Experian, the global information services company, has launched a new version of its credit marketing pre-screening tool allowing financial services organisations to more easily identify consumers under financial stress and market only to those most likely to be accepted for their products and services.
Delphi for Marketing draws on Experian's extensive data assets and analytical expertise to assess the credit risk status of UK consumers. It now also includes additional data indicating early signs of arrears as well as credit card behavioural data. These new sources are used in line with credit data regulations* to send earlier indicators to marketers of consumers whose finances are under stress, enabling them to remove these individuals from their marketing campaigns.
Nigel Wilson, Managing Director of Experian Marketing Information Services, comments: "While recession-hardened consumers are increasingly credit smart and financially savvy, according to our research 16 per cent are overdrawn by more than £1,000 each month, a proportion that increases to a third amongst certain consumer groups, particularly those with growing children**. This highlights the need for marketers in the financial services sector to carefully assess consumers' financial status and their potential eligibility to extend their credit holding even before marketing campaigns to them."
Delphi for Marketing accesses a huge volume of addressable data and also allows the appending of behavioural insight from Experian's consumer financial classification tool, Financial Strategy Segments, to give marketers an even clearer picture of an individual's likelihood to purchase.
Together this data insight allows marketers to promote responsible lending by marketing based on informed decisions, to focus marketing activity on reaching the right person with the right offer, reducing decline rates and highlighting any potential financial problems long before they might become an issue.