Experian: ‘What’s Taking So Long?’ 51% of Customers Are Fed-up with Lengthy Digital Onboarding Process
12 June 2019 - 8:00PM
Business Wire
Experian Credit3D delivers the most
comprehensive and innovative suite of credit data and insight
solutions in the market
Helping businesses keep up with demand for a
seamless digital experience and mitigating risk in an unpredictable
economic climate
New research from Experian has revealed that most customers
(51%) are so fed-up with slow sign-up processes that many will
simply abandon their application.
At the same time, 74% of businesses say that improving customer
experience is a critical or high priority, however 28% admit they
are not sure they offer a friction-free service to customers. Just
35% are using automation to help them make accurate decisions about
new customers, which can radically speed up processes by removing
the need for human involvement.
The findings come as the world’s leading information services
provider announces an extension to Experian Credit3D, building in
new capabilities that will enable businesses to get a definitive
view of their customers and deliver a frictionless experience,
offering greater confidence in an uncertain economic climate.
With Experian Credit3D, organisations can build a complete and
accurate view of their customers, drawing on over 500 different
data sources, providing a more granular and predictive insight into
affordability and financial behaviour.
By combining access to traditional and non-traditional credit
data with complementary data science and machine learning tools,
organisations can now access even smarter insights to understand
their market and make faster, more accurate decisions, even if a
customer’s circumstances change during a time of financial
uncertainty.
Tom Blacksell, Managing Director of B2B at Experian,
said: “Losing a customer because your application process is
too complicated or long-winded can be so damaging. Offering a
frictionless and fluid customer journey is vital for any
organisation that is serious about keeping their customers happy in
a fast-paced digitalised world. Our research shows that without it,
your hard-earned prospects will simply go elsewhere.
“We continue to live through a period of significant economic
and political uncertainty and that is putting extra pressure on
organisations to make more efficient and effective decisions to
help customers.
“That’s one of the reasons why we’ve combined all our unrivalled
capabilities via Experian Credit3D. This gives businesses the power
to deliver an all-in-one product journey and equips them with the
insight to make truly informed business decisions. Our clients have
already made great progress in the auto finance, mortgage and
consumer lending sectors.”
Experian Credit3D gives businesses the power to:
- Access the widest possible data
universe encompassing internal, external data sources, traditional,
non-traditional, structured and unstructured, current and historic
data
- Use data science, machine learning and
on-demand analytics to reveal new and unique data attributes and
patterns of consumer behaviour over time
- Enables clients to widen their prospect
pools by identifying new, underserved markets and customer segments
without changing overall risk appetite
- Removes the costs, risks and complexity
of building an integrated in-house data and analytics
ecosystem
82% of businesses say that they know how important data,
analytics and AI are to their prospects, while 71% plan to invest
in advanced analytics and 1 in 2 have cited investment in
automation as a priority for the next 12 months.
“At Experian, our unique combination of data, technology and
analytics helps businesses unlock insights and take decisive
actions in the moments that matter,” added Blacksell.
“It’s encouraging that so many businesses have identified
investment new technology in the coming year, because it will
enable them to identify the right customers and serve them far more
effectively.”
Experian Credit3D is available across UK&I and EMEA.
Organisations can register interest here.
About Experian
Experian® is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organisations to prevent identity fraud and crime.
We have 16,000 people operating across 37 countries and every
day we’re investing in new technologies, talented people and
innovation to help all our clients maximise every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index. Learn more at
www.experianplc.com or visit our global content hub at our global
news blog for the latest news and insights from the company.
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version on businesswire.com: https://www.businesswire.com/news/home/20190612005392/en/
Media contact:Ade O’Connor, Senior PR Manager Corporate
& B2B PR, Experian UK&ITel: 07583 085 796 / Email:
ade.oconnor@experian.com
Weber Shandwick for ExperianTel: 020 7861 0762 / Email:
experian@webershandwick.com
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