Experian Marketplace is the company’s consumer comparison shopping platform for credit cards, personal loans and car insurance.
The new feature, Fast Track, uses open banking, advanced affordability information and other enhanced data insights to enable analysis of a wider range of income, affordability and identity data at an earlier stage in the pre-approval journey, according to the release.
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Fast Track benefits lenders by reducing unnecessary manual reviews, increasing application completion rates and minimizing applications that are unlikely to be approved, the release said.
For consumers, Fast Track offers greater understanding of their likelihood of approval before they apply. The feature also reduces the number of additional checks as well as the possibility of receiving a revised offer or a decline later in the application process, per the release.
“By combining traditional eligibility assessments with richer affordability and Open Banking insights, we’re helping consumers access more relevant offers with greater confidence,” Edu Castro, managing director, Experian Consumer Services UK&I, said in the release. “It’s an important step forward in creating a more efficient lending experience for everyone.”
An early adopter of Fast Track, Lendable, found in testing that when loan customers were told they were pre-approved, they were less likely to stop during final checks, according to the release.
“[Fast Track] brings a new level of confidence for consumers, using the latest advancements in credit technology to remove last-minute rejections and ensure people pay only what they expect,” Lendable Managing Director Chris Meurice said in the release.
Experian announced Sept. 10 that it added an artificial intelligence-enabled decisioning engine called Experian Activate to Experian Marketplace. Powered by a combination of credit data, advanced analytics, AI capabilities, consumer-permissioned financial information and lender-specific underwriting criteria, Experian Activate helps consumers find offers they are more likely to qualify for and helps lenders reach qualified customers more efficiently, the company said.
Experian also launched apps on ChatGPT that let consumers discover and compare credit card options, personal loan offers and auto insurance policies with the help of conversational AI.
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