3 big takeaways from our Multi Bureau launch webinar
This week sees the launch of GBG’s new Multi Bureau functionality, which gives you access to a broader range of credit bureau data to boost match rates and onboard more customers. Here are the three big takeaways from an exclusive webinar we recently hosted to launch GBG Multi Bureau.
1. Double matching is a serious risk
As part of our proof of concept trials for GBG Multi Bureau, we ran 1,135 sample records from a financial services organisation against a single bureau, mirroring its existing process, and then against two bureaus to simulate GBG Multi Bureau.
On its own, Credit Bureau 1 returned 927 matches. Credit Bureau 2 returned 864, but in 740 of those instances it used the same source as Credit Bureau 1, and so these ‘double matches’ were discounted, leaving 124 matches against unique data sources.
Without GBG Multi Bureau’s advanced granularity, an organisation using these two bureaus separately would be at serious risk of hitting one of those 740 double matches and putting its risk-based-approach in jeopardy while thinking it had been compliant.
2. Multi Bureau really boosts match rates
Our proof of concept trials were designed to prove that GBG Multi Bureau can uplift match rates, and the results speak for themselves.
In some cases, we saw uplifts of as much as 7.49%. For a business currently onboarding one million customers per year, that equates to an extra 74,900 customers.
3. It’s all about experience and nuance
Any regulated organisation could verify customers against two separate credit bureaus separately and independently, but the real value in GBG Multi Bureau is based on our years of experience and appreciation of the nuances involved in credit bureau data.
GBG Multi Bureau knits together the data sets of two bureaus so that you don’t have to go through the process yourself. The contracting process with these bureau is thorough and time consuming enough, and that’s before you start quantifying each of the data sets, determining the results codes and establishing how they work together.
Simply put, GBG’s solution offers a much more efficient route to multi-bureau verification that produces more accurate results.