This year is the first time we are observing International Day of Persons with Disabilities (IDPD), but Experian has been working to support those who identify as part of this community long before now. I share the story of my colleague, software engineer Andy Willard. While Andy has been with Experian for 25 years, he didn’t share his deteriorating eyesight condition with managers at first. “Truthfully, I didn’t ask for a lot. I had the position and I don’t want to rock the boat or put a spotlight on myself. But in 2000, I stopped driving and rode the bus to work a lot. That would take an hour and a half each way. I finally went to my manger and requested telecommuting days, and at the time no one was getting those,” Andy said. His managers immediately agreed and he works 100 percent remotely, long before the pandemic. Experian provided tools like larger monitors and accessibility software to assist with on-screen reading. He appreciates the technology and the time the company allows him for classes to learn about new ways to adjust to working with his visual impairment. But, there can still be some challenges, like when a company-wide software update doesn’t automatically reconnect his system with the screen reader or screen magnifying tools. We know we still have work to do. Being named a Best Place to Work for Disability Inclusion earlier this year let us know we’re on the right track; and we’re excited to continue developing our partnerships with Disability:IN and the National Disability Institute, for which our Chief Diversity, Equity and Inclusion Officer Wil Lewis is a board member of both. As the co-executive sponsor of the ASPIRE employee resource group, which focuses on mental health, caregiving and disabilities, we want our coworkers to know they are supported and we will do all we can to ensure they continue to grow and develop their careers, as Andy did. His first job at Experian was as an analyst, then moved on to software development and then into a software engineering role. I’m proud of the work we are doing at Experian. We’ve made great strides forward to support an inclusive work environment for everyone, and there’s more to be done. I encourage my coworkers to share their stories as Andy did so we know where we should focus our efforts and support our colleagues in making Experian an employer of choice for people who live with disabilities.
Last week, Experian’s Nottingham office hosted the National Data Strategy Forum as it kicked off its series of regional events showcasing the power of data. The day brought together a wide range of stakeholders, including National Numeracy, the National Literacy Trust and the University of Nottingham, alongside representatives from the Department of Culture, Media & Sport, to talk about the ways data can benefit Midlands business, societies and communities. From financial inclusion, digital literacy, and the role of data in protecting the most vulnerable in our society, to the ways data can create business opportunities for the future, and how we can work together to support grassroots innovation across the region, the discussion focused on how Government and industry can work together to accelerate regional success. This is an early and important step in helping realise the potential of data to create a better tomorrow for people in the Midlands and across the UK. We look forward to continuing to engage with the NDS Forum to bring that potential to life.
It’s hard to believe that Christmas is just around the corner. Many of us will be starting to think about (or if you’re very organised, have already finished) their Christmas shopping. Black Friday sales will kick-off this week’s online bonanza, as bargain hunters pursue the best deals online. However, while we are all busy getting into the spirit of things, it has never been more vital that we do what we can to protect ourselves from identity fraud. As the popularity of the Black Friday sales season has grown, we’ve also seen a marked increase in the volume of fraudulent activity, as criminals use stolen or illegally obtained personal details to apply for credit in someone else’s name. According to our latest analysis of National Hunter Fraud Prevention Service data, the fraud rate for credit card applications has increased by 43% in the last three months to 69 confirmed fraudulent applications per 10,000 applications. It’s expected the rate will rise even more in December, as criminals look to take advantage. It’s naturally worrying if you are a victim of ID fraud. The fraudster will likely have tried to obtain credit in your name – perhaps on multiple occasions – and you’ll be concerned about how and from where they got hold of your information in the first place. Fortunately, there’s a host of things you can do to protect yourself. Checking your credit report on a regular basis is one of the best ways to spot if fraudsters have used your personal information to attempt to access credit, and our dedicated teams can help guide you through the steps if the worst happens and your identity has been stolen. New services and solutions are also helping companies identify and prevent more fraud. In part, the rise in rates can be attributed to better detection, helping fraud teams focus their energy on fraudulent applications, rather than genuine ones. So, while you’re browsing for gifts this festive season, make sure you are mindful of those looking to spoil your Christmas spirit. Help is available and you can read more on how to guard yourself against identity fraud on our website.
