HSBC today announced a deal with Experian to help integrate the bank’s access to external data sources around the world.
Starting in Asia, HSBC will use Experian’s Connect+ data integration software to enable access, consolidation and aggregation of data from multiple sources, including credit bureaus, and other third party data providers. The service is currently supporting HSBC’s Personal Financial Services business in Malaysia with rollout planned for three more countries in Asia. Following a successful rollout in Asia, the software will then be available to support HSBC operations in specific regions around the world.
Data feeds, which can differ widely from country-to-country, are made available in a standard format for consideration within implementations of Experian’s Strategy Management decision software, already in use at HSBC. This allows consistent decision models to be used across different countries.
The common interface created by Connect+ will enable HSBC to further standardize its third party data access around the world. As a result, when HSBC requires external data when making decisions, Connect+ will be used in determining and accessing the most relevant sources of credit information. Connect+ will then gather the data, aggregate it into a consistent format and return it to HSBC.
Underpinned by Experian’s data and analytics, HSBC will be able to deploy enhanced decision systems into new markets, while providing support for cross-border lending by enabling relevant data, where permitted, to be used to support decision making.