Innovation is at the heart of our business and our culture. It is one of the reasons we’re proud to be named one of the top 100 most innovative companies in the world for the fifth year in a row by Forbes magazine. In the publication's eighth annual list of the "World's Most Innovative Companies," Experian climbed to the rank of 57th and is amongst the top 10 most innovative companies headquartered in Europe. Technology, innovation and new sources of data are fusing to create an unprecedented number of new ways for us to solve pressing business and consumer challenges. This accolade underscores our commitment to innovation, and using the power of data and technology to transform lives, businesses and economies for the better. At Experian, we have created a culture of continuous innovation focused on opportunities for businesses and consumers in today’s digital and data economy. Just a few examples include our involvement with the TechCity FinTech4All competition, which aims to discover a new generation of innovators and entrepreneurs who will change the future of finance, and our Experian MicroAnalytics work, which has extended over 5 billion credit offers to the world’s unbanked people. Experian has jumped up 40 places in this year’s Forbes ranking, placing us alongside some of the world’s leading technology companies including Tesla, Netflix and Amazon. This accolade demonstrates investors' confidence in Experian’s ability to innovate, both today and in the years ahead, and is a testament to the tireless work of our employees. Even more exciting is that we’re leading our industry in innovation. This is reflected in Experian being the only credit bureau to make the list this year. And innovation experts agree. According to author Greg Satell, who profiled Experian in his highly touted business book Mapping Innovation: A Playbook for Navigating a Disruptive Age, “Experian is the manifestation of a culture of discovery that enables it to grow and evolve while remaining at the forefront of innovation.” The key to our success going forward is to continue to actively seek out unresolved problems and to create new products and technologies that will helps transform the way businesses operate and consumers thrive in today’s society. Learn more about some of our pioneering innovations here: Connecting Businesses in Brazil Through Data Analytics Experian DataLabs Is Experimenting with a ‘Voice to Credit’ Feature Delivering Value in the Digital Age: Exploring UK Attitudes Towards Data We're on the Brink of a New Era of Innovation FinTech Breakthrough Selects Experian for “Consumer Lending Innovation Award” in 2018 Data on Demand – Unlock New Insights, Create Opportunities Faster than the Speed of Fraud — CrossCore
Experian MicroAnalytics has surpassed a record 5 billion credit offers, demonstrating our commitment to helping people in emerging markets create credit profiles and improve financial well-being. In emerging markets around the world, people have limited access to financial products, especially credit. At Experian MicroAnalytics we’ve developed a sustainable solution to provide billions of people with access to financial products, easily accessed through their mobile phones, unlocking the power of alternative data in countries across Latin America, Asia, Africa and beyond. “We’re thrilled to have extended over five billion credit offers,” said Elio Vitucci, CEO of Experian MicroAnalytics. “2017 was our fastest-growing year, and we are now extending over 270 million credit offers every month. Our goal is to help people in emerging markets build a strong financial identity. We build financial identities using mobile phone behavioral data, one of the richest sources of customer insight, and unlock an initial set of financial products. As customers use these products, they strengthen their financial identities and obtain access to an increasingly wider set of financial services.” While only a minority of people in emerging markets have access to banking services and even fewer have access to credit services, the vast majority have a mobile phone, most on a prepaid plan. Experian MicroAnalytics partners with mobile network operators around the world, using mobile behavioral data to start creating initial financial identities for people. With these financial identities, customers can start to gain access to simple but useful financial products, such as airtime credit. As customers continue to take and repay their borrowed airtime credits successfully, they strengthen their financial identities and progressively unlock a wider, more complete set of financial services. This creates a virtuous circle, where in time customers graduate to a full set of financial products. “We help consumers in emerging markets to build a financial identity, unlocking access to financial products such as loans, credit cards, insurance and more, all available via their mobile devices,” Vitucci added. “These financial products fuel economic development, stimulate growth and have a positive impact on the quality of life for billions of people.”
What would your reaction be if you were told you were one of the four million people in the UK who had a ‘thin file’? Justifiably, your first questions might be to ask what that is and why it matters. A person has a ‘thin file’ when there is limited financial information available about them, which means usually they have a lower credit score and fewer options available when it comes to accessing financial services. Research we carried out earlier this year found 1.2 million people with thin files are in groups whose household disposable income is forecast to fall in the coming years. As a credit reference agency, responsible for helping lenders to make informed decisions about their customers, the statistics are clear in showing there is work to be done. The commitment to address this issue is part of the reason why Experian was recognised for raising Consumer Awareness in Credit at the Credit Awards 2018. How can we help lenders to better understand the four million people in the UK who, at the moment, struggle to access mainstream financial services? For many people, a typical credit report may contain a bank current account, a couple of utility suppliers, a credit card and perhaps a mortgage. But what about those who haven’t opened a bank account, pay for their electricity and gas using a top-up meter and live in rented accommodation? How can we work with mainstream lenders so they can better understand these customers, and as a result, make informed decisions? Innovation is the only answer. At Experian, we believe finding new sources of data is the key to delivering better outcomes for people who have thin files. Our work with The Big Issue Invest on the Rental Exchange, which will mean 1.2 million tenants see their rental payments on Experian credit reports for the first time, is a great example of expanding our perspective on the regular payments people already make. By sharing this information with lenders, it opens up new possibilities for tenants across the UK. Our research on thin files has accurately sketched the issue in front of us, and we are making progress in raising awareness among consumers about how they can improve their credit profile – even easy, free choices such as registering to vote. Engaging with your financial information is the first step to improving it. Our challenge is now to find more sources of data which will allow lenders to recognise potential customers who, up until now, they have been unable to support. But more than that, to offer the analytics which turns data into an invaluable resource when making decisions.
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.