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It gives me great pleasure to announce that Experian has won the Consensus Economics Forecast Accuracy Award 2018 for the UK. Our UK Economics Team was recognised for their high-quality research, their commitment to regular forecasts and their ability to identify most accurately the trends and levels of key indicators over the 24-month forecasting cycle. The Forecast Accuracy Award program recognises the achievements of a select group of expert country economic forecasters who have most accurately predicted the performance of GDP growth and Consumer Price Inflation for their targeted economies over a 24-month forecasting cycle. Experian were the most accurate UK forecaster out of pool of 36 organisations. Mohammed Chaudhri, Head of UK Macro Forecasting, said: “We’re thrilled to win this award. We spent a lot of time analysing the UK economy following the referendum vote in 2016 and, at the time, many forecasters were expecting an immediate recession. However, we felt that the UK economy would prove more resilient in the coming years. We are pleased that our forecast for 2018 was so close to the actual development.” The award underlines the wealth of knowledge across the UK Economics Team, with over 30 years of macro-economic forecasting experience to their name. The accuracy of our economic forecasts is a real benefit when understanding how the UK economy will impact businesses in the future. By embedding our forecasts into the decision-making process organisations can embrace the opportunities presented by an ever-changing economics landscape. I’d like to congratulate Mohammed and his team on a well-deserved award win, along with all the other winners from across the globe. To find out more, click here.
The following is written by Colin Grieves, Managing Director of Targeting, at Experian. There are many reasons why an advert might catch your attention – maybe it’s because of a celebrity endorsement, clever catchphrase, or a witty one-liner that catches you off guard when you’re waiting for your programme to return after the break. If there has been an advert that has particularly stuck in your mind, those behind the marketing at organisations will tell you it’s no accident. Experian works with a range of organisations to help them understand which people are likely to be most interested in. So, how can you find out what information marketers use to understand you? Experian launched the Consumer Information Portal, or CIP for short, back in April 2018 to help people see what data we have access to, but also to give you the chance to let us know if you want to stop your data being used for marketing. The CIP also explains why our work in marketing can be a good thing for consumers and society as a whole. We’ve recently made improvements to the website to give you an even greater insight. You can now visit our website and promptly check whether your personal data is present on specific marketing channels, what sectors it’s used by, and where we obtained the data from. For the first time, you can also see with which marketing profile your postcode is associated here. This gives you a real flavour of how marketers may view you and the type of people most likely to live in your neighbourhood, to make sure the messages you receive are as relevant as possible. We’re planning to keep adding more new features and information to the CIP, as we keep our promise to deliver transparent and responsible marketing. Drawing on expertise across our business to improve your experience when you use the CIP, as well as looking at new, clearer ways to explain how we work with data in our marketing services. Watch this space for further updates.
As part of the company’s commitment to diversity and inclusion, Experian is celebrating Asian Pacific American Heritage Month through May. This article is by Dacy Yee, VP of Marketing and Customer Relationship Management for Experian Consumer Services and executive co-sponsor for Experian’s Asian American Employee Resource Group (ERG). My parents’ story is not unlike any other immigrant story. At 20 years old, they came to the United States from Hong Kong with nothing but a dream for more opportunity and a better life for their family. Their drive and resilience empowered me from a young age. I got my hustle from my dad; he is the hardest-working person I know. Throughout my childhood, he juggled multiple jobs, from working in Chinese restaurants and bagging groceries to becoming a mechanic. He worked his way from mechanic to owner of a gas and service station, often spending early mornings and late evenings opening and closing the shop. I got my toughness from my mom; she always pushed me to be better by making me believe that I was capable, strong and resilient, and by telling me that I could achieve anything I wanted to in life. My parents showed me what courage and determination meant by leaving the familiar in their home country to move here and maneuver a new, unfamiliar culture. They empowered me to work hard and take risks—to always think bigger. Asian Americans have a unique place in history; from the Chinese immigrants working on the railroad in the 1880s to the Japanese WWII internment camps of the 1940s, there’s something to be said about the Asian American story in this country that has only recently been explored in pop culture and entertainment. There’s the quiet, hard work ethic and driven mentality from my parents’ generation that worked so well in certain countries, but a steady drumbeat of wanting to stand out in future generations after that. This has profound implications for professional environments. The generalizations of the silent model minority have been disputed in recent years. Even more so, there’s much to be discussed as to how we carry our past generational habits into the future and how that shapes who we become. The lessons my parents taught me sometimes translate differently and result in the culmination of stereotypes I’ve tried to avoid throughout my career. Putting my head down and working hard might suddenly mean I’m passive. Thinking twice about challenging authority might translate to being soft-spoken or submissive. As an Asian American professional woman, I’m faced with minute-to-minute decisions of when to speak up, when to fight my battles and when to simmer down. There have been studies showing that there is a real “bamboo” ceiling for Asian Americans trying to reach the C-suite level. In fact, Asian Americans are currently the racial group least likely to be promoted to management positions in the U.S., according to a study in the Harvard Business Review. The question is: how do we break through that ceiling? As a company rooted and driven by data, we are constantly looking at numbers in everything we do. This is why we’re hosting a speaker to walk through his findings about what builds and creates this “bamboo” ceiling and how it affects Asian Americans in the workplace. We need to speak up and share our struggles with each other; as part of Asian Pacific American Heritage Month, we’re hosting a panel featuring our own Asian American leaders and professionals to talk about this very issue. To each other, to their colleagues, to their managers and to the larger Experian community. Finally, we’re going to chart the path forward and lead by example. As members of the Asian American ERG at Experian, we’re going to host more skill-building workshops, have open and candid conversations, and keep each other accountable to our stretch goals and ultimately our professional aspirations. As we celebrate Asian Pacific American Heritage Month, there will be an ongoing dialogue of what empowerment means to us in the workplace. Ultimately, regardless of where you come from and how you identify yourself, the resounding lesson is of empowerment; standing up for what you’re passionate about and leading the way for others who will be following in your path.
