Tag: data

Learn how high-quality data from multiple data sources can help drive business growth.

With an ever-present need for efficiency, security, and seamless citizen services, many agencies are looking at the benefits of a data-driven government. Last year, the federal government kicked off a unified effort to enable data-driven decision making. The goal at that level – and across all agencies – is to serve citizens more efficiently and effectively. By embracing the power of data and analytics, agencies of all sizes can set themselves up to better serve their citizens. What is a data-driven government? Agencies collect citizen data from a variety of service-based sources, including the Postal Service, Census Bureau, social welfare departments, and agencies that issue government IDs. When properly leveraged, this data holds many possibilities. However, many agencies face challenges when it comes to efficient collection, sharing, usage, integrity, and accessibility. Due to the amount of data collected and the potential lack of consistency in the collection and storage techniques, the data may not be usable. Without proper management and analysis, there’s little government agencies can do with their data to improve their processes. A data-driven government has well-managed data and uses that data to drive their decisions as they relate to citizen requests for benefits, tax collection, elections, and more. What are the benefits of data-driven decision making? Data management and government data analytics enable agencies to react quickly to citizen demands and concerns and proactively anticipate an issue before it becomes a crisis. With the right tools, agencies can gain a holistic view of their citizens, communicate effectively internally, provide digitally-driven services and improve overall efficiency through government-wide data integration and management. These changes have a wide range of benefits, including reduction of cost, fraud, waste and abuse, the automation of manual processes, and better service delivery. Why is a data-driven strategy required? In addition to the benefits listed above, a data-driven strategy also helps agencies align with published NIST guidelines and the need to monitor, evaluate, and maintain digital identity systems. Proper use of data-driven digital identity strategies will enhance equity and the usability of the solutions agencies provide to their citizens. Building an effective data-driven strategy The right strategy starts with ensuring that all departments about the need for proper data management and analytics and the guidelines that will govern it, such as maintaining up-to-date data, removing silos, and leveraging the right tools. The next step is finding the right partner. An effective partner can help agencies develop and maintain data management systems and implement the right tools and analytics – things like machine learning in government – to help each agency function efficiently and safeguard the data of its citizens. To learn how Experian can help your agency improve its use of data, visit us or request a call. Visit us

Business intelligence analytics can help financial institutions optimize their decisioning and uncover safe growth opportunities.

Jennifer Schulz, CEO of Experian, North America kicked off Experian’s annual Vision conference Tuesday morning pointing to data, analytics, technology and collective curiosity as the drivers for change and a more impactful tomorrow to more than 700 attendees. Keynote speaker: Jennifer Bailey Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, spoke about the customer experience “ethos.” She explained how Apple takes a long-term view and values the single most important performance metric as customer experience. She said creating a seamless customer experience comes down to making things simple and understandable, and asking, “Are we solving a customer problem?” and “How are we making it easier for customers to enjoy and liver their lives. Bailey, who said of all apps she uses the weather app the most, also talked about innovation, and that both intent and making mistakes are important parts of the process. Apple’s products are known for their user-friendliness, and design is part of that. She encouraged the audience to give design teams room to create without bottom line pressures and not to be afraid to take well-considered risks. Keynote Speaker: Gary Cohn Gary Cohn, Vice Chairman of IBM, talked about the current economic climate, and while it’s a natural viewpoint to look to the past for guidance, the current environment is unlike any before. Cohn discussed regulatory compliance in the banking industry and prioritizing safety and soundness. While AI is topical and in numerous headlines recently, Cohn reminded the conference goers that AI isn’t new. He said what is new and important is that you can now teach models to find the information needed rather than having to feed all the information yourself. He believes AI is not the end of employment, but rather helps boost productivity, efficiency, and job satisfaction and provides organizations more data. As for advice for the audience, Cohn shared opportunities are in the uncomfortable zones and you have to be willing to fail in order to succeed. Session highlights – Day 1 The conference hall was buzzing with conversations, discussions and thought leadership. Overall themes that were frequently part of the conversation included seamless customer experiences, agility in face of economic changes and leveraging AI/ML into strategies. Fraud automation and preventing commercial fraud More businesses are opening than ever before and lenders and service providers need a way to determine risk from businesses who are less than a year old. There is no one-size-fits-all approach to fraud. A layered solution assesses risk and applies the correct friction to resolve the risk and pass or refer the applicant. Identity Today’s consumer wants a personalized experience and is privacy conscious. Additionally, regulators are also pushing for greater privacy. Clean rooms allow you and a partner to add data to a safe space and learn more about consumers without exposing data. The right data improves acquisition rates, identity verification and allows you to anticipate customer needs. Advanced scoring Data, models and strategy are the levers institutions are using to leverage responsible analytics to meet their objectives like safely growing existing portfolios, managing the “right” level of risk, and providing a seamless digital experience. However, the total value of a decisioning system is almost always constrained by its most rudimentary component. The panel of experts discussed their uses and goals for leveraging models and customer experience was at the top of their priorities. Recession preparedness Delinquency is on the rise and lending offers made continue to drop. Changes in the economic climate require frequent monitoring of portfolio and decisions, benchmarking against peers, updating credit models and decision strategies, and stress testing portfolio and models. Trends in credit risk management While AI at the hands of everyone is topical today, it ranked lowest on the list of trends attendees believed were impacting their business. At the top of the list? The growing demand for simpler, faster and seamless experiences. More insights from Vision to come. Follow @ExperianVision and @ExperianInsights to see more of the action.

