Latest news with #ConsumerReport
Yahoo
a day ago
- Business
- Yahoo
Experian and Plaid unite to improve credit decisioning for banks
Experian and Plaid have forged an alliance to enhance credit decisioning by integrating real-time cashflow data with credit analytics. This collaboration will support banks, credit unions, and consumer lenders, speeding up lending decisions, stated Experian. The partnership leverages Plaid's connectivity and Experian's credit analytics to help lenders evaluate risk effectively and expand access to credit. When a consumer consents to share their bank account data during a loan application, Plaid's consumer reporting agency generates a Consumer Report, which is then transmitted to Experian. Upon receiving the data, Experian analyses it and returns a predictive Cashflow Score or a set of Cashflow Attributes to the lender almost instantaneously. The Consumer Report encompasses up to two years of historical data and current cashflow information from more than 12,000 financial institutions. The predictive performance of Experian's Cashflow Score is reportedly increased by up to 25% when compared to traditional credit data scores, the company said. This score, which spans from 300 to 850, is applicable to various types of credit, including credit cards, personal loans, and auto loans. The integration of cashflow insights allows lenders to have an understanding of a consumer's financial situation, leading to better risk management and access to more affordable credit. Experian introduced the Cashflow Score in March, aiming to aid lenders in making well-informed credit decisions. Plaid chief operating officer Eric Sager said: 'Our work with Experian is about removing long-standing barriers, making it easier for lenders to access consumer-permissioned data and make better decisions. Together, we're building a more inclusive, intelligent and competitive financial system.' Experian North America financial services Group president Scott Brown stated: 'This is just the beginning of what we believe will be a very powerful relationship with Plaid. Together, we're helping to accelerate the adoption of cashflow insights to drive faster decisions, stronger portfolios, and new financial opportunities for consumers. We're achieving this while delivering an experience that is transparent and provides consumers with control every step of the way.' In April, Plaid raised $575m in a funding round led by Franklin Templeton. "Experian and Plaid unite to improve credit decisioning for banks " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Wire
4 days ago
- Business
- Business Wire
Experian and Plaid Team up to Unlock Smarter Credit Decisions With Real-Time Cashflow Insights
COSTA MESA, Calif. & SAN FRANCISCO--(BUSINESS WIRE)--Today, Experian ®, a global data and technology company, and Plaid, a leading financial data network, announced a strategic collaboration to lower barriers to accessing cashflow solutions and expanding financial inclusion. Now, banks, credit unions and consumer lenders can leverage Experian and Plaid's combined expertise in real-time cashflow data and credit analytics to accelerate decisions, sharpen risk assessments and improve borrower outcomes. Now, banks, credit unions and consumer lenders can leverage Experian and Plaid's combined expertise in real-time cashflow data and credit analytics to accelerate decisions, sharpen risk assessments and improve borrower outcomes. Share 'We are highly focused on making real-time cashflow data and insights more accessible to drive greater financial inclusion and enable our clients to have a more holistic view of an individual's financial health,' said Scott Brown, Group President Financial Services for Experian North America. 'This is just the beginning of what we believe will be a very powerful relationship with Plaid. Together, we're helping to accelerate the adoption of cashflow insights to drive faster decisions, stronger portfolios, and new financial opportunities for consumers. We're achieving this while delivering an experience that is transparent and provides consumers with control every step of the way.' How it works: turning real-time cashflow data into actionable insights As part of the newly forged relationship, lenders can leverage Plaid's secure connectivity capabilities used by 1 in 2 U.S. bank account holders, and Experian's expertise in advanced credit analytics and decisioning from a single solution. 'Real-time cashflow insights, alongside traditional credit data, are becoming essential for lenders to improve business outcomes and expand access to credit,' said Eric Sager, Chief Operating Officer at Plaid. 'Our work with Experian is about removing long-standing barriers, making it easier for lenders to access consumer-permissioned data and make better decisions. Together, we're building a more inclusive, intelligent and competitive financial system.' When a consumer consents to share cashflow data from their bank account during a loan application, a Consumer Report is generated on their behalf by Plaid's consumer reporting agency — and then securely delivered to Experian via a seamless integration. Experian analyzes the data and returns a predictive Cashflow Score or set of Cashflow Attributes to the lender in near real time. Consumer Report provides up to two years of historical data and the latest cashflow data from more than 12,000 financial institutions. Backed by the largest open banking data network — powering 7,000 apps and services — Plaid enriches and analyzes over 500 million transactions daily with proprietary machine learning and AI-powered