Experian partners Soar to improve community banking lending decisions

Ethical digital banking platform Soar will use Experian’s decision analytics solutions to enable the community banking market automate lending decisions.

Through the new partnership, Soar’s credit union and community bank clients will be able to make use of Experian’s SaaS PowerCurve Customer Acquisition platform, which returns a lending decision within minutes, compared to up to a week for manual applications to be reviewed and processed.

Experian’s cloud-based offering incorporates affordability and eligibility insights based on its bureau data, anti-fraud checks, and advanced data analytics.

Steve Pulley, managing director decision analytics at Experian UK&I, said: “Today’s customers expect digital services to work seamlessly and almost instantaneously, while the impact of Covid-19 means it’s critical that lenders can accurately assess a potential customer’s suitability for lending.

“Our software plays a critical role in organisations’ decisioning, radically improving their efficiency and outcomes for customers and I’m delighted that those in the community banking market will feel the benefit that data-led analytics can bring.”

Andrew Duncan, CEO of Soar, said that the community banking market has traditionally been “underserved” when it comes to technology advancements.

He added: “We’re committed to changing that, giving organisations the chance to provide their customers with the best digital offering possible.

“The breadth and accuracy of what Experian software can offer will be central to us in meeting that ambition and modernising the ethical banking sector.”

To find out more about migrating legacy tech to the cloud, watch the latest episode of Open Banking Expo in partnership with Experian to find out about the role cloud software plays in the customer journey.