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Experian and Neonomics join forces to streamline access to data and affordability calculations

Experian, the world’s leading data and information services company, partners up with Neonomics to enable faster, smarter insights, decision-making and greater access to finance for consumers and lenders, empowering both parties to ensure responsible lending

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In this new commercial partnership, Neonomics and Experian A/S will provide lenders reliable and up-to-date credit information by classifying raw transactional data into predefined categories of income and expenditure. This is a key step in Experian's Open Data strategy, which will enable lenders to improve their decision-making processes and user experiences to attract new customers, manage their portfolios more effectively and gain in-depth knowledge of their customers. For consumers, strengthening the responsible lending approach through open banking will enable a much more efficient process in applying, approving and receiving credit and loans.

In this partnership, Experian is bringing to the table, as part of their Open Data Strategy, their Trusso, open banking machine-learning categorization engine, and Neonomics, as a licensed third-party provider connected to more than 2,000 banks across Europe, and with close to 100% live fully operational coverage across the Nordics, is enabling pure API based account-to-account payments and account data.

Bo Rasmussen, the Nordic Chief Customer Officer from Experian commented, “We are excited to collaborate closely with Neonomics to enable access to consumer transactional data and affordability calculations, faster, safer and simpler for both applicants and lenders,” adding “by integrating with Neonomics we are able to quickly and efficiently address the needs of our customers, resulting in a beneficial outcome for all parties involved across multiple industries.”

“We are proud that Experian has chosen Neonomics to help power its open data initiatives. With better data management and more responsive user experience and insights, we are helping Experian deliver a much stronger value proposition to their customers.” Christoffer Andvig, the CEO of Neonomics added.

Following initial launch in Denmark, Experian’s Open Banking solution will expand into the rest of the Nordic countries. Businesses that offer personal financing, especially those that have heavily relied on a manual process without access to transactional data, will be able to make much faster, accurate decisions on whether to offer a loan and what type of loan it should be, and always ensuring what is key to Experian, responsible lending.

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