categorization specifically for lending. Experian's Cashflow Score provides up to a 25% lift in predictive performance when compared to scores using conventional credit data. 1 The score ranges from 300 to 850 and can be used to make decisions across credit cards, personal loans, auto loans and more. Why it matters: driving inclusion with a modern approach When traditional credit data is paired with cashflow insights, it creates new opportunities to assess risk more efficiently and holistically, particularly for consumers with limited credit histories. Incorporating cashflow insights gives lenders a broader view of consumers' finances, which can improve risk management and help expand access to more affordable credit. Ultimately, the collaboration between Experian and Plaid provides lenders with the capabilities and insights needed to offer first- and second-chance credit opportunities to even more consumers. For more information about Experian's open banking capabilities, please visit: About Experian Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money. We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments. We invest in talented people and new advanced technologies to unlock the power of data and to innovate. A FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 23,300 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at About Plaid Plaid is a global data network that powers the tools millions of people rely on to live healthier financial lives. Our ambition is to facilitate a more inclusive, competitive, and mutually beneficial financial system by using data analytics to simplify payments, revolutionize lending, and lead the fight against fraud. Plaid works with thousands of companies, including fintechs, Fortune 500 companies, and many of the largest banks to empower people with more choice and control over how they manage their money. Headquartered in San Francisco, Plaid's network spans over 12,000 institutions across the U.S., Canada, U.K., and Europe. 1 Based on Experian analysis when Cashflow Score is compared to conventional credit scores, tailored to targeted risk tiers. Predictability is based on the Kolmogorov-Smirnov test.
Yahoo
4 days ago
- Business
- Yahoo
Experian and Plaid Team up to Unlock Smarter Credit Decisions With Real-Time Cashflow Insights
Experian analytics and Plaid permissioned data help lenders assess risk more accurately, expand access to credit and deliver better outcomes for consumers COSTA MESA, Calif. & SAN FRANCISCO, June 05, 2025--(BUSINESS WIRE)--Today, Experian®, a global data and technology company, and Plaid, a leading financial data network, announced a strategic collaboration to lower barriers to accessing cashflow solutions and expanding financial inclusion. Now, banks, credit unions and consumer lenders can leverage Experian and Plaid's combined expertise in real-time cashflow data and credit analytics to accelerate decisions, sharpen risk assessments and improve borrower outcomes. "We are highly focused on making real-time cashflow data and insights more accessible to drive greater financial inclusion and enable our clients to have a more holistic view of an individual's financial health," said Scott Brown, Group President Financial Services for Experian North America. "This is just the beginning of what we believe will be a very powerful relationship with Plaid. Together, we're helping to accelerate the adoption of cashflow insights to drive faster decisions, stronger portfolios, and new financial opportunities for consumers. We're achieving this while delivering an experience that is transparent and provides consumers with control every step of the way." How it works: turning real-time cashflow data into actionable insights As part of the newly forged relationship, lenders can leverage Plaid's secure connectivity capabilities used by 1 in 2 U.S. bank account holders, and Experian's expertise in advanced credit analytics and decisioning from a single solution. "Real-time cashflow insights, alongside traditional credit data, are becoming essential for lenders to improve business outcomes and expand access to credit," said Eric Sager, Chief Operating Officer at Plaid. "Our work with Experian is about removing long-standing barriers, making it easier for lenders to access consumer-permissioned data and make better decisions. Together, we're building a more inclusive, intelligent and competitive financial system." When a consumer consents to share cashflow data from their bank account during a loan application, a Consumer Report is generated on their behalf by Plaid's consumer reporting agency — and then securely delivered to Experian via a seamless integration. Experian analyzes the data and returns a predictive Cashflow Score or set of Cashflow Attributes to the lender in near real time. Consumer Report provides up to two years of historical data and the latest cashflow data from more than 12,000 financial institutions. Backed by the largest open banking data network — powering 7,000 apps and services — Plaid enriches and analyzes over 500 million transactions daily with proprietary machine learning and AI-powered categorization specifically for lending. Experian's Cashflow Score provides up to a 25% lift in predictive performance when compared to scores using conventional credit data.1 The score ranges from 300 to 850 and can be used to make decisions across credit cards, personal loans, auto loans and more. Why it matters: driving inclusion with a modern approach When traditional credit data is paired with cashflow insights, it creates new opportunities to assess risk more