Equifax Introduces New ‘Response DIGITAL’ Solutions To Bring Businesses Online In Social Distancing Economy
COVID-19 Has Redefined Consumer Expectations for the Digital Experience; New Offering Addresses Widespread Need for Digital Marketing, Identity Trust and Fraud Prevention Capabilities Required to Create Effective Customer Connections Online
Equifax Inc. continues to introduce solutions to help customers of all sizes navigate the COVID-19 economy. Today, the company announced a new Response DIGITAL solution suite designed to help businesses of all sizes move online as they work to create and maintain effective customer relationships in a socially distanced society. The offering is built on the understanding that the coronavirus has redefined consumer expectations for the digital experience. Response DIGITAL provides a variety of digital marketing, identity trust and fraud prevention capabilities required for online commerce.
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“Improving online business presence has become a requirement of the social-distancing economy,” said Sid Singh, president of United States Information Solutions (USIS) at Equifax. “Bank branch offices, car dealerships and brick and mortar businesses of many types may take time to reopen as the COVID-19 situation continues to unfold. At the same time, consumers and small businesses are online and looking for the same type of service and support that they received in face-to-face interactions. With Response DIGITAL, we are helping businesses of all sizes prepare to both maintain and grow customer relationships in a digital environment while helping them to fight online fraud.”
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Equifax Response DIGITAL is designed to help businesses:
Acquire and onboard new consumers in a digital environment
With Response DIGITAL solutions, businesses can facilitate online payments, prepayments and new purchases. They can quickly verify that the identity provided by the consumer is legitimate and gain trust in the digital information provided. The Response DIGITAL solution suite helps ensure that applicant information can be accurately collected online for new account openings, credit applications, loan applications, insurance claim assessment and other services. At the same time, it provides capabilities to suppress synthetic identities and mitigate the potentially costly impact of online fraudsters.
Ensure secure digital access to accounts
Striking a balance between stringent security protocols for layered protection and customer convenience is important. Response DIGITAL solutions were built on the understanding that businesses need to employ multiple effective authentication factors to protect consumer accounts and reduce account takeover fraud while maintaining ease of use. The solution suite provides a higher level of security beyond login credentials for customers accessing sensitive financial services or telecommunications accounts, or retail accounts with saved payment information online.
Provide digital capabilities for essential commercial activities
Lenders can lose hours manually tracking down, compiling and analyzing financial statement data and collecting and verifying beneficial owners. This can negatively impact customer experience and cause delays in processing much-needed loans. The Response DIGITAL solution suite provides a platform to collect consent-based financial statement data from applicants, helping to accelerate time-to-decision and increase loans to small businesses. The suite also provides a digital platform that allows financial institutions to electronically streamline the collection and processing of beneficial ownership account openers in a single, digital platform.
Acquire new customers via digital channels while minimizing costs
Many organizations have reduced marketing budgets and potentially paused account origination efforts. The Response DIGITAL solution suite was developed to help businesses drive growth while minimizing costs and risk. Equifax has teamed up with The Kessler Group to offer a full suite of customizable marketing and funding solutions that can enable companies to restart marketing efforts and accelerate growth by generating new consumer and/or business accounts via online and offline direct marketing channels on a pay-for-performance basis.
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