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The UK is home to some of the brightest minds in the Fintech sector. It is a hive of innovation that is starting to deliver consumer services which challenge conventional thinking about the role and function of traditional service providers. During the last few years we have seen customers develop ever-increasing expectations when it comes to digital services. People are demanding engaging content with useful and simple functionality which delivers a great user-experience. And it is the new entrants into the marketplace, the disrupting Fintechs, who appear to be most effective at meeting this need at present. Start-ups also have the advantage of agility and speed. And the impact of the rapidly evolving Fintech community should not be underestimated. Although we are one of the biggest companies in the world, Experian’s own pioneering application of data, analytics and technology plays an important role in finding new innovative solutions too – from helping consumers understand and improve their financial situations, to supporting the growth of businesses, managing risk and protecting against fraud. Now we’re looking to discover and support a new generation of innovators and entrepreneurs who will change the future of finance. That’s why we’re so delighted to be working with Tech City UK on the FinTech4All competition. The Experian Spotlight Award is designed to recognise a particularly outstanding concept, product or service from all those who enter the contest. It’s our intention to build the award package with the people who win it, depending on what they need – whether that’s mentoring, advice, access to our own expertise, or something else. It’s a hugely exciting project and it’s going to be really interesting to see what kind of original ideas emerge. Interested? Part of a start-up that wants to make financial services work for everyone? Then visit FinTechForAll to enter.
In the aftermath of Hurricane Harvey, the nation is waiting to assess the scope of the damage. While we still don’t know exactly how many people have been displaced from their homes, we know thousands of Texans need help, and will for months to come. In times like this, consumers and businesses are particularly vulnerable, both physically and financially. That’s why from the moment the storm hit, our team was already rolling up their sleeves to help with relief efforts. From generous employee contributions to offering free tools to help affected consumers monitor their finances, Experian is committed to helping the local communities in which we live and work, providing relief to those who need it most. 1. What contributions has Experian made to help those affected by Hurricane Harvey? Our Corporate Responsibility team set up a donation link right away for employees to make contributions to the South/Central Texas American Red Cross, providing critical aid to families. We were met with an overwhelming amount of generosity from our employees, and have already raised more than $90,000. Additionally, our offices in Texas have organized donation drives to provide basic necessities for those staying in shelters – including food, water, diapers, flashlights, batteries, hygiene items and clothing – while our Allen facility is currently holding a blood drive. 2. How are Experian’s products helping Harvey victims? In times of crisis, cases of credit card fraud and identity theft tend to spike, especially since many displaced people have left their check books or credit cards at home in the rush to evacuate. Missing mortgage and car payments are also common after a natural disaster, which can have a negative effect on consumer credit – the last thing they need in the aftermath of a storm. To help, Experian has partnered with 14 banks with branches in Texas who will provide free credit and identity checks for hurricane victims, along with free memberships to our identity theft protection product. These tools will give consumers access to daily Experian credit reports, 24/7 credit monitoring, identity protection insurance and a dedicated identity theft specialist to assist with any questions or specific needs.
For the fourth consecutive year, Experian has been named to Forbes Magazine’s Top 100 list of the “World’s Most Innovative Companies.” At Experian, we are proud to foster a global culture of continuous innovation, from finding breakthroughs around better utilizing data to identifying ways we can make access to credit faster and simpler for millions around the world. The recognition as a top innovative company is a testament to our employees’ focus on putting the consumer and our customers at the center of what we do, and powering innovative opportunities to secure better, more productive futures for people and organizations. This past year has been a year of significant milestones, including our partnership with Finicity, the introduction of our Text for Credit product, and our drive to create a more open and adaptive technology environment by implementing API capabilities across the Experian network. In March, we were among the first companies to digitize the mortgage underwriting process. We partnered with Finicity to join our new Digital Verification Solution with their data aggregation and insight platform, creating technology that easily verifies consumer assets and income. This new service enables us improve data accuracy and reduce fraud risk for lenders, and removes the hassle and piles of paperwork for consumers, accelerating the loan underwriting process to as little as 10 days. In July, we introduced the first-ever credit solution that enables consumers to apply for credit with a simple text message. Utilizing patent-pending mobile identification through our Smart Lookup process, consumers can be recognized by their device credentials, bypassing the need to fill out a lengthy credit application. Our Text for Credit product enables consumers to apply for real-time access to credit while standing in line to make their purchases, or before entering an auto dealership. We’ve also implemented application programming interfaces (APIs) across the Experian network. This works to improve the transfer of data, speed up the pace of innovation and foster a more collaborative environment, enabling us to create a more efficient and targeted platform for our customers. Additionally, understanding that healthcare is becoming the “new retail” environment, Experian launched price transparency and patient estimate tools that provide health systems with real-time eligibility and insurance coverage to help patients avoid the sticker shock associated with unforeseen medical expenses. An industry’s greatest innovators are successful not only because they deliver superior products in the present, but also – and perhaps more importantly – because they continuously solidify their place in the future through a culture of discovery that encourages modernization and disruption. As author Greg Satell outlined in his new book, Mapping Innovation: A Playbook for Navigating a Disruptive Age, the work we do in our DataLabs – and throughout Experian – shows our commitment to being inventive and agile in an increasingly competitive market. Experian embraces a culture of discovery that enables us to grow and evolve while remaining at the forefront of innovation. Of course, the key is to never stop questioning, evolving and innovating. And we won’t.
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.