Experian Decision Analytics: Navigating uncertain times
The COVID-19 pandemic has created a period of uncertainty for individuals and businesses. Experian appreciates that our clients and their customers may be significantly impacted by this pandemic, requiring rapid response to the challenges. We are here to support our partners wherever possible.
Experian’s solutions are designed to be flexible to respond to the rapidly changing situation. Our consulting team is available to help you, whether it’s to respond in real time to client requests, make policy changes, trigger disaster response strategies or enable general customer communication messages.
Below are the Experian solutions that you might be using to meet your credit lifecycle requirements, with suggestions from our experts on how you could navigate the current challenges your business might be facing right now.
With the significant changes in banking to support customers through the COVID 19 crisis, updating Originations decisioning systems will likely be required.
Time to decision
Introduce new data for segmentation
Update policy and pricing
The lenders who take steps to proactively monitor customers across all product holdings, to effectively identify at risk borrowers well ahead of any payment default events, will be better equipped to support customers and manage operationally through this period.
Look out for early warning signs across all portfolios
Automate event-based triggers to take immediate action
We have already seen a down-turn in the job market, with a number of job sectors impacted as a direct result of COVID-19. This will impact Collections volumes and introduce the need for new options to manage the situation effectively.
General communication SMS
Disaster Response strategy
Optimised Hardship solution
Moderating Default Listing and Asset Realisation
Inbound and outbound communications
- Reduce dialler volume by changing dialler communications to IVR or another communication type where possible. If an alternate communication isn’t an option, it may be necessary to pause outbound dialler campaigns temporarily.
- Think about communications which prompt a self-serve response rather than an inbound call, such as 2way SMS, IVR & Virtual Assistant options.
Experian is here to help
If we can assist you in any way in these unprecedented times, please contact your Account Director or a member of the Experian Decision Analytics Client Solutions Team. Alternatively, you can get in touch with us using the form below.
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The COVID-19 pandemic is firstly a health crisis, and secondly an economic crisis. We outlined some of our predictions for economic impact and the impact on credit in Financial Services…Learn more
A look at how originations is evolving to address increasing competitive threats and drive business value.Learn more