The arrival of Open Banking marks a revolution in how Europe’s banks and credit card providers manage and work with their customers. From affordability analysis and fraud prevention to income verification, it’s a root and branch change to their businesses. Coinciding with the second Payment Services Directive (PSD2) and the opportunities it creates to gain greater understanding of customers through open data, the prospects for lenders who embrace new and innovative technologies is very promising.
Open Banking has many benefits for businesses and customers alike. Better access to data speeds up credit applications, providing near-instant affordability assessments and far greater accuracy in decision-making. . And, thanks to the richer data sets and spending behaviour insights that Open Banking unlocks, banks and credit card providers can detect fraud faster and more effectively – protecting themselves and their customers.
And, by having access to such data to better serve customers, lenders can offer services bespoke to the individual or business, creating a much more competitive service. With expertise in biometrics, multi-layered device analysis and geo-locations technology, Experian already has a track record in safeguarding customers and their finances. At the same time, the ability to call upon and understand a wide range of data assets to deliver top-quality experiences.
However, while it’s a promising sign that two-thirds of decision-makers in EMEA firmly believe Open Banking and PSD2 create new opportunities, only a third (35%) have fully implemented systems to directly embrace the regulations.
To help banks, fin-techs and lenders create even more strategic commercial opportunities bridge this gap between intention and action so they can better serve their customers across the region, we’ve launched Trusso. A categorisation engine that uses self-learning Artificial Intelligence (AI) to analyse and convert millions of transactions into simple and usable categories, Trusso enables faster, smarter insight, decision-making for lenders and gives their customers greater access to finance.
Experian is already at the forefront of successfully delivering Open Banking to millions in the UK. And with Trusso, clients are seeing significant accuracy enhancements, a 66% improvement in underwriting productivity and strong growth in customer acceptance rates – one of the most accurate solutions on the market. Launching across Europe, Trusso can help banks, credit card providers and lenders to shape and personalise the very best products and services for their customers, creating financial products that are much more inclusive and accessible.
To find out more about how Trusso can enable you to support your customers in the era of Open Banking, simply click here.