Experian, the global information services company, today announced a renewal of its strategic partnership with Nationwide Building Society for the provision of credit reference and electronic authentication services.
The new three-year, multi-million pound contract cements Experian as the primary credit bureau for Nationwide.
Nationwide will use Experian's credit bureau data, to better assess new applications for credit, manage existing customers' access to credit and lend responsibly throughout. The building society will continue to use Experian's Delphi for Customer Management (DCM) software, Delphi for New Business scores and Delphi Data Block - a set of credit variables enabling clients to help build bespoke scorecards using Experian data. All three include highly predictive models and event monitoring to identify changes in the credit behavior of customers, enabling the organisation to make better customer credit management decisions. In addition, Nationwide will verify, validate and authenticate customers' identities, as well as prevent fraud through Experian's online authentication services.
Nationwide will also migrate to ExPin, Experian's new credit bureau platform designed to help companies gain the most comprehensive view of each customer. ExPin assigns every person a unique identifier PIN to drastically reduce duplication and significantly improve overall match rates and data quality. Experian's latest innovation also allows accurate data sets to be accumulated and analysed within seconds to create a comprehensive, up-to-date picture of a customer's financial circumstances, enabling the provider to gain a complete and accurate profile of its customers.
Craig Boundy, Managing Director of Experian UK and Ireland, commented: "Our ongoing investment in data and technology innovation has enabled us to provide the most comprehensive view of a customer. This is vital to enable organisations to lend confidently and responsibly. We are delighted to be able to build on our long-term strategic partnership with Nationwide and look forward to supporting the organisation through its future growth strategies."
Iain Laing, Chief Risk Officer for Na Nationwide, added: "Our partnership with Experian will help us meet the responsibility we have as a mutual to our members by giving us greater control over assessing and managing credit risk which in turn will help us strengthen relationships with both new and existing customers. Our businesses are very much aligned and we see this partnership going from strength to strength in the future."