We recently participated in Finovate Fall, where we joined top fintechs and financial institutions from around the world to debate about the current state of the financial services industry and more importantly, its future. A future where the so-called ‘experience economy’ will unfold and those putting the customer at the center of their innovation will thrive. But, how to get there and remain relevant in an ever-challenging environment? Committing to a culture of technology and innovation that transforms interactions between businesses and consumers is the first step. Take financial institutions and fintechs, for example. Despite their different approaches to what it takes to serve their customers better, both traditional and non-traditional industry players agree that technologies such as artificial intelligence (AI) and machine learning play a pivotal role in their respective digital transformation strategies. But with the change comes the challenge: most of organizations recognize they still struggle to fully operationalize the output of their advanced predictive analytics. To be true to our own commitment to technology and innovation and help businesses execute machine learning models within their decision processes, we have launched a new release of our flagship decisioning platform. The latest PowerCurve release integrates machine learning to deliver a faster and better analysis of data. These actionable insights will help our clients identify the opportunities presented by each of their customers quicker and more easily. Leveraging today’s technology to sustain tomorrow’s growth We believe that enabling businesses to leverage their current technology investments to support future growth is key to ensure they get the full benefit of their commitment to innovation. The latest PowerCurve capabilities allow custom plug-ins to be added at any time to support the next generation of technology and decision-making strategies while ensuring consistent, precise and personalized experiences that satisfy consumers’ demands over time. This enhanced flexibility means that businesses can get value of their current data and technology investments today and keep at pace with the latest and most effective decision management strategies across the entire customer life cycle. In addition, PowerCurve will continue to satisfy compliance requirements and provide the necessary governance and explainability that is essential in today’s market. With the updates to our decisioning platform and incorporation of machine learning capabilities, businesses will be able to make the right decisions today, resting reassured that those decisions will remain precise and relevant in the future.
The workplace is more just than a place of business. It should be a community that supports its employees and promotes a culture where people can be their most authentic selves. That’s an ideal Experian very much understands, believes in and strives for. And because of that commitment, we’re proud to be recognized by Great Place to Work as one of the best workplaces in the country. We’ve built a workplace that encourages collaboration, creates constant innovation and supports diversity. We greatly appreciate the hard work our employees have invested to help consumers, clients and our local communities. And it’s important that we continue to support that great work. Offering health and family resources, promoting diversity programs, and carrying out employee-wellness policies are just a handful of ways Experian has helped to foster a supportive work culture for our employees. Our goal is to create a workplace where people feel accepted and their work is validated so that they can continue to perform at the very highest level. A supportive work culture contributes to a positive work experience and employee motivation. In the Great Place to Work survey completed by about 2,000 U.S. based employees, 96% reported having great pride working at Experian and 95% believe the company has a great atmosphere. Experian’s dedication to their employees has not gone unrecognized. Forbes Magazine placed Experian in the Top 100 list of the “World’s Most Innovative Companies” for the fifth year in a row, and The Orange County Register named Experian a top workplace in 2017 for the fifth consecutive year. Experian has also been recognized for its commitment to diversity by the Advancing Women in Technology organization and the Grace Hopper Leadership Index. These accolades reflect the company’s workplace culture as an environment of employee growth and success. Company success starts with the success of our employees. Building an environment where employees feel supported, challenged, and valued is a top priority for Experian. We are proud of the hard work our employees have dedicated to helping our communities and we remain committed to supporting their success.
Digital transformation is dramatically changing the way consumers and businesses interact. E-commerce and social media are setting the standards for digital experiences. The advance of fintech is driving competition. All while fraud reaches an all-time high, prompting an ever-stringent regulatory framework. This confluence of emerging technologies and intense competition adds even more pressure to grow business faster. In such a scenario, growth is fueled by acquiring more customers – those with whom you can build lasting, valuable relationships over time. However, traditional approaches for customer acquisition no longer suffice. As a business leader, how do you tackle these challenges? What can you do to attract and acquire new customers? To help answer these questions, we commissioned Forrester Consulting to survey over 900 key decision makers across industries. What we found is that getting actionable insights from complex data sources to make consistent, precise decisions is still a major challenge. The majority of executives also indicated that not having a single customer view had a direct impact on profitability. They struggle to make accurate decisions that are both meaningful for consumers and profitable for business. To overcome these challenges and realize their strategic priorities, businesses of all sizes are increasing their investment in advanced analytics and decision services. We understand that the current market environment can be daunting. But with challenges come new opportunities. We can help you modernise your digital decisioning approach to enable precise and profitable lending decisions across the life cycle. Using a unique blend of best in class data, advanced analytics and digital decision strategies you will know your customer better. As a result, you can, deliver the experiences they demand and make lending decisions with less risk. Download the executive summary of our Global Decisioning Report 2018 and discover how businesses of all sizes are leveraging data, advanced analytics and digital decisioning to better serve customers and future-proof growth.
