Equifax 'EFX Link' Product Helps Banks Turn Data Into Dollars Patented data linking technology enables financial institutions to uncover hidden value within their existing customer base
ATLANTA, Oct. 16, 2012 /PRNewswire/ -- Equifax Inc. (NYSE: EFX) today introduced EFX Link™, an advanced customer data integration solution for financial institutions, that uses patented data linking technology to securely connect and consolidate consumer and business portfolio data into one accurate, cohesive 360-degree view of customers.
"Financial institutions often have limited data, leaving them unable to see the hidden links, opportunities and risks that reside at the intersection of their consumer and business databases," said Dennis Behrman, assistant vice president of Product Innovation for Equifax Commercial Information Solutions. "That limited visibility leaves the potential revenue from within their customer base untapped."
EFX Link delivers expanded customer visibility via EFX ID®, the patented Equifax data linking technology, that securely connects the company's best-in-class business data with banks' consumer files – using randomly issued 'keys' in lieu of personal identifiers like Social Security numbers and tax ID numbers – to create a 360-degree view of consumers who are also business owners or principals – as well as the businesses that may be associated with them. Other key EFX Link benefits include:
- Uncover previously hidden small businesses connections within your customer base by linking associated data from separate consumer and business files
- Increase revenue and drive growth even in the face of regulatory constraints and uncertainty by successfully cross-selling and upselling commercial products and services
- Boost marketing ROI by targeting more relevant offers to the right customers where they're most apt to respond
Equifax data analysis shows that up to 21 percent of consumer accounts in a portfolio may also be small business owners or principals. Many of the more than 27 million small businesses in the United States[i] are funded by owners who tap traditional consumer credit resources – the average annual capital needed by a startup is roughly $80,000[ii] – but could be better served with small business and commercial products.
"Data that provides a 360-degree, reliable view into a lender's consumer and business portfolios, enables financial institutions to more effectively identify profitable business-to-business targets with the right offers and products. Uncovering that hidden value, especially from existing portfolio data, is a sure catalyst for business growth," shared Behrman.
For more information about EFX Link, visit http://www.equifax.com/efxlink, view the small business pathfinder infographic or download the EFX Link whitepaper. To learn more about Equifax Commercial Information Solutions visit www.equifax.com/commercial.
About Equifax Commercial Information Solutions
Equifax Commercial Information Solutions is the leading provider of business-to-business intelligence. We provide the information and expertise necessary for companies to best understand and manage their dealings with small business to enterprise customers, prospects and suppliers. Our best-in-class commercial credit risk data, combined with highly predictive scoring, corporate linkage, and innovative technology, enables companies to make quick, confident credit decisions and minimize potential losses. Leveraging our EFX ID® keying and linkage technology, companies can also gain greater B-to-B visibility into their customers and prospects as well as improve the precision of their sales and marketing efforts - from customer acquisition to retention and growth.
Equifax is a global leader in consumer, commercial and workforce information solutions, that provides businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide, and uses advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.
[i] Source: CFA Magazine May-June 2012
[ii] Source: CNNmoney.com May 2012
SOURCE Equifax Inc.