efficiently and holistically, particularly for consumers with limited credit histories. Incorporating cashflow insights gives lenders a broader view of consumers' finances, which can improve risk management and help expand access to more affordable credit. Ultimately, the collaboration between Experian and Plaid provides lenders with the capabilities and insights needed to offer first- and second-chance credit opportunities to even more consumers. For more information about Experian's open banking capabilities, please visit: About Experian Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money. We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments. We invest in talented people and new advanced technologies to unlock the power of data and to innovate. A FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 23,300 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at About Plaid Plaid is a global data network that powers the tools millions of people rely on to live healthier financial lives. Our ambition is to facilitate a more inclusive, competitive, and mutually beneficial financial system by using data analytics to simplify payments, revolutionize lending, and lead the fight against fraud. Plaid works with thousands of companies, including fintechs, Fortune 500 companies, and many of the largest banks to empower people with more choice and control over how they manage their money. Headquartered in San Francisco, Plaid's network spans over 12,000 institutions across the U.S., Canada, U.K., and Europe. 1 Based on Experian analysis when Cashflow Score is compared to conventional credit scores, tailored to targeted risk tiers. Predictability is based on the Kolmogorov-Smirnov test. View source version on Contacts Amanda GarofaloExperian Public Lindsey HuttrerPlaid Communicationslhuttrer@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
New Straits Times
22-04-2025
- Business
- New Straits Times
Mavcom reports 99pc of complaints received in 2nd half of 2024 resolved
KUALA LUMPUR: The Malaysian Aviation Commission (Mavcom) reported that 99 per cent of all complaints received in the second half of 2024 (2H 2024) were successfully resolved, with 37 per cent of these cases resulting in airlines reversing their initial decisions in favour of consumers. In a statement today, Mavcom said its bi-annual Consumer Report for 2H 2024 showed that a total of 2,613 complaints were received, a 34 per cent increase compared to 1,948 complaints registered in the corresponding period in 2H 2023. It said that 2,581 complaints (99 per cent) were on airlines, while the remaining 32 (one per cent) involved airport services. Malaysia Airlines accounted for the highest number of complaints among airlines, at 921, followed by AirAsia (611) and Batik Air (437). Mavcom said that in terms of complaint resolution by domestic airlines, AirAsia, AirAsia X, Batik Air, Firefly, Malaysia Airlines, and MASwings successfully met the 90 per cent resolution target for closing complaints within 30 days. "In contrast, foreign airlines reported a resolution rate of 54 per cent, highlighting there were still areas for improvement to ensure higher consumer satisfaction," it said. Mavcom executive chairman Datuk Seri Saripuddin Kasim said it was crucial that the industry not only meet growing demand but also uphold the rights of consumers as air travel continues to rebound. "We urge all aviation players to place consumer needs at the forefront, particularly in resolving complaints effectively. "Our survey findings indicate a positive trend in consumer awareness of their rights and improvement in the resolution efforts by Malaysian carriers," he said.
Malay Mail
22-04-2025
- Business
- Malay Mail
Mavcom: Complaints against airlines surge, but 99pc resolved in 2H 2024
KUALA LUMPUR, April 22 — The Malaysian Aviation Commission (Mavcom) reported that 99 per cent of all complaints received in the second half of 2024 (2H 2024) were successfully resolved, with 37 per cent of these cases resulting in airlines reversing their initial decisions in favour of consumers. In a statement today, Mavcom said its bi-annual Consumer Report for 2H 2024 showed that a total of 2,613 complaints were received, a 34 per cent increase compared to 1,948 complaints registered in the corresponding period in 2H 2023. It said that 2,581 complaints (99 per cent) were on airlines, while the remaining 32 (one per cent) involved airport services. Malaysia Airlines accounted for the highest number of complaints among airlines, at 921, followed by AirAsia (611) and Batik Air (437). Mavcom said that in terms of complaint resolution by domestic airlines, AirAsia, AirAsia X, Batik Air, Firefly, Malaysia Airlines, and MASwings successfully met the 90 per cent resolution target for closing complaints within 30 days. 'In contrast, foreign airlines reported a resolution rate of 54 per cent, highlighting there were still areas for improvement to ensure higher consumer satisfaction,' it said. Mavcom executive chairman Datuk Seri Saripuddin Kassim said it is crucial that the industry not only meets growing demand but also upholds the rights of consumers as air travel continues to rebound. 'We urge all aviation players to place consumer needs at the forefront, particularly in resolving complaints effectively. 'Our survey findings indicate a positive trend in consumer awareness of their rights and improvement in the resolution efforts by Malaysian carriers,' he said. Saripuddin said the continued collective effort by the aviation industry is necessary to further elevate consumer knowledge and protection. — Bernama
