Aire, the credit insight service, today announced that its affordability assessment has helped N Brown Group PLC improve credit decisioning for more than 40,000 new customer credit applications. The first partnership of its kind in the digital retail sector, Aire now supports credit applications across all of N Brown’s brands, including Jacamo, JD Williams, Ambrose Wilson and Simply Be – as well as their newest brand, Home Essentials.
Since October 2019, N Brown has engaged Aire to obtain detailed disposable income data to inform its automated credit account application decisions. N Brown uses Aire to provide additional affordability insights to augment existing credit bureau data and models when assessing affordability.
Applicants referred to Aire are invited to provide financial and lifestyle information during a short Interactive Virtual Interview (IVI). The answers provided by applicants are then validated with sophisticated credit algorithms to calculate a precise affordability score back to the lender.
In direct response to Covid-19, in March Aire enhanced its affordability methodology to ensure N Brown could obtain a validated view of their customers’ most up-to-date financial situation. Created to spot sudden financial change, additional insights included changes to working hours, household income and expenses.
Chris Kevill, FS Commercial Director at N Brown, comments: “Aire is helping us make better, more informed credit decisions with confidence based on the most up-to-date and detailed view of affordability available today. As the first lender to adopt Aire’s enhanced affordability assessment at scale, we’ve been delighted by the improvements this partnership has already made to our credit decisioning and customer experience. Now more than ever, a wider view of our customers’ current financial situation is crucial.”
Kate Richardson, Customer Success Manager at Aire, comments: “N Brown is an important partner for Aire and a true pioneer in their use of new data sources to drive better outcomes for their customers – compliantly, seamlessly and at scale. Results like these are a testament to Chris and all the team at N Brown’s faith in Aire and commitment to deliver real difference for the credit outcomes of their customers. Together, we’re proving that validated first-party data can significantly improve a lender’s ability to build a truly holistic picture of their customers.’