Standard Life Bank has awarded a major contract to Experian, the global information solutions company, to supply risk management services for its UK mortgage business.
Incorporating third-party data compliant credit bureau information, predictive scoring and strategy management solutions, the business banking and application processing system from Experian will also include Detect, Experian's leading anti-fraud system, to identify in real-time potentially fraudulent applications.
The Experian system will provide Standard Life Bank with the risk management tools required to implement more complex risk strategies, helping to prevent fraud and deliver the levels of responsiveness required to enable Standard Life Bank to make fast, accurate and consistent lending decisions. By enabling Standard Life Bank to accurately assess mortgage applications, the Bank's exposure to risk and any potential bad debt will also be reduced.
Vinnie O'Brien, company secretary at Standard Life Bank, says: “Standard Life Bank selected Experian because of its impressive product offering and expertise. The size and quality of its bureau information, along with its impressive track record and knowledge in credit checking systems and anti-fraud solutions, makes it a great choice for us.
“The solutions provided by Experian will be utilised to help us to understand our customers better and will enable us to implement fast and accurate decisions with regards to our mortgage business. As a result, we will be able to provide better customer service, effectively target new business and segment our existing customer base to ensure that we tailor the most appropriate offerings to each of our customers. As a centralised mortgage lender, it is important that our systems are reliable, accurate and cost-effective. Experian is working closely with us to deliver these requirements.
“These are exciting times for Standard Life Bank and, with a new regulatory environment on its way, this is a real time of change in the UK mortgage market. A year ago we were a niche mortgage lender. Now we have become mainstream, entering the buy-to-let and offset markets, expanding our range of long and short-term fixed rates and providing flexible mortgages of up to 95% loan to value. Working with Experian, we look forward to more exciting times ahead.”