The Data Dilemma: Why Your Decisions Need to be Real-Time

October 20, 2025 |

In today's fast-paced lending landscape, the pressure is on. Customers expect instant decisions and seamless digital experiences, while regulators demand accuracy and consistency. The key to balancing these demands lies in one crucial element: data.

But not just any data. We're talking about real-time, accurate, and comprehensive data. The truth is, relying on outdated or incomplete data sources is no longer a viable strategy. It creates a significant "data dilemma," and here are some of the biggest challenges businesses face if they don't solve it:

The high cost of lagging data

Traditional data sources are often slow to update, creating a time lag between a customer's current financial situation and the information you have on hand. This lag can lead to missed opportunities, or the wrong decisions being made, as you may be unable to identify and approve qualified applicants in time. This not only puts you at a disadvantage against competitors who are leveraging real-time insights into their decisioning processes to act faster, but it also frustrates customers who will simply take their business elsewhere. Ultimately, a slow process can translate directly into lost revenue and a damaged reputation.

The pitfalls of fragmented insight

Responsible lending that meets regulatory compliance relies on a comprehensive view of the applicant's current financial situation, consequently many businesses rely on a patchwork of different data sources, each providing a partial view of a customer's financial situation. Manually consolidating this information is not only time-consuming and inefficient, but it also increases the risk of human error. This fragmented approach can lead to inconsistent and potentially high-risk lending decisions, ultimately costing your business time and money. The lack of a single, unified view means these data points may not align, or worse, crucial details could be overlooked, leading to an incorrect decision. Fragmented data can create significant operational burden and potential inaccuracies that can compromise your entire lending strategy.

The problem with a one-dimensional view

A simple credit score can't tell the whole story. While a credit score is an essential component, it only offers a snapshot of a customer's past behavior. Without a holistic view—including their income, spending patterns, and other financial behaviors—you may be turning away good business or making decisions based on an incomplete picture. This is particularly true for consumers with limited credit history, also known as "thin-file" customers, or those whose financial lives have changed rapidly. For instance, a responsible applicant with a recent raise might be overlooked because their old credit data doesn't reflect their new, improved financial position. This one-dimensional view can lead to both missed growth opportunities and inaccurate risk assessments, as you fail to see the full potential and stability of an applicant.

How to overcome the challenge

The solution to the data dilemma lies in unifying data and automating decisions. This means moving beyond siloed data and manual processes to a single solution that can seamlessly integrate multiple data sources, providing a comprehensive and real-time view of every applicant.

By automating the entire process from data ingestion to final decision, you can eliminate friction, reduce human error, and ensure every lending decision is fast, based on accurate data, and consistent. This approach not only meets consumer expectations for speed supporting them to access credit or a service quicker, but also empowers your team with the rich, unified insights needed to confidently make smarter, more responsible lending decisions freeing up their time and resource to focus on growing your business and improving outcomes for everyone.

What if, you could provide a swift, digital experience that accelerates customer onboarding and ensures confident, consistent decisions?

Now you can. Here at Equifax we can support you to:

Drive operational efficiency by automating decisioning and reducing manual checks.
Accelerate the customer journey with a seamless digital experience.
Make smarter, more consistent lending decisions by integrating a comprehensive array of data sources.

Ready to transform your originations? Find out more or, get in touch with us to find out how we can help your business.

Krista Novakova
Business Development Director
Equifax UK