The comprehensive suite enables lenders to assist consumers and small businesses
As the financial services industry navigates the market volatility surrounding COVID-19, Experian has enhanced its offerings within its Economic Response and Recovery Suite to help lenders assess and swiftly respond to changing behaviors so they can support consumers and businesses. The new updates include the addition of Experian’s new Spotlight 2020 Attributes and the Ascend Market Insights DashboardsTM.
Driven by high unemployment and uncertainty, the behaviors of U.S. consumers and small business owners have drastically changed. It’s vital that lenders gain a full view of consumers and businesses so they can help keep the credit economy flowing while helping those who need it most. Through this regularly updated suite, lenders have access to the most predictive data, technology and analytics available.
“Making lending decisions has proven to be challenging due to the impact of COVID-19,” said Greg Wright, chief product officer of Experian’s Consumer Information Services. “By giving financial institutions tools and data-driven insights, we can lessen the impact of the economic crisis, enable lenders to extend credit responsibly, and support the hardest-hit consumers and small businesses.”
Read More: Vitesse, a Fintech Providing Real-Time Cross-Border Payments for Businesses, Scores £6.6m Series A
The Experian Economic Response and Recovery Suite includes:
Response and recovery analytics and technology
Experian continues to deliver near real-time analytics that lenders depend on when examining a consumer’s profile. Experian’s predictive data is tailored to best reflect the latest economic conditions with considerations for market volatility. In addition, Experian is offering insights and the most current data based on market changes to help identify macroeconomic forecasts and model portfolio predictiveness.
The suite also includes Experian’s new Spotlight 2020 Attributes, a collection of proprietary data sets that enable lenders to create a positive experience for customers who have taken an accommodation due to financial hardship.
