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Experian co-opted by the Co-op

11th Jan 2007
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The Co-operative Financial Services (CFS) has installed CRM technology from Experian to provide up-to-date risk assessment customers and highlight changes in financial status.

The Co-op has deployed the latest version of Experian's Delphi for Customer Management (DCM) technology to identify events that may indicate a change in customers' financial status. The system provides regular, up-to-date risk assessment of all customers as well as a 360-degree view of customer borrowing trends and highlights any changes in a customer's borrowing status.

The bank is also using the latest generation of Experian's customer management scores. This allows the bank to divide customers into sub-groups in order to apply the appropriate lending and contact strategies. This enables greater assistance to be provided to those customers who may be getting into general financial difficulty.

Howard Price at CFS, said the Experian technology "will allow us to offer the right product to the right customer, ensuring debt is kept manageable, helping us to identify potential problem customers before their debt problems get out of control".

Elsewhere CFS is negotiating an extension to an outsourcing deal that will double the number of its external IT development staff.

CFS signed a £22m seven-year contract with Xansa in 1994 which has already been extended twice, most recently in 2003. A new extension in March will include the outsourcing of software development for Co-operative Insurance Services.

The number of outsourced staff to rise from 150 today to between 300 and 400 when the contract is in place. He says the main motivation is fast access to increased capability, improved career and training opportunities and greater flexibility in IT spending.

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