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Digital transformation is changing how financial services providers are working to deliver their products to consumers, and cloud-based technology platforms powered by massive amounts of data are going to be a game-changer in the industry.
The world’s top technology companies have set the standard for seamless user experiences, and this has translated to increased expectation levels in the financial services market.
Today, financial brands are under increasing pressure to deliver, with 93 percent of consumers stating they are only likely to choose companies who can offer excellent customer service and 90 percent demanding an immediate response.
However, the reality is that typically financial institutions buy software solutions from many different vendors, leverage a variety of tools and applications across different cloud environments and go through rigorous and time-consuming processes to stitch everything together.
This fragmented approach stretches timelines unnecessarily, raises security concerns, creates operational challenges and has been a key barrier for financial services companies to deliver the type of experience consumers expect.
Experian is changing this dynamic with the recent debut of its Ascend Technology Platform.
“We have all become accustomed to five-star user experiences from the technologies we use every day,” says Alex Lintner, CEO of Experian Software Solutions.
“For example, if you get on your iPhone, you can easily move between, or share information from, multiple apps. If you get onto your Microsoft email, you can send a PowerPoint presentation, schedule a Teams meeting or leverage other functionality. It’s integrated.
It’s synchronised. It’s easy. Whether the user thinks about it or not, those are examples of a truly integrated platform.
“Our Ascend platform does the same now for the financial services industry. This industry-leading technology platform integrates critical functionalities, bringing together software tools for analytics, credit decisioning and fraud into a single interface.
“There is no other platform on the market that offers the level of sophisticated integrations we do or that can ‘turn on’ new solutions as quickly. To put it simply, it’s a revolution for this industry.”
By combining analytics, decision-making and fraud detection into a single platform, Experian is simplifying operations, enhancing security and accelerating time to value for financial institutions worldwide.
One company that is leveraging this data and analytical platform is Virgin Money.
“Implementing a digital transformation that truly improves your business can be a daunting task, but it’s achievable with the right ingredients,” says Nick Dagg, from Experian United Kingdom and Ireland.
“We have been working closely with Virgin Money to help achieve their mission of becoming the UK’s best digital bank.
They will use the full breadth of Experian’s services including credit and lending data, fraud prevention, AI powered analytics, governance and compliance, as well as marketing services across all their product lines—enabling them to deliver faster access and more personalised digital products to their customers, driving real value in the market.”
“From more personalised products to faster, more secure, streamlined applications, by using Experian’s cloud-based technology, our customers will benefit across the digital journey,” explains Katharine Lovell, head of unsecured lending at Virgin Money.
“We are excited to use this new approach to expand the range of our services in a hassle-free digital environment.”
Through new technology and data-powered platforms, financial services companies can evolve the way they work to keep up with their customers’ demands for a faster, safer, and all-round better experience.
Data and advanced technology is the key to unlocking better performance and ultimately powering new opportunities for everyone, businesses and consumers alike. — Reuters.
Online Reporter