Stroud & Swindon Building Society has introduced Experian's electronic ID verification, which searches and matches customer information by name, address or date of birth.
The system incorporates an application fraud indicator, which will flag a match if something suspicious is detected during the acquisition process. It also includes Experian's Consumer Indebtedness Index (CII), which identifies customers who currently show no signs of repayment difficulties but who are highly committed and may experience payment difficulties in the future.
A key factor in the deal was the need to improve the service offering by being able to integrate the end-to-end scoring and risk management process.
"We were coming to the end of our relationship with our existing credit data supplier and needed to find an alternative that had the technology to help us improve our service offering," says Simon Whitwham, Customer Service Director at Stroud & Swindon Building Society. "Our existing relationship with Experian, via its Decision Analytics division, provided a logical entry point for further developing the relationship. The technology gives greater access to data and utilising electronic IDs, CII, and the 'Detect' fraud indicator will provide a more rounded decisioning process."
As part of the deal, Experian will supply a modified 'automated bureau link', enabling access to a much wider range of data scores.
"As authentication takes place electronically at the time of application, we can provide a more efficient service. Also, customers don't need to send important documents via the post, which removes the risk of sensitive personal data being lost in the mail," adds Simon Whitwham.
"The introduction of our technology will also help the business protect itself from false applications," says Steve Kilmister, Managing Director of Experian's Consumer Business. "The 'Detect' function is unique to Experian as it can use a number of tracking techniques to monitor whether applications are fraudulent by checking against a number of key criteria on applications, such as telephone numbers, bank details and addresses."