Experian has introduced a new feature called Fast Track for its Experian Marketplace platform. This tool utilizes open banking and advanced data analytics to assess income, affordability, and identity at an earlier stage of the pre-approval process. By integrating these insights, the company aims to streamline credit underwriting for both lenders and consumers.
For lenders, Fast Track reduces the need for manual reviews and improves application completion rates. For consumers, the feature provides clearer information regarding their likelihood of approval before they submit an application. This helps minimize the risk of receiving revised offers or rejections later in the process. The company Lendable, an early adopter of the technology, reported that pre-approved customers were less likely to abandon their applications during final checks.
In addition to Fast Track, Experian announced on September 10 the launch of Experian Activate, an AI-powered decisioning engine for its marketplace. This engine combines credit data, analytics, and consumer-permissioned information to match users with relevant financial offers. Furthermore, the company has released ChatGPT apps that allow consumers to compare credit cards, personal loans, and auto insurance policies through conversational AI.
