Data is now critical to the success of most businesses, and the applicability of data analysis and big data tools are broader than ever. We are focused on further penetrating the Health, Automotive and Mortgage verticals, while further building our position in the Verification and Employment Services area.
In Health, our ambition is to remove friction from the current customer journey surrounding the way patients pay for healthcare in the USA. The experience for patients is often filled with manual steps and paperwork, which can lead to confusion around a consumer's eligibility for insurance coverage as well as payment accountability. Our strategy in this area is to digitise the customer journey, using both our current data capabilities and new innovations.
We have continued to develop our presence in the Verification and Employment Services area. Lenders, governments, landlords and background screeners around the world are relying more on income and employment data as part of their risk-decisioning processes. We have established a solid base in employer services in the USA which in turn enables us to access employment records for specified and consented use cases. We will continue to extend the number of records we hold as well as establishing new capabilities in some of our other geographies.
Our vision in Automotive is to power every decision needed to be made by manufacturers, dealers, lenders and consumers along the journey of buying, selling and owning a car. To do this we are investing in innovation which will help our customers find the right customer at the right time through the right channel, and match vehicles and customers to the optimal financing offer, while preventing fraud. We will also enhance our capabilities to reduce risk in lending through our decisioning platforms and provide transparency around the value of a vehicle.
Expanding in new growth markets
Taking the pain out of the lending process
Many of our experiences online are simple and seamless. Booking a flight, ordering groceries, arranging a doctor’s appointment – all taking just minutes with a few swipes and a click of a button.
Yet when it comes to obtaining a mortgage, it can be a much more painful process. Typically, you have to provide multiple payslips or bank statements to verify your income and prove that you can afford to make repayments on the loan. It’s not only time consuming for the consumer, but it's costly for the lender who then manually validates that information with the employer. For consumers, a complex and stressful application process can also lead to application abandonment.
We created Experian Verify to take the pain out of the lending process for both consumers and businesses. Using Experian’s unique data assets coupled with third-party data from some of the largest payroll providers in the USA, a lender can verify a consumer’s income and employment status in milliseconds, all permissioned by the consumer.
Our payroll data is refreshed every pay cycle to ensure lenders have the latest and most up-to-date view of a consumer’s financial stability. Lenders can manage their risk as well as reach out and support people who may be experiencing income distress. For lenders it’s also an easy add-on to their lending workflow through our straightforward application programming interface.
Our increasing coverage of the market means that more people in the USA can now benefit from faster decisions and lenders can make better, more informed decisions.
And for those consumers with limited credit histories, it means that lenders can have better visibility into their employment stability. For example, if someone has a thin credit file but has had a stable job at the same company for ten years, then that additional information creates a more complete picture of a consumer’s financial situation, and crucially enables lenders to say ‘yes’ more often, and to more customers.
Buying a home is one of the biggest financial decisions consumers will make in their lifetime. Our goal is to make it as smooth as possible. We developed Experian Verify to help take the pain out of the lending process, making it simpler, faster and better for everyone.
Michele Bodda
President, Experian Mortgage, Verification Solutions and Employer Services