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.
We believe that financial literacy leads to empowerment. That is why Experian supports initiatives and partners with community organizations to deliver financial education. We also develop products and services that give more control to consumers over their credit profile and financial health. As part of advancing our mission of Financial Power to All®, we are proud to announce we are helping more than 5,000 Hispanic individuals nationwide by relieving $10 million dollars of consumer debt. To provide families with this boost, we joined forces with ForgiveCo, a Public Benefit Corporation (PBC), to administer the acquisition and cancellation of qualifying consumer debt for the selected recipients. Beneficiaries will also receive a one-year premium Experian membership for free that offers access to their Experian credit report in English and Spanish[i], FICO® Score[ii], bilingual educational content, and other financial resources. We hope this effort helps raise awareness of the importance of financial literacy for everyone, and that Experian has resources to help individuals reach their financial dreams. To amplify the message, we collaborated with multi-platinum, award-winning singer and songwriter Prince Royce and you can see his video here. In fact, we have been making a concerted effort the last several years to evolve our educational resources and products to better support all underserved communities. Some of our other activities include the creation of the B.A.L.L. for Life initiative that connects African American and Hispanic youth with financial education, supporting scholarships for Asian Americans through the Ascend organization, providing custom resources for Out & Equal and Born This Way Foundation for the LGBTQ+ community, supporting the NextGen Innovation Lab for Disability:IN, and sponsoring credit counseling for the military community with Operation HOPE. For resources in Spanish, Experian offers a credit e-book and consumers can access a full suite of articles at the Ask Experian blog here. [i] Only Experian credit reports are available in Spanish. All other services associated with an Experian membership are available in English only. English fluency is required for full access to Experian’s products. [ii] Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
Amid some of the financial challenges that underserved communities experience, members across the financial services community remain committed to championing initiatives and programs that drive greater financial inclusion. In fact, collaboration has led to the inclusion of non-debt related payment information on consumers’ credit profiles, as well as digital services that make it easier to manage money. These efforts have helped to broaden access to fair and affordable financial resources for more individuals. While significant progress has been made, there is still more work to do. However, some of the misconceptions and myths about the financial services community are hindering further advancement. Debunking these myths will accelerate progress by building trust between the financial services community and consumers. Person withdrawing money from ATM contactless Myth #1: “Financial institutions have no interest in underserved consumers or credit invisibles.” The truth is, banks and credit unions want to say “yes” to more prospective borrowers, including individuals and families from underserved communities. Beyond being the right thing to do, it’s an opportunity to potentially build lifelong relationships with a relatively untapped market. A show of good faith to communities who have largely been ignored by the financial system could lead to customer loyalty that may extend to their family and friends. That’s why participants across the financial ecosystem have been proponents of including expanded data sources—such as on-time telecom, utility and video streaming service payments—on to consumer credit reports, as well as exploring other Fair Credit Reporting Act (FCRA)-regulated data sources, including payment data on short-term small dollar loans and expanded public records data. Making this data more accessible to lenders provides a more comprehensive view of a consumer’s ability and willingness to repay outstanding debt—an actionable solution to extending credit to consumers without lenders taking on additional risk. Myth #2: “There is a lack of trustworthy financial education resources.” The financial services community and affiliated organizations recognize that empowering people with financial knowledge and skillset are critical to consumers’ financial success. In fact, banks and credit unions are partnering with nonprofits and non-governmental organizations to better understand the unique challenges and opportunities within specific communities and provide relevant tools and resources. For example, Experian’s B.A.L.L. for Life (Be A Legacy Leader) program, launched in partnership with the National Urban League, serves as a catalyst for engaging with Black communities and low-income youth through live events and digital financial education. Subject matter experts, professional athletes, celebrities, and other influencers share their experiences and expertise, covering topics such as banking, credit, financial management and investing. In addition, to help people improve their financial management, Experian partners with the National Foundation for Credit Counseling (NFCC). The NFCC connects consumers with certified financial counselors to help them address various pain points, including debt management, homeownership, student loans or small business cash flow issues. Myth #3: “Underserved communities have few opportunities to build credit and enter the mainstream financial system.” People from underserved communities, as well as younger consumers and recent immigrants are often excluded from the mainstream financial system because they lack an extensive credit history. Historically, it’s created a vicious cycle; in order to get credit, you have to have credit. Fortunately, there has been a sea change in innovative solutions to address the specific needs of these populations. These include new credit scoring models and microfinancing which provide financial services to individuals who may have been excluded from traditional banking systems. In addition, by incorporating expanded data sources, such as telecom, utility and residential rental payments onto credit reports, lenders have more visibility into consumers who may have been excluded by traditional credit scoring methods.These programs help individuals and families from underserved communities establish and build a credit history that could enable loans, or the ability to rent an apartment or open their dream business. An example is Experian Boost®, a free feature that allows Experian members to contribute their history of making utility, cellphone, insurance, residential rent and video streaming service payments directly into their Experian credit profile. By incorporating nontraditional credit data like paying utility bills on time, online banking transactions, rental payments and verified income data, more people can establish a credit profile that can potentially qualify them for a loan. More Inclusion, Fewer Myths It’s encouraging that community organizations and banks are beginning to see the economic and social benefits of aligning on financial literacy and inclusion. As more initiatives come online, underserved populations will be able to establish a better financial foundation. Then, we can declare the myths to be history.