Global risk and information solutions provider TransUnion is extending its data and technology expertise to help financial institutions accelerate digital transformation and be able to provide consumers with an easy digital application and onboarding experience.

With the demand for digital access increasing dramatically due to COVID-19-related restrictions, there is a need for financial services that can address not only consumer pain points but also the increase in fraud that comes with the rise in digital transactions.

Already available in other TransUnion markets, TransUnion Seamless Onboarding has been recently launched in the Philippines to help both financial institutions and consumers experience an end-to-end digital (or digital-assisted) onboarding process that delivers a friction-right experience, while increasing conversions and loyalty, reducing fraud, and driving operational efficiencies.

Recent studies by TransUnion Philippines found that most banks’ digital channels use application forms that are very cumbersome and provide a poor and lengthy customer experience. When applying via a website, the process could take over 40 minutes, as entry fields are often redundant.

In many instances, if applicants lose internet connection midway while filling in a form, they often need to restart the application from the very first page.

Completed applications, meanwhile, require the consumer to go through a lengthy and manual verification processes involving multiple interactions with the bank agents.

At bank branches, queues tend to be long and the verification is done manually or sometimes over the phone. On the other hand, turnaround times from credit application to approval take eight days or longer for 42% of credit cards, 51% of installment loans, and 91% of auto loans.

Delivered via a single platform and a single API that significantly reduces integration time and effort for financial institutions, TransUnion Seamless Onboarding encompasses identity verification, fraud prevention, credit risk decisioning, and service orchestration to bring a differentiated and holistic solution to the Philippine market.

As an example for consumers, this means being able to instantly apply for finance products like credit cards via mobile or at a branch near the point-of-sale and getting approved soon enough to be able to snag a store promotion for 0% installment exclusive to that credit card.

“Improving customer journeys may seem like an insurmountable task. Financial institutions are often reliant upon legacy or multiple systems and have to choose between maintaining those systems and developing new platforms. At TransUnion, we have focused on designing a service that delivers a full range of solutions that are easy to integrate for our customers, and our flexible orchestration and plug-and-play offering is configurable to meet evolving business needs. The service helps institutions rise above new challenges, including competition from progressive FinTechs, and help them create an environment and experience where in the end, both the provider and the consumer win,”

said TransUnion Philippines President and CEO Pia Arellano.

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