Securing Trust

Experian, the global information services company, hosted its first annual India conclave recently on the theme: "The Next Frontier for Innovation, Competition, and Productivity."

At the conclave, Experian announced the launch of three new decision analytics products for Indian market-Prove ID, Hunter Plus, and Tallyman EasyStart. These products cater to financial institutions looking to improve customer acquisition, prevent and detect fraud, and improve cash flow and profit.

Speaking about the new products, Mohan Jayraman, MD, Experain said, "Our main idea behind these products is to increase efficiency in the banking sector, and save them from unnecessary time loss in cases of customer authentication, fraud and automation."

Let's look at these products more closely.

Prove ID: It's an automated identity and address verification service that provides multiple ways to electronically verify customers by accessing different data bases to confirm the identity of the applicants. "Prove ID will enable financial institutions in India to accept customers faster and more efficiently than they do currently," says Jayraman.

Hunter Plus: According to company sources, this will enable the Indian banking industry to collaborate and share information and use the Experian credit bureau data base. The most effective strategy is to prevent the fraud at the point of application and Hunter Plus achieves this without affecting customer service levels and turnaround times. "Experian's Hunter Plus represents the next stage of evolution to the National Hunter fraud prevention service, allowing the industry to proactively detect inconsistencies in applicant information in a standardized, scientific and efficient manner. Hunter Plus is based on cutting edge technology and in its ambit consists of a wealth of consumer data available with the Experian India Credit bureau," says Jayaraman.

Tallyman EasyStart: This is a hosted end-to-end collections product that helps institutions improve cash flow and profit, recover more at a lower cost, and enhance customer satisfaction and retention. It's easy-to-use interface allowing strategies to be tailored and implemented immediately without the need for IT support.

"Prove ID and Tallyman EasyStart are products that are highly relevant to telecom and insurance companies, as they deal with large customer bases and have to ensure the veracity of each and every one of their customers," says Jayraman.

Axis Bank will use Experian's Tallyman software to efficiently manage customers in arrears, reduce the cost of collecting debt, and increase working capital by reducing debt write-offs. Axis bank is also using Experian's products for its debt management and collections activities as well.

Clearly Experian is betting big on Tallyman and as per the company it has some unique features like:

• A single customer view across revenue streams that provides a more complete view of risk
• Workflow automation enables more sophisticated and consistent strategies for improved compliance and higher productivity
• Automated prioritization and assignment of accounts make it easy to tailor the right strategy to the right customer
• Context sensitive screens deliver the right information at the right time
• Built-in strategies, business rules and scripting deliver results quickly
• No programming required to tailor strategies

Easier debt collections

Tallyman is a key component of Experian's Debt Collection and Recovery suite and the software automates the collections process across the complete lifecycle-from managing high-risk pre-delinquent customers to debt recovery. Tallyman also segments arrears portfolios into highly specific customer types to enable collections departments to assign the appropriate collections activities sensitive to each individual case.

The software's flexibility means that Axis Bank can rehabilitate customers back to active trading, identify and manage those showing signs of financial distress but also take the appropriate actions for those customers where the recovery of debt is a priority.

Jayaram sums up, "The products we have launched will empower the banks to operate more efficiently and we are confident about many banks adopting our solutions."