Experian: Oakbrook and Experian Pilot to Help More People Access…
State-of-the-art affordability technology will enable personalized decisions that accurately reflect a customer’s financial situation. Early tests show a 10% increase in acceptance rates without any compromise on affordability ratings or credit performance.
United Kingdom, March 9, 2022: Digital lending platform Oakbrook will soon be able to offer an additional service to enable more people to access fairer and more affordable credit, by piloting Experian’s Work Report™ tool, a feature of Experian’s Accessibility Passport, to improve their loan application process.
Using the Employment Reporting feature, the client applying for a loan from Oakbrook will be able to provide consent to share their employment information in a single digital exchange.
from Experian Job Report™, provides direct confirmation of a client’s gross and net income, as well as employment status and seniority, in seconds. The service is the first digital verification service that allows a customer to consent to digitally share their payroll information.
Work Report™ is produced in partnership with the global Fintech platform Financing of salaries and recently integrated payroll software providers, Sage and Zellis. It will enable 1 in 3 employees (over 10 million) to share their job details.
The combination of real-time access to granular transaction and employment information provides a more complete picture of credit risk and affordability. The addition of Work Report, to its already existing set of tools, further allows Oakbrook to accurately confirm a customer’s affordability, helping to make a faster and more streamlined loan decision based on their circumstances. financial.
Pre-launch testing of the service by Oakbrook Finance showed a potential 10% increase in acceptance rates, across select segments of consumers applying for credit, with no compromise on affordability ratings or credit performance.
The verification service can be used throughout the credit application process to reduce credit risk and minimize fraud. This is also in addition to the tools Oakbrook already uses to meet accessibility regulations and treat customers fairly.
Paul Speirs, managing director of digital consumer insights at Experian, said:“This partnership comes at a hugely important time, as many will feel the pressure of fluidity in the UK jobs market and pressure on household incomes due to the rising cost of living. The ability to check Accurately detailing a customer’s employment information provides a much better understanding of a customer’s affordability and providing them with affordable products tailored to their financial situation.
“This is good news for new customers, some of whom may have already been turned down, and for existing customers, including those who have experienced financial shock. We are excited to be working alongside Oakbrook on this. exciting driver.”
James Blakey, Chief Analytics Officer at Oakbrook, said:“We are delighted to be working with Experian and Salary Finance on this pilot for Work Report, and to be the first UK lender to try it. By using Work Report, we are adding to our already comprehensive set of tools that help us assess affordability of loans for our applicants. Our goal is to simplify and personalize borrowing and we are really looking forward to seeing the role that Work Report will play in helping us achieve that goal.”
Joe Green, Senior PR Manager, Corporate and Business, UK and I, Experian
Tel: 07812 737 768 / Email: [email protected]
Experian is the world leader in information services. During life’s big moments – from buying a house or car, to sending a kid to college, to growing a business by connecting with new customers – we enable consumers and our customers to manage their data with confidence. We help individuals gain financial control and access financial services, businesses make smarter decisions and thrive, lenders lend more responsibly, and organizations prevent identity theft and crime. .
We have 20,000 people operating in 44 countries and every day we invest in new technologies, talented people and innovation to help all of our customers maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are part of the FTSE 100 index.
Oakbrook is a consumer finance and digital technology company, breaking down barriers between consumers who want to borrow and investors who want to lend.
Formed in 2011, Oakbrook has brought together people with deep expertise in consumer lending, advanced analytics, and forward-thinking technologists, with a shared belief that there is a better way to do consumer lending – by being more personalized and customer-focused. Oakbrook comprises 2 FCA-regulated consumer lending companies and O6K, a business-to-business technology and analytics company.
The common objective of the 3 companies is to take up the challenge of simplifying and personalizing borrowing. Provide customers with fairer access to credit based on their personal circumstances by leveraging advanced technology.
Learn more about www.oakbrook.com