Leveraging TransUnion's innovative MobileCredit solution, Lewis Stores is enabling its customers to apply for credit instantaneously via their cellphones anytime, anywhere.
MobileCredit allows Lewis Stores consumers to submit an application for credit and immediately opt into a credit check by submitting key information to an SMS short code. Within a matter of seconds, successful applicants will receive a message from Lewis Stores that indicates their credit has been approved.
“Lewis Stores already makes use of sophisticated data and analytics in our application processes. MobileCredit takes these capabilities to the next level. For consumers, MobileCredit is convenient, allowing for consumers to apply for credit from the comfort of their own home. The major advantage of MobileCredit is that consumers can apply for credit without the potential embarrassment of being told they have been declined. While this project is in its infancy, the initial results have been very encouraging,” said Brett Van Aswegen, Credit Risk Director for the Lewis Group.
The MobileCredit solution utilises advanced analytics and decisioning from TransUnion to deliver a cost-effective, reliable, secure credit application service via cellular services such as USSD, WAP and SMS. All required application information is specified by Lewis Stores in its marketing material. For example, RSA identity number, name, surname, gross income and expenditure are mandatory fields. The solution caters for National Credit Act compliance.
With the message in hand on their mobile device, the consumer is advised to go in store to verify their identity details and confirm acceptance of the credit offered as the message is not classified as an acceptance of contractual terms and conditions. Applicants who are unsuccessful will be asked to visit their nearest Lewis Stores to review their credit application.
John Fourie, Executive Director: Solution and Decisioning for TransUnion Analytic and Decision Services (ADS) in South Africa, comments: “MobileCredit allows TransUnion to offer Lewis Stores an innovative solution that enables consumers to access credit in a convenient and friendly way, while in the background, TransUnion's agile Decision Systems software engine automates this sophisticated process. The solution includes the use and integration of credit bureau data, customised client policy rules as defined by Lewis Stores, fraud prevention, affordability and risk models.”
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