Experian has announced that it is introducing a new seamless process for loan applications, delivering significant time savings for consumers. The new journey integrates the loan purchase experience into one place, with customers having to enter far fewer details because Experian’s data insights allows it to pre-populate the relevant information. As well as being given a quick indication of their eligibility, Experian customers are also provided the guaranteed interest rate instead of a representative APR.
Amir Goshtai, Managing Director of Propositions & Partnerships, Experian said “This is the next step in transforming the customer journey for loan applications, creating huge time savings and removing duplication. Consumers currently have a fractured experience when it comes to loans, as they have to switch between different websites.”
“Our focus is to help people be more confident with their finances and improve their financial access, and our new feature represents an important step in that direction. Our experience so far demonstrates the benefits for lenders, with Shawbrook seeing click to application rates double that of a typical lender. We are discussing providing this solution with a number of lenders and look forward to extending our service”.
Paul Went, Products and Markets Director, Shawbrook said: “We are excited to be the first provider to be launching this seamless process with Experian. Today, in a world where convenience is key, we need to keep evolving and transforming our products to meet our customers’ needs. We believe this new journey combined with our personalised rates and soft search technology will truly enhance the overall customer experience”.