Nottingham, UK, 11 December 2015 – Experian has today announced a new partnership with Nationwide Building Society, the world’s largest building society.
The three year partnership will focus on supporting Nationwide’s risk management activities in the modelling of credit risk, capital adequacy and provisioning.
This will include helping them deliver tailored credit decisions for good outcomes that are right for the specific circumstances of each customer.
Iain Laing, Chief Risk Officer at Nationwide, said: “It was imperative that we found the right partner to work with us. The expertise that the Experian teams already have in helping to address these kinds of challenges and their knowledge of the UK credit market, played a key role in our decision. We are confident that they will help us create more efficient strategies to overcome economic uncertainty and regulatory complexity.”
Paul Russell, Director of Analytical Solutions at Experian, said: “Over recent years, developments in the regulation of the banking sector have brought into sharper focus the need to have a deeper understanding of customer behaviour and its relationship to portfolio health in a changing economy. Moves to bring into closer alignment the estimation of credit risk, expected loss and unexpected loss through, for example, changes to provisioning regulations (IFRS9) are placing demands on many lenders’ credit risk management teams. We are delighted to be able to support Nationwide in meeting these challenges.”
Experian will be providing a scalable team of analysts and consultants with domain expertise and credit risk modelling capacity to support Nationwide’s existing credit risk management activities. Nationwide will be able to easily scale resources as necessary to meet the demands of regulation, as well as business priorities.
For Nationwide, the new partnership means that they will be able to:
Nationwide carried out extensive due diligence to find a partner that would give them the expertise, and scale needed to support Nationwide as its business grows and it works to meet the increasing and complex regulatory requirements that all lenders are facing.
Sarah Muir / Edward Keough
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making.
We also help people to check their credit report and credit score, and protect against identity theft. In 2015, we were named by Forbes magazine as one of the ‘World’s Most Innovative Companies’.
We employ approximately 17,000 people in 38 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2015, was US$4.8 billion.
About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.