Businesses must be aware of the risks associated with card not present (CNP) fraud and take steps to protect themselves and their customers. Read more!

The only thing constant is change. And as 2022 wraps up and businesses and consumers look toward 2023, the need for insights and data is at an all-time high to help forge the path ahead. With recent slowing economic growth, and uncertain macroeconomic and geopolitical climates, leading organizations are turning to credit, market, and economic trends, to help shape and inform future strategies. The challenge? With so many sources of information, it can be overwhelming to determine which information is relevant.  Experian Edge, our new thought leadership hub, compiles proprietary Experian data, and economic, credit and market trends in a single, easy-to-consume place. Covering the automotive, financial services, healthcare, retail and small business sectors, Experian Edge helps businesses navigate tomorrow with today’s insights.   Featured Publication: 2022 Experian Edge Chartbook  The data stories told during 2022 - particularly credit and economic trends - run the full gamut. From economic growth and the labor market, to consumer health and inflation, there is no shortage of insights to glean. The inaugural 2022 Experian Edge Chartbook compiles those key insights giving a comprehensive look at economic and credit trends and what they could mean for 2023. Download 2022 Experian Edge Chartbook Want more insights? Examples of what else you’ll find on Experian Edge include:  State of the Automotive Finance Market Report: Exclusive quarterly report on the latest trends and analysis of the U.S. automotive finance market. State of Alternative Credit Data Report: A deep dive into the uses of alternative data in consumer and small business lending.  State of Claims: 200 executive healthcare professionals shed light on the current claims environment.  Holiday Retail Guide 2022: Learn what types of behaviors you can expect to see from consumers this holiday shopping season. Beyond the Trends Report: Quarterly insights and commentary on economic conditions and future small business performance. Visit and bookmark Experian Edge for the latest intel you need to propel your business forward.  Visit Experian Edge

Fraud mitigation is an ongoing process to identify and isolate any suspected fraud fast and manage any fallout without increasing risk.

Income and employment verification processes must be able to meet the demands of today's digital consumer. Learn how you can get it right.

“As an industry, fintech is known for creating compelling and personalized online journeys. But that experience can suffer if the fraud-prevention routines are perceived as burdensome by consumers,” said Kathleen Peters, Chief Innovation Officer for Experian’s Decision Analytics business, in a recent Q&A article with Finovate.  With the proliferation of the digital world, managing digital identity and “getting it right” is crucial. However, as much as it is an opportunity, leveraging consumer identity data can also create a stumbling block for some organizations. Peters cited Experian’s annual Global Identity and Fraud Report, specifically, the consumer concern around online security and the need for industry players to find the right balance between security and a frictionless experience.  “In short, we need the right fraud-prevention treatment for the right transaction; it is not a one-size-fits-all exercise,” Peters said.  The interview also covered the importance of knowing a customer’s identity for compliance reasons and business use cases, dispelling the myth that banks’ efforts around personalization are considered “creepy” by consumers, and the best ways for banks and fintechs to build trust among their consumers.   According to Experian’s Global Identity and Fraud Report, consumers are willing to give entities they trust more data, particularly if they feel they are receiving value. And it’s undeniable that data is at the heart of personalization and building better relationships.  “It comes down to identifying and understanding consumers and their needs. The best way to do that is with a lot of data,” Peters said.  To read the full article, visit Finovate’s website.  Finovate: Experian CIO on Digital Identity, Personalization and Building Trust with Consumer Data  Learn more about Experian Identity

