Find out how a single view can help you comply with financial legislation, such as FSCS, and improve customer acquisition and retention strategies. Take a look at our SCV Guide to see how we can help you.
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 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.
Creating a single view of customers can also aid retention strategies, through cleaning (see data cleansing) and de-duping the records you already have or are merging across multiple databases.
Customer acquisition
To help bring new customers on board, the acquisition process must be quick and painless. Using QAS Pro and QAS Unify, collecting, validating, verifying and de-duping 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:
Financial organisations must be compliant with financial regulatory bodies such as:
In order to comply with the following initiatives:
Our electronic identity management solutions will ensure that you are compliant against industry regulations, help improve your business processes and help detect and prevent fraud.
Our solutions allow for 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.
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:
"QAS software had been introduced in 1995 within Bradford & Bingley's call centre and at the Mortgages Direct office in Leamington Spa. Users reported a high level of satisfaction and also noted that they benefited from a reduction in duplicate addresses on their internal databases."
"With over 850,000 savings customers, Experian's anti-money laundering systems enable us to open accounts instantly, in a non-intrusive manner and have played an important part in our customer satisfaction results."
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."
"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."
"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."
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."
For more information call us on 0800 197 7920 . Or email us
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