Experian has announced the launch of a new suite of services designed to help lenders better manage their commercial lending portfolio.

The new offering, 4D Credit, also aims to provide support for small businesses as they look to battle economic uncertainty.

For the first time, commercial lenders will have access to Experian’s credit risk data and analytics capabilities all in one place. The 4D Credit service provides a “full picture” view of affordability, growth, survivability, and risk by sourcing and analysing a range of relevant data sources, including credit consumption, payment behaviour, and current account turnover.

Recent research from Experian, after surveying over 200 lenders, found that 33% believe current affordability processes and data aren’t sufficient to meet the requirements of Consumer Duty. Six in 10 (59%) advisers said their data and technology needs updating for them to be fully confident that they are ensuring the good customer outcomes that the Consumer Duty rules demand.

Further Experian research found that 58% of small businesses agree that the Consumer Duty regulation, which is being brought in by the Financial Conduct Authority at the end of next month, will help protect businesses as well as consumers.

Managing director of business information services at Experian, James McGarva, said: “Our new suite of services comes at an important time as, not only are we seeing significant changes being driven by the Consumer Duty regulation, many UK small businesses are also looking to push on against a backdrop of rising inflation and the strain of high energy costs.

“By providing lenders with the relevant tools, it allows them to offer a highly personalised approach to risk assessments and affordability, and gives valuable insight to support new and existing customers when access to finance is most needed. Getting this level of understanding provides a much better foundation to help their customers thrive and survive in this increasingly difficult environment.”

Share Story: