Experian Commercial Acumen helps lenders to get more business and turn data into opportunities for their small business customers.
The product provides lenders with the insights they need to make fair and informed decisions and offer lifetime support with ongoing financial monitoring and proactive services, providing their customers with the tools to track their cash flow and more.
Manual application process
Manual processes take a long time when speed is key for both the lender and small business.
Limited insight data available
Lenders must use annual account information for each business but that doesn’t reflect the current profitability or expenditure. With limited insight data available, getting extra information about a loan is tough.
Limited relationship management
Lengthy application processes as well as limited access to data could mean that small businesses are not getting the relationship management they deserve.
Quicker and simpler loan applications
Make loan applications quicker and simpler for everybody. Codat’s business data APIs allows small businesses to share their accounting data at the click of a button.
Better relationship with customers
By directly accessing the small business's accounting data, lenders get more insight into the financial health of each business, can tailor their products to them, and can give them useful advice on repayment options.
Accurate and up to date data
By accessing their customers' accounting data, lenders are able to make fairer and faster lending decisions based on accurate and up-to-date data.
“Experian’s mission is to make it easier for small businesses to gain access to finance and also to build a deeper and richer understanding between SMEs and lenders to better serve SME needs in perpetuity. We do this by digitalising the lending journey which reduces the time taken for a small business to get funds and lowers the processing cost for lenders. Codat is an integral part of this solution which allows lenders to get a holistic financial profile of a small business in a matter of minutes rather than days.”