Experian Sees Growing Demand From Clients for BNPL Products

Experian

Experian, the Irish credit data company, has seen more demand for BNPL services, with more clients being added, Reuters writes.

The report cites the credit data firm’s strong third quarter.

BNPL has become more mainstream. As a result, Experian’s clients have demanded the company’s services in credit data to know if an applicant is fraudulent or not.

According to Chief Communication Officer Nadia Ridout-Jamieson, the interesting thing about BNPL is “that more people want to know what it means for the total indebtedness of the consumer, or how is the consumer handling debts.”

BNPL services have been reporting higher amounts of demand as COVID restrictions have been lifted and flexible lending and low interest rates have helped to bolster lending and marketing activities.

Experian has also benefited from U.S. consumers needing credit services in 2021. Credit applications rebounded to 2019 levels, according to a survey released by the New York Federal Reserve in November.

Experian expects annual revenue to grow between 16% and 17%, a raise from an earlier forecast – though the organic revenue has a narrower forecast because of weaknesses in the Europe, Middle East and Africa markets.

PYMNTS writes that Experian has teamed with Temenos, a banking software firm, to create a better way for leaders to extend credit.

Read more: Experian, Temenos Offer Instant Prescreen, Credit Solutions

The collaboration has combined for a “seamless” way for lenders to extend credit.

Experian president of Decision Analytics North America Robert Boxberger said the integration is intended to work on “harnessing the power of data and technology to enable financial institutions to make real-time decisions that maximize opportunities, mitigate risk and improve the customer experience.”

The offerings will help find the best solution for decisioning automation that businesses can scale and rapidly deploy to meet rising needs.