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Saving Time with APIs

Published: November 13, 2019 by Guest Contributor


Time – it’s the only resource we can’t get more of, which is why we tend to obsess over saving it. Despite this obsession, it can be hard for us to identify time-wasting activities. From morning habits to credit decisioning, processes and routines that seem, well, routine, can get in the way of maximizing how we use our time.

Identifying the Problem

Every morning, I used to turn on my coffee maker, walk to the bathroom to take my multivitamin, then walk back into the kitchen to finish making my coffee. This required maybe twenty steps to the bathroom and twenty steps back, and while this isn’t a huge amount of time—half a minute at best—it’s not insignificant, especially in the morning when time feels particularly precious. One day, I realized I could eliminate the waste by moving my multivitamin to the cabinet above my coffeemaker.

What if we could all make minor changes to enhance our efficiency both at home and at work? Imagine how much time we could save by cutting out unnecessary steps. And how saving that time could help drive significant revenue increases.

Time Equals Money

When businesses waste time with unnecessary steps, that’s money from their bottom line, and out of the pockets of people who are connected to them. Over the last several years, a new time saver has emerged – Application Programming Interface (API). APIs allow application programs to communicate with other operating systems or control programs through a series of server requests or API calls, enabling seamless interaction, data sharing and decisioning. Experian’s partners utilize our ever-growing suite of APIs to quickly access better data, making existing processes more effective and routines more efficient.

In the past, banks and other partners had to send files back and forth to Experian when they needed decisioning on a customer’s credit-worthiness prior to approving a new loan or extending a credit limit increase. Now, partners can have their origination system call an Experian API and send their data through that. Our system processes it and sends it back in milliseconds, giving the lenders real-time decisioning rather than shuttling information back and forth unnecessarily.

Instead of effectively walking away from one process (assisting the customer/making coffee) to start another (retrieving credit info/walking down the hall to take the multivitamin), our partners are able to link these processes up and save time, allowing them to capitalize on the presence and interest of their customer.

The Proof

When Washington State Employees Credit Union, the second-largest credit union in the state, realized they needed to make a change to keep pace with increasing competition, they turned to Experian.

With our solution, the credit union is now able to provide its members with instant credit decisioning through their online banking platform. This real-time decisioning at the point of member-initiated contact increased the credit union’s loan and credit applications by 25%. Additionally, member satisfaction increased, with 90% of members finding the simplified prequalification process to be more efficient.

By accessing Experian’s decisioning services through your existing connection, lenders can to save time and match consumers with the products that match their credit profile before they apply – increasing approval rates once the application is submitted. Best of all, the entire process with the consumers is completed within seconds.

Find out how Experian’s solutions can help you improve your existing processes and cut out unnecessary steps.

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In an ever-evolving automotive landscape, where shifting consumer behavior meets fluctuating market dynamics, Experian’s State of the Automotive Finance Market Report: Q2 2025 delivers key insights into how both consumers and professionals are adapting to the changes. This quarter’s report revealed a sharp increase in vehicle refinancing—up nearly 70% from Q2 2024—as consumers capitalized on the more stable rate environment. In fact, after refinancing, the average interest rate went from 10.45% to 8.45%. That shift resulted in their monthly payment dropping by an average of $71. Interestingly, credit unions played a significant role in the refinance surge, increasing their market share from 63.22% last year to 68.33% this quarter, and borrowers who refinanced through credit unions saw their monthly payments decrease by $87 on average. Banks saw a slight dip in their share of the refinancing market year-over-year, going from 22.71% to 21.45%, and borrowers who refinanced through them saved an average of $46 a month. New leaders emerge as the lender market share continues to evolve Taking a deeper dive into the automotive finance market share, banks reclaimed their leading position for total vehicle financing, rising to 27.50% in Q2 2025, from 24.50% in Q2 2024. Meanwhile, captives declined from 30.17% to 26.63% year-over-year, and credit unions slightly increased from 20.35% to 21.04% during the same period. For new vehicles, captives continued to lead at 52.39% this quarter, though it was a drop from 60.74% last year. On the other hand, banks grew from 21.12% to 25.91% and credit unions went from 9.99% to 12.24% in the same time frame. On the used side, banks edged ahead, increasing their share to 28.59% in Q2 2025, from 26.80% last year. Credit unions saw slight growth from 27.59% to 27.63%, while captives declined from 7.83% to 6.40% year-over-year. As affordability remains a key priority, consumers seem to be exploring financing options that offer more favorable terms. While Experian Automotive’s report continues to illustrate the evolving dynamics, these data-driven insights can empower both consumers and industry professionals to make smarter financial decisions. To learn more about automotive finance trends, view the full State of the Automotive Finance Market Report: Q2 2025 presentation on demand.

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