For the first time, Experian’s Categorisation as a Service (CaaS) will be available in AWS Marketplace, allowing UK organisations to gain a better understanding of their customers’ financial transaction data in real-time.
CaaS identifies patterns and signals in a customer’s financial behaviour. It creates value by giving organisations a deeper insight on a customer’s finances, as well as a broader understanding of the behaviour of a portfolio of customers. It helps organisations anticipate risk, improve decision making, and be more responsive to changes in a customer’s personal finances.
Building on the established relationship between Experian and Amazon Web Services (AWS), organisations will now be offered CaaS in their own AWS environment, allowing them to automate analysis of complex datasets instantaneously.
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CaaS enables financial institutions to analyse current and historical payment account transaction data, including credit cards. This information can be made available from their own customers or shared in real-time through open banking.
CaaS is a valuable tool that helps lenders make more informed decisions that will deliver better customer outcomes. The deeper insights derived from CaaS can be used to assess customer spending habits, giving organisations a more accurate picture of affordability and, for example, help lenders identify vulnerable customers whose financial circumstances may have changed due to the pandemic.
Paul Speirs, Managing Director Digital Consumer Information at Experian UK&I, said: “Many organisations have already used Experian services in AWS Marketplace, but with the addition of CaaS we can now offer the next step in data analysis via the cloud that incorporates a client’s own data, as well as open banking capabilities.
“Automated technologies enable businesses to understand their data in ways which were never before possible. Automated categorisation provides a rich vein of insight that financial organisations can use to identify financial wellness and possible vulnerabilities, helping them proactively manage and protect customers. Working with AWS means more organisations will be able to take advantage of richer, deeper insights to inform business critical decisions.”
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Leading Irish bank Permanent TSB is one of the first clients to deploy the service. They are using a bespoke version of CaaS which Experian’s data scientists have specially trained to interpret the transaction behaviour of Irish customers to help the bank reduce manual processing of data and automate income assessments.
Tao Baker, Head of Digital Innovation & Fintech at Permanent TSB, said: “Led by the digital innovation team, we worked with our internal teams to deliver a new digital capability to the Irish market that would help our customers when they needed us most. We look forward to innovating with our partners to continuously deliver key services to all our customers.”
Stephen Orban, General Manager of AWS Marketplace said: “By delivering pre-trained CaaS machine learning models in AWS Marketplace, Experian helps organisations derive greater insights from their own user data without having to share customer personal data outside of their own secure AWS environment.”
AWS customers can discover a selection of Experian data products already via the AWS Marketplace, giving them a self-serve mechanism to find, procure, and use the data services they need in a cloud-native way to drive and improve their business analytics
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