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    Categorisation-as-a-Service (CaaS)

     Info
    Sold by: Experian 
    Experian’s Categorisation as a Service (CaaS) automates the categorisation of bank and credit card transaction data. The solution is driven by a suite of machine-learning algorithms, which categorise customers' bank or credit card transactions into one of over 180 different income and expenditure categories. Further models turn these categorised transactions into a set of summarised insights that can help a business understand your customers finances and make better informed decisions. Automatically categorising transactional data saves an organisation time and gives you invaluable insights into the financial wellbeing of customers. It helps you understand a customer’s income, expenditure and credit behaviour, providing a detailed picture of their financial circumstances and resilience. Available for use in batch on the AWS cloud or in real-time as part of an Open Banking data exchange, it provides secure access to verified income and expenditure data.
    Listing Thumbnail

    Categorisation-as-a-Service (CaaS)

     Info
    Sold by: Experian 

    Overview

    Categorisation as a Service (CaaS) is designed to to give organisations an unprecedented understanding of what your customers can afford to borrow and what they are able to repay. It enables you to treat every customer as an individual; helping them meet their needs and goals by better understanding their personal finances.

    Reduces underwriting time, increases efficiencies and improves the accuracy of your decisions

    CaaS automates the analysis of large volumes of transaction data instantaneously allowing you to focus on understanding your customer’s financial behaviour. It saves time, increase efficiencies and provides additional insight to inform decisions. Customers benefit from a better, quicker, more personalised experience; and businesses can make decisions based on an accurate view of an individual's finances based on what they earn, spend and save and what they can afford to repay when they borrow. CaaS can be used to spot vulnerabilities and changes in financial behaviour providing you with insight to proactively manage your customers, identify their needs and help them avoid falling into debt.

    The service is the only solution in the UK which currently categorises both bank and credit card transaction data enabling you get a complete picture of a customer’s income, expenditure and credit commitments

    Optimises the using of machine learning and data science to make better decisions

    • Are tailored to categorise, and derive insight from, current account and credit card transactions in both the United Kingdom and Ireland
    • Built and trained using over 10billion transactions using current and credit card account data from major UK and Irish retail banks and credit card providers
    • Results in a 75% reduction in underwriter time to source and interpret bank and credit statements
    • Optimised for use in financial services across the credit lifecycle including pre-qualification, originations, customer management and collections
    • 97% accurate when mapped to the FCAs affordability metrics. 95% accurate when categorising an organisation's own customer information using Experian's (185 sub-category) taxonomy
    • Continuously updated and maintained through the processing of over 240m Open Banking data exchanges a month
    • Supported by a team of 20 data scientists and annotators

    Helps you grow your business, reduce operational costs and provide a better customer experience

    Caas provides access to a variety of insights to automate your understanding of an individual's finances. These insights include:

    • CastScore – 1,600+ behavioural datapoints, income and expenditure summaries and Experian's proprietary affordability score
    • Income Insights – verifies net and irregular income, income shock, income stability and payment holidays
    • Balance Insights – monitors account turnover, cashflow, overdraft usage and balance
    • Employment Sector – verifies source of income, employer and employment type
    • Customer Management – monitors financial resilience and signs of potential vulnerabilities, as well as a range of behavioural characteristics.
    • Credit Card Behaviours – informs credit behaviour including expenditure characteristics and balance for credit cards
    • Account Usage – confirm primary accounts, savings and undeclared business accounts. Understand account activity and dormancy

    Highlights

    • 95% accuracy when categorising UK and Irish current and credit card accounts
    • Up to 15+ Gini uplift on existing credit risk models
    • Up to 40% reduction in bad debt rates

    Details

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    Pricing

    Custom pricing options

    Pricing is based on your specific requirements and eligibility. To get a custom quote for your needs, request a private offer.

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    Support

    Vendor support

    Experian can provide support services to help you implement CaaS quickly and easily

    • Getting setup – use our documentation and example notebooks as well as experienced onboarding team to get set-up quickly
    • Consultancy - our data scientists are on hand to help you interpret the insight from CaaS and optimise its use within your business
    • Product Support - the Product Support team can help you troubleshoot problems and operationalise the deployment of CaaS
    • Technical support - ongoing technical support is available when required, along with our Helpline
    • Maintainence - CaaS is updated regularly and its performance is monitored closely to ensure its accuracy and performance are optimised

    To find out more about how you can use CaaS in your business contact us.

    E: business.uk@experian.com