Experian, the global information services company, today announced that Aldermore Bank has signed a £1.8 million extension to the data and analytics deal agreed in 2011, bringing the total contract value to £4.1 million.
Aldermore Bank will extend its use of Experian's Transact application processing system and Hunter fraud prevention software throughout the organisation, improving its control of credit and fraud risk and the efficiency of its application processing environment. It will also start using Experian's Delphi for Customer Management service to monitor changes in the credit risk profile of existing customers and to identify opportunities for up-selling additional products.
Aldermore Bank has also taken additional services from Experian's identity verification and anti-fraud portfolio. It will now use Experian's Authenticate Plus identity verification service, to electronically check customer identity in real-time, and Fraud Open Account Monitoring to examine its existing customer accounts for signs of fraud.
Gary Wood, UK&I Managing Director for Experian Decision Analytics, commented: "Organisations that are serious about achieving sustained growth are increasingly turning to advanced analytics to drive improvements in their decision making strategies. We have worked closely with Aldermore Bank to enable faster and more effective decisions for new customers, improvements in how it extends offers to existing customers as well as more precise insight into credit and fraud risk."
We are aware that for ambitious organisations like Aldermore Bank, investing in a highly sophisticated infrastructure that enables it to effectively control risk while helping it grow its lending capabilities is absolutely crucial We are confident that this significant deal will not only enable growth but play a huge role in protecting the organisation's portfolio from potential fraudulent activity."
Paul Myers, COO at Aldermore Bank said: "Experian's analytics and data expertise have enabled Aldermore Bank to effectively control both credit and fraud risk, and to run a fast and efficient process at the point of application. This partnership extension will enable further improvements in these areas, extend the positive experience we provide to new customers across all areas of the business and to spot opportunities to strengthen and deepen relationships with our best customers."