. A team like Experian’s Ascend Intelligence Services can help you deploy and monitor credit scoring models. These incorporate machine learning techniques to glean fresh insights from wider data sets.

Deploying a new risk or marketing model is risky in itself, because a faulty model may lead your business in the wrong direction. Full stress testing and post-deployment monitoring is something a tool like Ascend Intelligence Services Pulse can provide, helping to validate the strength and resilience of your predictions as well as offering around-the-clock monitoring of your models’ health.

Ongoing developments in the financial market mean you’re often under time pressure to create stronger or more relevant analytics. Using a tool such as Ascend Intelligence Services Challenger you can quickly develop, test and deploy alternative models, recalibrate your existing analytics, and exploit logistic regression and machine learning techniques to find new avenues automatically.

If you want to discover the most accurate and up-to-date market insights, you need access to the widest variety of data, and the know-how to be able to work with it. A market intelligence platform like Experian MarketIQ can help, combining global mergers & acquisitions records, Companies House data and a host of business, financial and risk databases into a single online analytics portal.

B2B prospects do not typically generate themselves. Querying a comprehensive company database through a service like Experian BusinessView is a good way to identify potential targets. It can also refine your message to meet their expectations, and even find bespoke advice and analytics to uncover the details within the data that matter to you.

Making sense of data isn’t all about finding opportunity – proper analytics can also discover the risk hidden within. Applying a metric such as Experian’s Commercial Risk Scores gives you insight into the financial wellbeing of your customers. This enables you to predict failures, arrears and defaults as well as highlight the most at-risk elements of your existing portfolio.

Employing a tool like Commercial Risk Scores is not only a case of using analytics to find poorly-performing customers – you can also do the opposite. By sifting your data to discover the most financially robust customers, you can tailor your products, marketing campaigns and internal resources to push your business towards those who will offer you the highest potential return.