Find out how a single view can help you comply with financial legislation and improve your straight through processing, as only 27% of organisations believe they are 100% compliant with database-related regulations (Experian QAS Compliance Guide 2009).
Experian QAS can help your financial organisation understand its contact data and achieve a single customer view. We can provide you with up-to-date FSA guidelines and information on data regulations.
The resources below can assist in developing your data strategy:
Financial organisations need to increase the value derived from existing customers. Maintaining a single customer view and understanding your customers needs will enable up and cross sell opportunities.
Customer retention
Strong competition between financial organisations such as mortgage lenders, banks and insurance firms mean points of differentiation are crucial. Using our expertise, organisations such as Royal Sun Alliance and Lloyds TSB Insurance have achieved differentiation across customer touch points, marketing communications and business processes. One area of differentiation might be straight through processing (STP) which allows greatly shortened processing cycles, reduced settlement risk and lower operating costs.
Customer acquisition
To help bring new customers on board, the acquisition process must be quick and painless. Using QAS Pro, collecting, validating and verifying new customers is fast and accurate creating a positive experience and a single customer view.
The TCF ("treating customer fairly") compliance was introduced by the Financial Services Authority (FSA) in 2001 to:
Experian QAS can help you achieve best practice across your data processes meaning:
Identity theft is estimated to cost the economy over £1.5 billion a year. Financial organisations must therefore verify the identity of existing and prospect customers.
Organisations must be compliant with financial regulatory bodies such as:
In order to comply with the following initiatives:
Organisations must move away from paper-based approaches when conducting credit checks for example, which are costly and open to fraud.
The huge increase in credit card transactions 1 and applications 2 means it is vital to establish the authenticity of a person's identity, to recognise whether they are a high risk individual likely to commit fraud.
Authentication solutions from Experian allow real-time electronic verification of a person's identity, enabling you to prove that a customer is who they say they are, at the point of application.
Using biographical information compared against the most comprehensive list of data sources available, we can electronically verify an identity in seconds.
1
169.3 million transactions in September 2008, 10.5%
increase from 2007
2
Cards in issue at end-September was 67,666,000 http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=149&a=14781
Each year, consumer data degrades by 13% and business data by 37%. Our data collection and cleaning tools allow you to manage your data in-house, without sending it off-site to a bureau, compromising security.
QAS Batch solves this problem by cleaning data so it is up to date.
QAS Batch with Suppression maintains data integrity by allowing you to suppress against datasets such as:
With our various datasets, you can also identify:
As your business grows globally, the demands from your data management processes will change.
You can support this growth with international address data from 166 countries.
Visit our dedicated pages to read about our full dataset and international offerings.
Our finance specific customer base includes established relationships with Royal Sun Alliance and Nationwide. Read about these relationships with the case studies below:
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AA |
Experian QAS helps the AA achieve a single customer view across its financial services and breakdown assistance services. "The QAS solution has also increased our marketable customer base by about 1 million contacts, as we only market to people with a verified address." |
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Nationwide |
Nationwide implemented QAS's QuickAddress Pro into its existing PeopleSoft HRMS. "The benefits of QuickAddress have been wide-ranging, and in particular have helped to ensure a rapid, reliable recruitment process." |
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Royal and SunAlliance |
An underwriting system, with the ability to generate location co-ordinates (Geocoding) at premise level for commercial and residential property, was implemented in a joint effort between Experian QAS, GIS Company ESRI (UK) and Ordance Survey. "It's very fast. The performance exceeds our expectations. We specified a results turnaround of 203 seconds but we are currently seeing sub-second returns." |
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Scottish Provident |
"The fact that QAS has an office in Edinburgh to support all Scottish customers means that blue-chip organisations like Scottish Provident make a purchasing decision with confidence." |
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The Woolwich |
"The Woolwich needed to be able to capture address information quickly and accurately, to enhance customer and staff satisfaction at the point of sale or investment. After investigating several potential suppliers, the Woolwich chose QuickAddress Pro from QAS as the product of choice to fulfil these needs." |
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Travelex |
Travelex chose QuickAddress Pro with Names to help them accurately capture orders from consumers and financial institutions into their in-house system. |
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West Bromwich Building Society |
West Brom, the 9th biggest building society in the UK used Authenticate Pro to automate the electronic identity checking of it's online applications. "Using Experian, we have been able to streamline the customer application process and as a result we have started to see significant time and efficiency savings." |
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For more information call us on 0800 197 7920 (freephone) . Or email us
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