Many financial institutions have made inclusion a strategic priority to expand their reach and help more U.S. consumers access affordable financial services. To drive deeper understanding, Experian commissioned Forrester to do new research to identify key focal points for firms and how they are moving the needle. The study found that more than two-thirds of institutions had a strategy created and implemented while one-quarter reported they are already up and running with their inclusion plans.1 Tapping into the underserved The research examines the importance of engaging new audiences such as those that are new to credit, lower-income, thin file, unbanked and underbanked as well as small businesses. To tap into these areas, the study outlines the need to develop new products and services, adopt willingness to change policies and processes, and use more data to drive better decisions and reach.2 Expanded data for improved risk decisioning The research underlines the use of alternative data and emerging technologies to expand reach to new audiences and assist many who have been underserved. In fact, sixty-two percent of financial institutions surveyed reported they currently use or are planning to use expanded data to improve risk profiling and credit decisions, with focus on: Banking data Cash flow data Employment verification data Asset, investments, and wealth management data Alternative financial services data Telcom and utility data3 Join us to learn more at our free webinar “Reaching New Heights Together with Financial Inclusion” where detailed research and related tools will be shared featuring Forrester’s principal analyst on Tuesday, May 24 from 10 – 11 a.m. PT. Register here for more information. Find more financial inclusion resources at www.experian.com/inclusionforward. Register for webinar Visit us 1 Based on Forrester research 2 Ibid. 3 Ibid.

Experian recently announced Experian Identity and published an advertorial in American Banker outlining the integrated approach to identity that recognizes the full breadth of the company’s authoritative data solutions that help businesses better connect with their consumers in more personalized, meaningful and secure ways. The efforts address the rapidly changing definition and landscape of identity and take on the importance and needs for identity which span across the entire customer journey. From marketing to a specific consumer’s needs, to facilitating a friction-right customer experience, to protecting personal information. As such, there’s a gap for single-partner providers to help businesses navigate this change, while also putting the needs of the consumer first. “Identity data sets are constantly growing with inputs from new interactions. Many future sources of data have yet to be even conceived or developed,” said Kathleen Peters, Chief Innovation Officer, Experian Decision Analytics. “Staying ahead of the identity market curve is vital, and it requires building and continually evolving an enterprise-scale identity solution that interconnects with your own unique data and systems to create attribute-rich profiles of your customers that work across any identity application. That’s Experian Identity.” Experian Identity underscores the need businesses have to respond to increasing identity needs with interconnected, scalable technology, products and services that optimize the consumer experience.       While the integrated approach announcement is new, the capability is not. Experian has been trusted for decades to secure individuals’ identity around the most important decisions in their lives – think purchasing a car or home, being identified at the doctor’s office, and more. As such, consumers remain at the center of every action. Experian Identity offers identity resolution, verification, authentication and protection, and fraud management solutions that include first- and third-party fraud, account takeover, credit card verification, identity resolution and restoration, risk-based authentication, synthetic identity protection and more. Additionally, we’ve included a special blog post introducing Experian’s identity capabilities from Kathleen Peters on the Experian Global News Blog and additional coverage. Stay tuned for more updates. Experian Global News Blog - Making Identities Personal: Experian Helps Businesses Build Consumer Trust American Banker – Making Identities Personal: Building Trust and Differentiating Your Brand Experian White Paper - Making Identities Personal For more information about Experian Identity, visit www.experian.com/identity-solutions.