Today, we stand at the forefront of a digital revolution that is reshaping the financial services industry. And, against this backdrop, financial institutions are at vastly different levels of maturity; the world’s biggest banks are managing large-scale infrastructure migrations and making significant investments in AI while regional banks and credit unions are putting plans in place for modernization strategies, and fintechs are purpose-built and cloud native. To explore this more, I recently had the privilege of attending the annual Reuters NEXT live event in New York City. The event gathers globally recognized leaders across business, finance, technology, and government to tackle some of today’s most pressing issues. On the World Stage, I joined Del Irani, a talented anchor and broadcast journalist, to discuss the future of lending and the pivotal role of data and AI in building a more inclusive financial system. Improving financial access Our discussion highlighted the lack of access to traditional financial systems, and the impact it has on nearly 100 million people in North America alone. Globally, the problem affects over one billion people. These people, who are credit invisible, unscoreable, or have subprime credit scores, are unable to secure everyday financial products that many of us take for granted. What many don’t realize is, this is not a fringe subset of the population. Most of us, myself included, know someone who has faced the challenges of financial exclusion. Everyday Americans, including young people who are just starting out, new immigrants and people from diverse communities, often lack access to mainstream financial products. We discussed how traditional lending has a limited view of a consumer. Like looking through a keyhole, the lender’s understanding of the person in view is often incomplete and obstructed. However, with expanded data, technology, and advanced analytics, there is an opportunity to better understand the whole person, and as a result have a more inclusive financial system. At Experian, we have a unique ability to connect the power of traditional credit with alternative data, bringing a more holistic understanding of consumers and their behaviors. We are dedicated to leveraging our rich history in data and our expertise in technology to create the future of credit and ultimately bring financial power to everyone. The future of lending After spending two days with over 700 industry leaders from around the world, one thing is abundantly clear: much like the early days of the internet, today, we are at the cutting-edge of a technical revolution. Reflecting on my time at Reuters NEXT, I am particularly excited by the collective commitment to drive innovative, and smarter ways of working. We are only beginning to scratch the surface of how data and technology can transform financial services, and Experian is positioned to play a significant role. As we look to the future, I am excited about the ways we will create new opportunities for businesses and consumers alike.
The advertising ecosystem has seen significant transformation over the past few years, with increased privacy regulation, changes in available signals, and the rise of channels like connected TV and retail media. These changes are impacting the way that consumers interact with brands and how brands understand and continue to deliver relevant messages to consumers with precision. Experian has been helping marketers navigate these changes, and as a result, our marketing data and identity solutions underpin much of today’s advertising industry. We’re committed to empowering marketers and agencies to understand and reach their target audiences, across all channels. Today, we are excited to announce our acquisition of Audigent—a leading data and activation platform in the advertising industry. With Audigent’s combination of first-party publisher data, inventory and deep supply-side distribution relationships, publishers, big and small, can empower marketers to better understand their customers, expand the reach of their target audiences and activate those audiences across the most impactful inventory. I am excited to bring together Audigent’s supply-side network as a natural extension to our existing demand-side capabilities. Audigent’s ability to combine inventory with targeted audiences using first-party, third-party and contextual signals provides the best of all worlds, allowing marketers to deliver campaigns centered on consumer choices, preferences, and behaviors. The addition of Audigent further strengthens our strategy to be the premier independent provider of marketing data and identity, ultimately creating more relevant experiences for consumers. To learn more about Experian and Audigent, visit https://www.experian.com/marketing/ and https://audigent.com/.
When it comes to cybercriminals and threat vectors, we need to expect the unexpected. Experian’s 12th annual Data Breach Industry Forecast highlights several potential trends for 2025, with AI playing a central role. This year has already seen more data breaches and impacted consumers than 2023, indicating that global data breaches are not slowing down. Some things to watch out for next year includes the potential for more internal fraud. As companies train employees on AI, there is a growing risk that some will misuse their knowledge for internal theft and sourcing sensitive information. Another trend may be cyberattackers targeting large data centers, with the growth of generative AI introducing power as a new attack vector. It’s reported that a single ChatGPT query uses significantly more electricity than a standard Google search, making data centers and cloud infrastructure vulnerable, especially in countries with varying security standards. We expect AI-related attacks to dominate the headlines next year and investments in cybersecurity will increase to tackle this emerging threat, as hackers leverage AI for phishing, password cracking, malware, and deepfakes. Jim Steven, Head of Crisis and Data Response Services at Experian Global Data Breach Resolution in the UK, anticipates that global data breaches will persist at their current rate next year. He notes that ransomware attacks are likely to become even more sophisticated with the integration of AI. Additionally, Steven predicts that threat actors will escalate their tactics to achieve greater rewards, and the misuse of consumer data to damage reputations will increase in 2025. To access the complimentary report, click here.