Stroud & Swindon Building Society is using an integrated electronic identity verification system to help prevent fraud and improve risk management.
The Experian software searches and matches customer information by name, address or date of birth. It also incorporates an application fraud indicator, and a consumer indebtedness index to highlight customers who might face future repayment difficulties.
By using a single system, the technology will help the firm establish a more efficient decision-making process, according to customer service director Simon Whitwham.
“Before, we had a separate ID check through a different system,” he said. “The new system saves us three to four minutes per application.”
Of the 8,000 customer applications processed by Stroud & Swindon last year, 6,000 needed ID checks.
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