Experian eyes the anti-money laundering market

As interest in combating the ‘black’ economy by using anti-money laundering software grows, Experian, a company that provides value-added information solutions is gearing up to tap the BFSI and telecom segments. The company helps consumers understand, manage and protect their personal information. Peter Brooker, Public Affairs Director, Experian International informs, “Experian views India as a strategically important market for its future development. Consumer credit in India is still in a nascent stage vis-à-vis usage of the type of solutions offered by us.”

Experian is focussing on its strategy management software solutions in India. These solutions provide a business user with the ability to consistently deploy scoring models, portfolio segmentation, decisions and actions to control and manage customer relationships and make better decisions regarding risk management.

Experian’s offerings consist of a wide range of anti-fraud services including services to prevent fraud at the credit application stage, to identify and prevent money laundering. Recently the company announced enhancements to its anti-money laundering detection platform. The company works with clients across diverse verticals such as financial services, telecommunications, healthcare, insurance, retail and catalogue, automotive, manufacturing, leisure, utilities, e-commerce, property and government.

Says Brooker, “Our solutions help them control the financial aspects of key events and make advantageous financial decisions. We are the first company to introduce online credit report monitoring and identity fraud protection services for consumers to help them manage their financial health and protect their personal information.”

It has created new markets worldwide by introducing credit bureaus, decision support systems, credit application fraud prevention and online identity authentication, verification and anti-money laundering systems, which are now used by financial institutions across the globe.

The company is helping emerging economies, especially in eastern Europe and the Asia-Pacific to develop their consumer economies through the establishment of credit bureaus and the introduction of credit and decision support solutions that enable financial services providers to flourish.

Elaborating on the company’s plans for India Brooker says, “We are currently concentrating on providing analytical and decision-oriented support services, which are used primarily by banking and telecommunications organisations. It will help them to support their lending decisions ensuring that they lend responsibly by making the best informed decisions about their customers.”

HSBC has recently announced a global deal with Experian for the latter’s strategy management solution. Experian hopes to acquire customers in India who also have a presence in other countries. The company has continued making investments in new product development and raised its focus on customer service. Developing new value-added solutions and growing by targeted acquisitions are some of the company’s focus areas.