Real Time Customer Verifications Accelerate Loan Origination, Lower Costs, and Improve Risk Assessment
Competition in retail account origination continues to demand real time access to many types of data to create faster processes at lower cost, increase customer satisfaction, and sustain competitive differentiation. To meet this need, data platforms and data aggregation services are providing financial institutions (FIs) with new data and analytics to increase back office efficiency and speed—improving the customer experience at lower cost.
Experian has developed a series of verification services used in retail consumer and mortgage loan processing. These are Experian Verify, a new solution, and AccountView. This Solution Brief assesses Experian Verify in the context of the need for financial institutions to more accurately and quickly acquire and analyze new sources of customer data, to more completely and accurately analyze data, to make decisions on loan underwriting and pricing, to monitor loan portfolios, and to sell new products and grow customer relationships.