Experian is a passionate believer in the role of data as a force for good in the world. Now more than ever, data has a role to play in helping people and businesses across the UK as they recover from the pandemic and look to the future. The National Data Strategy sets a direction for a dynamic and successful Britain, building on a foundation of data insight and analysis. We’re pleased to be able to host the NDS Forum’s Midlands launch today, and to work with organisations from across the region to support its future success. Working together, we can harness the opportunities ahead to deliver positive outcomes for people, businesses and the economy – both in the Midlands and across the wider United Kingdom. Minister for Media, Data and Digital Infrastructure, Julia Lopez, said: "Data is transforming our economy and society by powering better public services and creating new jobs. We want to unlock the power of data through our National Data Strategy and this event will see us work with local communities in the Midlands to see how we can use data to improve people's lives and build back better from the pandemic."
Over the past 18 months, we’ve monitored insights related to consumer and business economic outlooks, financial well-being, online behavior and more. One of the most significant insights was the accelerated shift toward e-commerce and digital financial services. In fact, there has been a 25% increase in digital transaction across the globe since the start of the pandemic including shopping, banking, and transacting online. Our latest 2021 Global Insights Report found that the increase in online activity held steady, even with the return of physical shopping and banking. The study also found that consumers are spending again. Nearly 10% of consumers are spending more and putting less away in retirement or emergency savings than from one year ago. However, even though customers are spending more, loyalty to online businesses is declining. We found that 61% of consumers say they are staying with the same online service provider they used prior to COVID-19. This a decrease of 8% from one year ago. The continued increase in online activity, coupled with heightened consumer expectations, dwindling customer loyalty, and increased competition, could lead to potential revenue loss or gain. Businesses must find solutions to improve digital engagement and customer acquisition. Fortunately, improving digital engagement and customer acquisition are companies’ top priorities as they maneuver the pandemic-accelerated boost in digital transactions. They are leveraging advanced technologies like digital credit risk decisioning, passive authentication, and artificial intelligence to improve the digital customer experience and grow their business. According to Experian’s report, 90 percent of companies are investing in business automation, 76 percent are improving or rebuilding their analytics models and 65% intend to increase fraud budgets. Adoption of AI has risen from 69% to 74% and machine learning from 68% to 73% in one year. We also found that 50% of companies are exploring the use of expanded data sources. To develop the study, Experian surveyed 3,000 consumers and 900 businesses across 10 countries around the world including Australia, Brazil, Germany, India, Italy, Japan, Singapore, Spain, United Kingdom and United States. This report is part of a longitudinal study and published series that started in June 2020 through October 2021 exploring the major shifts in consumer behavior and business strategy throughout COVID. Access all global research reports here. To learn about more findings, download the Global Insights Report and visit the Global Insights blog.
Growing up, my family rarely talked about money. So, in college, when I had the opportunity to get my first credit card, I also found myself in a little trouble when the first bill came. Most of us simply don’t learn about money matters until we find ourselves in these difficult situations. That’s one of the reasons why we’re excited to launch a creative and new program to teach young adults about the basics to building a financial legacy. “Protect The Bag” debuts today. It’s a six-part web series produced in partnership with Grammy-award winning artist, entrepreneur, author and community advocate, Lecrae. We first met Lecrae when he supported a United for Financial Health initiative in his hometown last year. “Protect The Bag” is a hip master class with finance and credit basics presented in an authentic way. Lecrae describes it as “edutainment” that includes scripted skits and interviews with everyday people. His friends Tyler Lockett, Coco Jones and WHATUPRG, among others, join him and share their financial health journeys as part of the shows as well. “Protect The Bag” is not just about credit. It’s about all aspects of personal finance. We’re proud of this innovative way to help consumers understand topics like saving, investing, budgeting and identity protection through someone they admire and trust. We hope you tune in every Tuesday, starting today, for the next six weeks. Episodes will appear on Lecrae’s YouTube channel starting at 7:00 p.m.EST/4 p.m.PST.
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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/.