A majority of lenders (86%) are looking at high quality affordability data as an opportunity to improve overall customer experience.
The research from Callcredit also reveals unstructured data are at the top of the list of data sources that experienced lenders are accessing to optimise the customer journey.
These findings form part of Callcredit’s ‘New Affordability’ report highlight that risk professionals are looking beyond meeting compliance requirements when it comes to maximising the insight available to them and improving customer management.
Steve McNicholas, managing director of credit and marketing data at Callcredit, said: “Lenders are starting to recognise the opportunity in using more informed affordability assessments to enhance the customer experience.
“It is encouraging to see that organisations are exploring increasingly diverse data sources as part of the customer experience and risk management process.
“But, with so much now available, the challenge is in translating this into useful insights that truly enhance the customer journey and risk management.
“This combined with regularly evaluating and updating affordability assessment will help to protect and strengthen relationships with customers in the long term