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As digital transformation follows its course, ubiquitous data and new technologies are dramatically changing the way consumers interact with businesses. The Amazons and Googles of the world are redefining customer experience on a daily basis and setting the bar higher for the rest of industries to catch up. This ‘customer-first’ era calls for innovative ways to achieve sustainable growth and market leadership. Aimed at understanding this new reality, we commissioned Forrester Consulting to survey senior executives and decision makers about how they tackle the challenges and opportunities surrounding digital transformation. What we found is that the key to succeed in today’s highly competitive and fast paced environment is creating a comprehensive, unified view into their customers and their needs. And that although businesses are committed to keeping up with the pace of change to stay relevant, there are still trying to figure out how to execute their ‘customer-first’ vision. Businesses from all over the world wonder how they can attract and retain new customers, or what are the tools they need to quickly act on insights and make consistent, relevant decisions about what matters the most to their customers. Our research shows that the early beneficiaries of digitalisation such as fintech companies and e-commerce brands have been quick to understand younger, tech savvy and convenience-hungry consumers. Both industries have leveraged decades of technology developments to meet their customers’ expectations, setting the bar high. They have evolved from one-time transactions to building relationships, creating loyal followers and facilitating repeat purchases. Financial services and other sectors can find inspiration in how customer strategies focused on relevance and personalisation deliver the curated experiences consumers demand. When you put the customer first, the opportunities to create more value from your customer relationships are endless. We believe the future is bright for the business which remains nimble and willing to evolve their business models, using technology to meet the needs of tomorrow’s customer. Key findings 81% of executives believe traditional business models will disappear over the next five years due to digital transformation. 79% of key decision makers believe their customers can seamlessly interact with their organisations across mobile, web, and in-person channels – and are generally positive about the progress they are making. Two thirds of executives believe their profitability would improve if they were able to create that single, comprehensive view of the customer. Knowing and understanding customers better than anyone else is paramount to consistently assisting them how, when and where they need it. Businesses must ensure that they offer appropriate products that their customers can afford and benefit from now and in the future, regardless of market conditions or changing personal circumstances. Six out of ten executives believe sharing their data with third parties and tapping into additional data will help them create frictionless customer experiences. But there are some challenges they need to overcome before achieving that. For example, 40 percent of executives globally still feel they cannot easily share their data. They also need to make sense and find meaning from all the data they have. They are currently investing in new technologies to make sense of their data, but these efforts are not going far enough. 53% of businesses worldwide struggle to make consistent customer decisions. Part of it due to the gathering of inconsistent data from one channel to the next. The better businesses get at managing different points of interaction, the more insight they can obtain within a given customer’s experience. Using advanced analytics helps unlock the value latent in different points of interaction along the entire relationship with your customers. 77% of executives set aside budget for advanced analytics and decision-management systems. To turn strategic priorities into action, businesses have set aside budget to invest in analytics and digital decisioning. Thanks to innovative analytical tools, businesses can deliver improved, personalised experiences when they matter, better protecting consumers and complying with regulations. Download the full report.

Financial exclusion is a global issue with an estimated 1.7 billion adults currently ‘unbanked’ . Experian’s core mission is to help bring financial inclusion to every adult in the world. There are currently millions of ‘thin file’ consumers and SMEs in sub-Saharan Africa. These are consumers with limited information on a traditional credit bureau or have no information at all, so-called ‘invisibles’, who find themselves excluded from mainstream finance. They often face more difficulty – or higher costs – when applying for financial products or services. That’s why we are proud to announce today the launch of a ground-breaking new smartphone app, GeleZAR, in South Africa, which aims to bring more micro-entrepreneurs into the mainstream economy and ensure they get the credit score they deserve.. Using the expertise of our global innovation hubs, we have developed a unique financial education and credit scoring mobile app. GeleZAR is designed to educate entrepreneurs and individuals on how to manage their finances, budget and credit score in a fun, entertaining and digestible way. It can also advise individuals on how to maintain a good credit health and recommends remedial actions where needed. In partnership with a local South African consumer and fintech developer, Experian designed the app specifically for entry-level smartphones. We are also working with one of the largest low-cost mobile phone retailers in Africa to trial the app which has been pre-installed on a range of its entry-level smartphones.. The intention is to extend the rollout and make the app accessible for free on more than six million devices annually. Working with alternative data that an individual user consents to share on the app, GeleZAR will be able to assess an individual’s stability, build a credit profile and potentially improve their credit score. This in turn could enable them to access a broader range of financial products at more affordable interest rates. This is a great example of how Experian is innovating to find new ways to empower our customers while uplifting societies. It also fulfils our passion for financial inclusion and the accurate assessment of affordability. Experian’s cutting edge technological capabilities enable us to use the power of data to transform lives, businesses and economies for the better. Through our pioneering work in this space we hope to help consumers around the world on their credit journey. GeleZAR is just one of the ways we are delivering on our mission to build and improve the credit files of millions of people in South Africa and beyond.

Today I testified before the U.S. House Committee on Financial Services. Many important questions were asked: Are we doing enough to ensure the accuracy and security of consumer data? What are we doing to help promote financial inclusion so that millions of American consumers can finally gain access to the credit they deserve and need? On behalf of everyone at Experian, I was proud to share with the committee that financial inclusion is part of our sense of purpose. This sense of purpose is what drove us to create game-changing initiatives like Experian Boost, which will help millions of Americans instantly increase their credit scores and gain access to better financial opportunities. I also commented to the committee that nothing was more important to us than ensuring the security and accuracy of consumer data, and our mobile-optimized online dispute resolution service is evidence of that ongoing commitment. You can read the full text of my written testimony here. However, the issues discussed today need to be part of a larger and ongoing dialogue. Credit is vital to buying a place to live, a car to drive and paying for everyday expenses. We know we have a special responsibility to play in what is arguably one of the most effective credit ecosystems in the world. We take that responsibility very seriously. But we also know that winning the trust of consumers is something we need to consistently earn. We hold ourselves accountable for doing that every day and agree with committee members that everyone involved in consumer credit should do the same. We are proud of what we have accomplished so far, but we know we can and must go further. We need to constantly strive to reinvent what is possible by leveraging new technologies and innovative solutions. Today’s consumers and even our lending customers should expect nothing less from us. And Congress has an important role to play, too. We strongly support legislative initiatives like the Credit Access and Inclusion Act, which would amend the Fair Credit Reporting Act and allow positive consumer credit information, such as on-time payment histories, to be shared with consumer reporting agencies. This proposed legislation would also remove barriers to financial inclusion, such as state and local laws that prevent public utilities from sharing positive customer payment data. While many voices need to contribute to a robust dialogue on the future of the credit economy, it seems clear that the most effective solutions will stem from consumer demand and not legislation or regulation. There are over 100 million American consumers who don't have access to credit today, either because their credit scores are too low, or because they don't have enough credit history. Most of these individuals have never heard of Experian and have little if any idea of what we do. That’s ok. We know the struggles they face and we have some ideas on how we can help make a difference. In many ways we already are and we’re ready to roll up our sleeves to do even more in the future. Millions are counting on us.