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Leveraging Real-Time Income and Employment Verification to Enhance the Member Experience

July 21, 2021 by Alison Kray

For credit unions, having the right income and employment verification tools in place helps to create an application process that is easy and low friction for both new and existing members.

Digital first is member first

The digital evolution created an expectation for online experiences that are simple, fast, and convenient. Attracting and building trusted, loyal relationships and paving the way for new revenue-generating opportunities now hinges on a lender’s ability to provide experiences that meet those expectations. At the same time, market volatility and economic uncertainty are driving catalysts behind the need for credit unions to gain a more holistic view of a member’s financial stability.

To gain a competitive advantage in today’s lending environment, credit unions need income and employment verification solutions that balance two often polarizing business drivers: member experience and risk management. While verified income and employment data is key to understanding stability, it’s equally important to streamline the verification process and make it as frictionless as possible for borrowers. With these things in mind, here are three considerations to help credit unions ensure their income and employment verification process creates a favorable member experience.

  1. The more payroll records, the better

Eliminate friction for members by tapping into a network of millions of unique employer payroll records. Gaining instant access into a database of this scale helps enable decisions in real-time, eliminates the cost and complexity of many existing verification processes, and allows members to skip cumbersome steps like producing paystubs.

  1. Create a process with high configuration and flexibility

Verification is not a one-size-fits-all process. In some cases, it might be advantageous to tailor a verification process. Make sure your program is flexible, scalable and highly configurable to meet your evolving business needs. It should also have seamless integration options to plug and play into your current operations with ease.

  1. The details are in the data

When it comes to income and employment verification, make sure that you are leveraging the most comprehensive source of consumer information. It’s important that your program is powered by quality data from a wealth of datasets that extend beyond traditional commercial businesses to ensure you are getting the most comprehensive view. Additionally, look to leverage a network of exclusive employer payroll records. With both assets, make sure you understand how frequently the data is refreshed to be certain your decisioning process is using the freshest and highest-quality data possible.

Implementing the right solution

By including a real-time income and employment verification solution in your credit union’s application process, you can improve the member experience, minimize cost and risk, and make better and faster decisions.

To learn more about Experian’s income and employment verification solutions, or for a complimentary demo, feel free to contact an expert today.

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