Bank of Ireland selects Experian for launch of new UK Post Office credit card

Bank of Ireland Personal Banking has signed a contract to use a range of Experian solutions to support its new branded credit card on behalf of the UK Post Office.

Bank of Ireland is the largest Irish bank by total assets. With over 16,000 employees in eight countries worldwide, it is a diversified financial services group with market leading positions in its chosen domestic markets and other selected markets, including the UK. The new card is one of a series of products launched by Bank of Ireland Personal Banking in a joint venture with the UK Post Office.

Under the contract, Bank of Ireland Personal Banking has deployed Experian’s credit reference information and Delphi for New Business bureau scores for applications for the new Post Office credit card, and ongoing customer management through its managed Link SM solution. This assists Bank of Ireland to make informed, accurate and responsible lending decisions in order to manage risk.

The Bank is also screening applications using Detect, Experian’s credit application fraud service, to identify and prevent potentially fraudulent applications from successfully obtaining credit by automatically checking, in real-time, new applications against a shared pool of previous application information.

“It is crucial that we have access to the most up-to-date information available in order to make the right lending decisions for both new and existing customers,” said Liam Hand, Director of Credit Operations. “The consumer credit reference information we receive from Experian and the quality of its bureau scorecards meet this need and provides us with the ability to ensure accurate, responsible decisions are made.”

“Experian has a wealth of experience in supplying products and systems that meet our need to make fast and accurate decisions and provide our customers with an efficient service,” added Brian Foynes, Head of Credit Scoring at BOI Credit Operations.

“With Link SM we are able to change our strategies and credit policies very quickly as we learn about the nuances of the UK market We are also able to access information, including shared data from other organisations, to get the full picture of our customers’ wider credit commitments and affordability. This ensures that we make the most accurate and quick decisions to control bad debt and give appropriate offers to the customer.

“Once again, Experian has proven its ability to deliver the project on time and the signs are extremely positive. The quality of the applicants we have taken on so far has exceeded our expectations and early indications are that we are achieving a high level of quality among customers accepted for the Post Office credit card.”

Richie Smith, Director of Consumer Services at Experian Ireland, said:
“We have a long-standing relationship with Bank of Ireland Group and are delighted that they have chosen to extend their relationship with Experian further. The solutions provided by Experian are already helping Bank of Ireland Personal Banking to take the necessary proactive action with regards to customer management, retention and collections.”

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About Experian

Experian is a global leader in providing analytical and information services to organisations and consumers to help manage the risk and reward of commercial and financial decisions. Combining its unique information tools and deep understanding of individuals, markets and economies, Experian partners with organisations around the world to establish and strengthen customer relationships and provide their businesses with competitive advantage. For consumers, Experian delivers critical information that enables them to make financial and purchasing decisions with greater control and confidence. Clients include organisations from financial services, retail and catalogue, telecommunications, utilities, media, insurance, automotive, leisure, e-commerce, manufacturing, property and government sectors.

Experian Group Limited is listed on the London Stock Exchange (EXPN). It has corporate headquarters in Dublin, Ireland, and operational headquarters in Costa Mesa, California and Nottingham, UK. Experian employs more than 12,500 people in 32 countries worldwide, supporting clients in more than 60 countries. Annual sales are in excess of £1.7/$3.1/€2.5 billion.

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