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Working at Experian I am constantly amazed by the many innovative ways we work with data, to find new and exciting solutions with our partners.  If we can harness the power of data, and derive real value from it, it has the potential to make hugely positive changes to the way we all live and work. And there’s no doubt that organisations of all shapes and sizes are stepping up to meet the challenge, investing in technology and insight to move with the times. With that in mind, I am delighted to be able to announce the finalists for Experian’s inaugural ‘Data Excellence’ award, part of this year’s Lloyds Bank National Business Awards. This award is the first of its kind, and was designed by us to recognise organisations that are pushing the boundaries in this space, creating opportunities for people, businesses and society in the process. We’ve had some great entries and the final shortlist features some of the finest examples of those working at the forefront of data and analytics. It’s a diverse and dynamic group. Data, innovation and technology has the power to change the world for the better and there’s no better way to demonstrate this than through real-life examples. The award shortlist showcases this perfectly.  All our finalists have demonstrated the capacity to use data-driven solutions to not only deliver better outcomes for their customers, but embrace the opportunities presented by an ever-changing data landscape. So, who made the final shortlist? Center Parcs Cleveland Police Minicabit Principality Building Society SyndicateRoom Validis Zurich Insurance The judges now face the difficult task of selecting a winner, someone who truly personifies data excellence.  At Experian, we pride ourselves on our culture of continuous innovation, that’s why we are so excited to celebrate the UK’s most ‘data excellent’ companies at this year’s National Business Awards.  I’d like to wish all the finalist the very best of luck, To find out more, you can visit the National Business Awards website.  

As businesses, we want to know our consumers and their habits so we can offer the best customer experience possible, whether in store or online. This should include providing the right security measures that will protect consumers and businesses from fraud, without compromising that consumer experience. In research published earlier this year, our Global Fraud and Identity report cites two-thirds (66 percent) of consumers surveyed said they appreciate security protocols when transacting online. Younger consumers (42 percent) said they are more likely to engage online if there weren’t as many security hurdles, versus 30 percent of those who are 35 and older. It’s evident that businesses need to provide a good balance between providing consumers with a positive experience while having efficient security protocols in place. With 90 percent of consumers using digital channels for banking and shopping, consumers and businesses need to be protected from fraudulent transactions. The varying degree of tolerance toward security presents a bit of a challenge, in that it’s hard to find a one-size-fits-all solution for everyone. Millennials are accustomed to speed and convenience, having grown up with mobile phones and the Internet. This is evident in their preference toward pre-filled login credentials when conducting financial transactions online. Older generations, by contrast, had to navigate the (often very painful) evolution to the digital world.  Therefore, it’s not surprising that there’s a difference in overall tolerance toward security measures in place. Both age groups agree that passwords enhance the online experience, but fewer millennials believe passwords alone are the best way to protect their information. On the business side, our research shows that most organizations prioritize convenience over security, however they still use passwords as their top form of authentication. Business owners don’t necessarily think it’s the safest method to prevent fraud, but it’s a well-understood security precaution. Ironically, one-quarter of consumers have forgotten a username or password within the past six months, causing significant consumer frustration. While businesses have come to terms with acceptable levels of fraud losses, we encourage a change in mindset: to invest in a solution that can help prevent fraud and reduce loss more efficiently. Experian CrossCoreTM, for example, is the first smart, open, plug-and-play platform for fraud and identity services that helps businesses catch fraud faster, improve compliance, and enhance customer experience. We’ve helped our clients screen more than 15 billion fraud events in just one year, and won’t stop there. When you have the right solution in place, that’s when you know that effective security and great customer experience are not mutually exclusive, for older generations and millennials alike; they go hand-in-hand.  

The world in 2018 is defined by data. Vast quantities of information flow through our lives like threads across an elaborate tapestry. On a micro level, these threads bind the business world together. But they also come together to weave a picture of the economy that is colourful, detailed, and uniquely fascinating. At Experian, we process more than 1.5 billion records per year, making us specialists in the processing and understanding of this data – and in making sure it is used for the benefit of consumers and businesses. To share our unique perspective, we’ve created our first ever Spending Power Index. The index looks at the UK’s income and spending habits, including both a detailed view of the present, and insight into longer term trends and the nation’s changing preferences. Giving businesses the bigger picture Stepping back from day-to-day business to look at the whole economy is a chance to identify new opportunities and work out the best ways of adapting to new challenges. The insights we’re providing through the Spending Power Index are designed to fuel that process by offering a view of existing and emerging trends across all demographic segments of the UK economy. What is the Spending Power Index? We’ve defined ‘Spending Power’ as a combination of key factors: Average income growth over time Levels of spending for one demographic group when compared to another Levels of spending as a proportion of incomes These combined factors reveal a wealth of hidden information about income and spending. All these insights have been drawn from Experian’s modelled data using secondary sources such as our ‘Financial Strategy Segmentation’ (FSS) tool. The data for this comes from a range of publicly and commercially available sources, such as the edited Electoral Roll, the UK Census and permission-based market research data taken, for example, from the lifestyle questionnaires many of us complete. New insights and confirming market trends Some of the insights revealed by the index have been surprising, while others fit into social trends that are already well understood. We found some areas of significant shift, such as the movement away from owning possessions and towards spending on life experiences. But we also confirmed some new and fascinating trends such as the emergence of Generation X’s forty somethings as the biggest earners and spenders in the UK economy. Find out more by reading the full Spending Power Index report here.