Equifax UK uses Google Cloud to future-proof its business
9 MINS READ
One of the largest credit referencing agencies and a global data, analytics, and technology company, Equifax wanted to modernise its legacy applications and move to Google Cloud. As part of this global initiative, Equifax UK sought to rebuild its identity, verification, and assurance platform to accelerate business growth. This company chose TCS, its IT strategy partner for a decade and a half, to transform the existing platform and move to the cloud.
Over the past decade, a leap in technology advancements has propelled digital transformation across industries. However, there are many companies that still use legacy platforms. This is particularly problematic in today’s fast-changing global economy where new threats emerge rather quickly. Equifax UK wanted to leverage the cloud technology to shorten the time to market and improve its growth and revenue potential.
Recognising this need, the company sought a multi-dimensional identity verification, and assurance platform with advanced analytics and data orchestration to shield potential pitfalls and move to a sustainable way of working. This would also help Equifax UK meet their environment, sustainability, and governance (ESG) goals and realise their net-zero vision by 2040.
Equifax has been successfully pursuing its enterprise-wide digital transformation with TCS. Given its goals of driving revenue, enhancing security, and improving customer experience, Equifax UK collaborated with TCS to modernise its identity verification, and assurance platform for enhanced agility, flexibility, and configurability.
Leveraging the power of Google Cloud, TCS helped to adopt, adapt, and deliver a platform that would enable Equifax UK to meet its current and future business needs. TCS built an interconnected set of microservices, APIs, and products for identity and fraud prevention to enable the company to create simple identity and digital trust journeys across the customer lifecycle. This allowed Equifax UK to onboard more customers while managing risks effectively.
Using Google Cloud BigQuery and Enterprise Data Hub, TCS helped Equifax UK access predictive and persistent data to build key features such as reconciliation reports.
The new identity, verification, and assurance platform provides a range of benefits, including:
1. Risk management: The company can mitigate risks in line with its identity and fraud policies, which has helped build greater confidence and offer assurance when onboarding new customers.
2. Customer experience: With identity verification made simple and quick, Equifax UK has been able to streamline the onboarding process, shortening it from four months earlier to just about a few weeks now.
3. Ease of use: The cloud-based solution enables straightforward and timely delivery of multiple services. It is available 24x7 and is fully secure; its high configurability makes it easy to add more features and scale.
4. Business growth: Equifax UK has reported significant retention of clients, in addition to acquiring new ones, and that too in a highly competitive market