“I saw an opportunity to create change instead of asking for it.” Day 2 was charged up with new technology; new ideas; and new, clearer visions of where we can drive change across our industries. Jeff Softley, President, Direct to Consumer, Experian Consumer Services, illustrated how the consumer is at the center of Experian’s business with countless statistics and how our consumer advocacy drives our focus, growth and mission. Wil Lewis, Global Chief of Diversity, Equity and Inclusion; Hiq Lee, President of Business Information Services; and Alex Lintner, Group President, Consumer Information Services, engaged in a panel discussion centered on reimagining inclusion.         Keynote: Allyson Felix Allyson Felix, five-time Olympian and most decorated Track & Field athlete, kicked off the day with an inspiring keynote touching on her athletic career, taking challenges head-on and using our platforms to make an impact. Felix, who is racing in the first race of her final season this weekend, is a tireless advocate, life-long learner, who seeks to empower others. “We can all start where we are,” she said. “Small things turn into big things.”       Day 2 session highlights From the breakout sessions, the theme of disruption was evident. We dove into how prescreen and prequalification have evolved, a demand that many must adapt to deliver in the post-pandemic world. Financial inclusion was a topic covered across the board, as were the strategies to be enacted to bolster these financial inclusion drivers. One such area addressed was how the rapidly growing buy now, pay later industry advances financial access and inclusion efforts. And speaking of evolution, retention must evolve as well — we heard how retention, recapture and risk strategies are transforming, particularly in the mortgage servicing space. Rapid Model Development and Deployment - Feedback from businesses reflects organizations’ desires for flexible deployment options, flexible integration with existing tech stacks, open source technology and the ability to incorporate multiple data providers. Today’s solutions address that feedback as well as solve for the most rampant market challenges in new, innovative ways.   Strategy optimization with Artificial Intelligence and Machine Learning - Over 50% of financial institutions surveyed are using AI/ML in at least one department. Challenges include data management, operation, evolving the analytics program. ML/AI starts with proper data management. For optimization, templatizing ML frameworks is a necessity.   ID Verification, Authentication and Fraud - There were $56B in identity fraud losses in 2020, $13B of which were traditional identity fraud losses and $43B related to identity fraud scams. Leveraging strategies is necessary to maintain the critical balance required for identity verification and fraud – mitigating losses and risk exposure, drive optimal customer experience, maintain regulatory compliance.   Maximizing Customer Value - The monthly data refresh is a thing of the past. When reimagining account review for risk and marketing purposes, remaining agile is key with increased data freshness for operational efficiency. Keynote: Ashton Kutcher The energy, insights and ideas have been reverberating throughout the venue for the past 48 hours, which set the stage for Ashton Kutcher’s closing keynote. The Chicago Bears fan talked about his career, how hard work wasn’t an option when he was growing up and how part of his assessment process for potential investments – determining whether they create efficiencies in the market – he sometimes thinks of a long-standing, personal benchmark – the air nailer. He talked about his philanthropy efforts, the mission behind his company Thorn, and the ability for people to impact change and achieve "a sense of agency" over the outcome of the future. “That’s the human spirit. That’s the spark that exists – that people understand that you can sit in despair, or you can do something,” he said. It has been an amazing two days – we can’t wait for Vision 2023!

Experian’s in-person Vision conference returns next Monday, April 11 in Los Angeles, Calif. The event is known for premier thought leadership, net-new insights and the latest and greatest in technology, innovation and data science. This year’s agenda promises to have intentional discussions around tomorrow’s trending topics including financial inclusion, buy now pay later, open banking, the future of fraud, alternative data strategies, and much more. A few spotlight sessions include: Top trends including the future application of the cloud and emerging technologies, emerging regulatory legislation and the broader implications and opportunities of DeFi. A deep dive into strategies around the targeting/marketing revolution and how to deliver in the post-COVID-19 market environments and bolster financial inclusion decisions. An introduction to Experian’s Buy Now Pay Later BureauTM, the industry’s first and only solution designed to address the needs of consumers, BNPL providers, financial institutions and regulators alike. A roundup of sessions addressing innovation in action spanning from real-time verifications, to data-driven automation, and unified platforms from data to deployment to decisioning. Several sessions highlighting future-looking strategies and solutions that leverage alternative data that can increase conversion rates while concurrently reducing risk. Multiple sessions centered on the rapidly changing identity environment and combatting emerging fraud threats. The event will also include a Tech Showcase, where attendees can get a taste of tomorrow today with more than 20 demos and the latest innovations at their fingertips. And, as always, the event features marquee keynote speakers sure to inspire. This year’s featured speakers are Dr. Mohamed A. El-Erian, President of Queens’ College, Cambridge, Chief Economic Advisor at Allianz, and Former CEO and Co-Chief Investment Officer of PIMCO; Allyson Felix, Olympic Gold Medalist, co-founder of Saysh, a footwear and lifestyle brand for women, and Right to Play and Play Works ambassador; and the closing keynote will feature actor, investor, entrepreneur and philanthropist, Ashton Kutcher. Stay tuned for additional highlights and insights on our social media platforms throughout the course of the conference. Follow Experian Insights on Twitter and LinkedIn.  

Experian’s Ascend Intelligence Service platform has been named “Best Consumer Lending Product” in the sixth annual FinTech Breakthrough Awards.

There are many ways to promote a more equitable society - including financial inclusion or reducing the racial wealth gap for underserved communities.