UK, 11 June 2019: 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 customer’s happy in a fast-paced digitalised word. 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:
82% 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.
Ade O’Connor, Senior PR Manager Corporate & B2B PR, Experian UK&I
Tel: 07583 085 796 / Email: firstname.lastname@example.org
Weber Shandwick for Experian
Tel: 020 7861 0762 / Email: email@example.com
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