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Patients ideally should know what they’re going to owe when they show up for an appointment – the last thing they need is a big financial surprise to add to the stress of their visit. Similarly, doctors, nurses, hospitals and all healthcare providers help people to stay healthy day in and day out. Providers should be able to go to sleep at night knowing that they’ll be fairly compensated for the work that they do. However, making that happen isn’t easy. Behind the scenes, contracts, benefits and eligibility between medical groups, hospitals and insurance payers are fairly nuanced and complex. Clients benefit when it comes to how much a patient owes a hospital or medical group after treatment, rough estimates aren’t ideal – perfection is difficult/ create problems and issues. Billing must have pinpoint accuracy and add nuance based on unique contract terms that all medical groups and hospitals sign with their employers and payers. The details can actually be quite difficult to keep straight, and there is an extensive amount of variation in each contract’s rules. Experian Health works to make payment transparency the norm, so that patients know what to expect and healthcare providers are paid fairly, accurately and in a timely fashion. I began working for Experian in 2004 but my interest in product development and research eventually led me to Experian Health. My team of more than 100 Experian employees painstakingly reviews contracts, patient eligibility, benefits information and historical claims to generate an accurate fee estimate for each patient’s medical visit. Nuance/aiding are helping to work toward this. We utilize up-to-date technology that organizes all the information we find in an extensive database and review the claims on behalf of both our medical group clients and patients. The biggest challenge for me and my team is anticipating both patients’ and hospitals’ future needs and innovation in the field. Any time healthcare policies are changed or reimbursement guidelines shift, it affects our clients and requires nimble thinking on our part. How do we ensure that our technology is as modern as possible and our team members stay current on the latest trends and news? I’m looking forward to seeing how we continue adapting in the future.
I’m the Managing Director of Serasa Experian, meaning I work with Experian’s Business Services Unit to identify how data can unlock new opportunities for businesses across Brazil. I worked in the banking industry for more than twenty years, but joined Experian two years ago because I was excited by the company’s innovative use of data to solve real-world problems. I regularly work with small businesses in Brazil and hear firsthand about the challenges they face. From client conversations and recent data analysis, my team discovered that companies across the country were having difficulty identifying trustworthy suppliers for their supply chain. In fact, a recent Experian survey found that eight percent of suppliers pose risks to their business partners due to labor, tax or environmental problems. Verified background information – such as financial history and risk of default – are surprisingly difficult to find, making it difficult and time-consuming for small businesses to find trustworthy supply chains. We knew there had to be a simpler way to match companies. That’s why we created Serasa Conecta, an online marketplace that connects verified suppliers with verified buyers. Using Seresa Conecta, a buyer of a clothing store, for example, can register a customized page and scroll through the pages of trusted retail suppliers who can partner with their business. Suppliers, on the other hand, can use the portal to identify new customers to help increase sales and build their reputation. On the backend of the marketplace, Experian analyzes each company’s background, and can help determine which companies could forge the best partnerships based on simple reports and balance sheet analyses. Whenever a buyer selects a supplier, Experian also runs a risk assessment of both parties to ensure it’s a good fit. When Serasa Conecta was launched, buyers and suppliers in Brazil were thrilled by the marketplace’s ability to both increase sales and verify safe companies quickly and easily. I take pride in knowing my team and I have made a positive impact on thousands of small businesses in the country. Although I have only been at Experian Serasa for two years, I am excited to see how data can continue to unlock opportunities, connecting communities and improving the lives of companies around the world.
Today’s world runs on data. We all leave footprints in the digital world, from the profiles we build of ourselves online, to the countless internet searches we conduct each week, to the information we share via a myriad of apps downloaded on a multitude of devices. The proliferation of new technologies has meant that those footprints – the information and data generated through our digital actions – are seen, recorded and analysed, not only by the service providers but often by their partners as well. Data is everywhere. The quality, management and understanding of that data is crucial for both businesses and society. It allows businesses to develop better products and services, and it is also the key to building better relationships with consumers. To build those relationships, we (the business community) must recognise that the information belongs first and foremost to the consumer. It is their data. We are its custodians, and we must act accordingly, to make sure that people understand and are comfortable with our sight and use of that data. We must be able to build trust, while meeting all the associated obligations that come with the responsibility of managing huge volumes of personal information in a complex digital world – prioritising security and transferring that data both safely and efficiently. At Experian we process over 1.5 billion records a year. We believe data can empower, and we want to help people understand the positive role that it can play in their lives and how it can help improve their financial circumstances. To do that, we must understand how good that understanding is today. How far have consumers come on the ‘data journey’? Do they appreciate the control they have, their rights, and access to their data? Do they trust the caretakers of that data to do the right things with it, to protect it, to manage it and to look after on their behalf? Getting this right is more than just important. It is the responsibility of companies like ours to help people understand what information exists about them, where it goes, what it means, and how they can use it better. In May next year, the arrival of the EU’s General Data Protection Regulation (GDPR) will see a new enforced focus on consumer rights in this space. We will also see the advent of new data driven initiatives such as Open Banking, designed to give consumers more freedom to choose the products and services that work for them. These initiatives make it imperative for the business community to find better ways to communicate with consumers about why we have their data, what we do with it, and how they can use it and control it in the way they’re most comfortable with. We have commissioned research into people’s attitudes to data to help us, and you, understand how people in Britain feel about the way their data is kept and used today. We’ve done it because we want to have this conversation both with the business community and with people themselves. It’s their data, and we want to make sure they’re empowered, comfortable and confident in where it is and how it is being used. True innovation can only be fostered in an environment of understanding and trust. We hope this is the first step in building that together. Read our whitepaper on the UK’s attitudes towards data here.
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.