Experian, the global information solutions company, today launched Canvasse Saver.
Developed for the financial services sector, the latest direct marketing solution from Experian enables companies to improve customer acquisition and also increase the value of existing savings customers.
The savings market has changed dramatically in the last five years, demonstrated by the volume of new products now available above base rate, through to the shift in traditional "monoline" providers towards offering broad savings products. According to research conducted by Experian, almost two thirds of the UK saving population holds savings accounts with their current account provider and half admit that they would switch to capitalise on a more competitive product.
Against this backdrop, Canvasse Saver from Experian combines the company's broad marketing data assets and analytical solutions with its expertise in the financial services sector to enhance customer acquisition campaigns by:
- Reducing cost per acquisition - through the removal of prospects who would struggle to save from direct marketing campaigns
- Improving campaign response rates - by recommending the most appropriate savings product offers to make to prospects based on their financial behaviours
- Detecting savings "triggers" - by identifying events, such as property down-sizing, that indicate the freeing up of income for savings, enabling organisations to target prospects with the most relevant offers
Canvasse Saver from Experian also enables financial services companies to increase the value of their existing savings customers via:
- "De-tuning" and "Backbooking" management - ensuring that profitable and non-profitable rate sensitive customers are identified and appropriate direct marketing strategies are adapted to maximise value from the entire customer base
- Event-based marketing - detecting events on savings accounts - for example, a static balance for an extended period of time - and notifying the organisation to send the relevant marketing communications to stimulate savings activity
Dormancy management - by tracing lost customers via Experian's Unclaimed Assets Register and its sophisticated tracing services to re-unite them with their savings
On the launch of Canvasse Saver from Experian, Gillian Buttree, Marketing Director for the company’s Marketing Services division, said: "Canvasse Saver from Experian tackles what matters most to the sector - how to win new, profitable customers and how to maximise the value from existing customer relationships. The savings market today is incredibly competitive and Canvasse Saver from Experian provides companies with a solution to determine the best customer acquisition and management strategies."
Separately, Experian, the global information solutions company, has signed an exclusive agreement to supply CreditChex with its proprietary software to enable CreditChex to establish a consumer credit reference database and bureau service in Pakistan.
CreditChex is a joint venture between the JS Group, a leading financial services group in Pakistan, and DCD Group, a global finance and real estate company. CreditChex will provide valuable decision-making tools to any company or financial institution extending consumer credit in Pakistan. These companies range from financial institutions issuing credit cards or extending loans to consumers through to mobile phone and other utility companies.
CreditChex will use the world-leading Experian software to offer the following services to these businesses:
- Positive credit information on individuals seeking credit
- Bureau score
- Fraud detection and prevention
- Loan classification for the purpose of financial regulation
"We already operate credit bureaux in 12 international markets, including the UK and USA, where the consumer credit markets are highly developed, and others, such as Russia and Bulgaria, where they are still at an early stage in their development," said John Saunders, Chief Executive, Global Operations, Experian. "We also provide software for credit bureaux for third party operators in additional countries.
"The economy in Pakistan is growing steadily and has developed to a stage where there is significant growth in the consumer loans and auto loans markets, as well as in the credit card market. We believe that CreditChex's credit bureau, which will be run on the Experian software platform and offer Experian decision support tools, will result in better risk management for lenders and greater financial stability for lenders and consumers.
"We have been working closely with lenders, governments and regulators for many years. The demand for fast, accurate information in decision-making is growing rapidly in financial markets across the world, and Pakistan is no exception. Lenders need to base their decisions on relevant information about consumers, so automated and sophisticated credit information retrieval systems are key to managing credit risk. The predictiveness of decision-making solutions has been enhanced by the introduction of shared credit information via credit bureaux, resulting in better risk management for lenders and improved profitability.
"Credit bureaux are key enablers for the growth of a nation's consumer economy and the quality of consumer credit portfolios, whilst protecting the privacy and credit exposure of individual consumers."
"With the consumer credit market booming alongside a buoyant economy, the time is ripe for a world-class credit information service in Pakistan," commented Munaf Ibrahim, Director, JS Group.
"Financial institutions and utility companies in Pakistan are coming under increasing pressure to take well-informed, intelligent and timely business decisions as to whom they should extend credit and on what terms. The CreditChex partnership is an important addition to the JS Group's financial services platform, which now operates market leading companies in financial sectors ranging from retail and investment banking, securities brokerage and asset management to insurance, trade finance and, now, credit bureau services."
Zilay Wahidy, Director of DCD Group in the USA, added: "We are excited about the prospects for the CreditChex business. Experian is the world leader in the provision of credit bureau services and its decision to partner with us is an endorsement not only of DCD's and JS's strong presence within Pakistan's financial services industry but also of the Pakistani consumer credit market, which has reached a critical mass.
"A credit bureau is a vital risk management tool that is necessary to ensure that the consumer banking sector in Pakistan continues to expand in a sustainable manner. We are proud to be a part of this development."
The agreement with CreditChex is consistent with Experian's global strategy to enter into new vertical or regional markets, while leveraging the core assets of Experian.