It claims that the move will allow it to make “more accurate and timely decisions” and help create a “tailored product package” through its credit-scoring software.
George Lennox, senior manager of group credit and risk at HSBC said that the new system “would deliver more capability” at a greater speed when processing credit and loan applications.
Credit scoring is used by lenders to assess the risk involved in lending and the probability that a loan would fail to be repaid.
Experian is already used by several lenders to make the process as quick as possible to let people know whether they have been granted a loan.
In addition to helping create a loan decision, HSBC claims that the software will also help it manage customers once they have taken out the loan.