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Experian Marketing Services, a recognized leader in data-driven marketing and cloud-based marketing technology, today unveiled an audience management platform that will change the way the advertising industry buys and measures media. The Audience Engine platform deterministically links and matches data across the marketing ecosystem in a unified, automated platform for targeting, execution and measurement of addressable advertising campaigns. Advertisers, agencies and publishers can use Audience Engine to build and execute addressable advertising campaigns at scale in just a few clicks. Experian® developed the platform to automate the process of finding an advertiser’s audiences where they are today — at scale, across channels, networks and online and offline platforms. It provides users with a single, agnostic platform to create, understand and activate their addressable advertising campaigns leveraging a combination of first-, second- and third-party data sources. For TV advertisers, this includes linear, addressable and over-the-top audiences, such as connected TV. While in beta over the last nine months, more than 70 brands have used Audience Engine to launch addressable TV campaigns. Brands across verticals including major automotive, travel, retail and consumer packaged goods have already seen success, with an average sales lift of 67 percent. “We built Audience Engine with an open ecosystem in mind. As a result, we’ve been very successful in securing major accounts that have contributed to the impressive scale of our platform,” said Kevin Dean, president and general manager of targeting, Experian Marketing Services. “Our audience management platform allows media companies to monetize their data by making it accessible to the industry in a privacy-compliant, agnostic environment. Meanwhile, the media companies remain in control of their data and how that data is used for marketing.” Key facts about the Audience Engine platform Reach: Users of the Audience Engine platform can reach 85 percent of the entire U.S. population with addressable advertising campaigns. Advertisers can reach 100 percent of the household-level addressable TV operators in the United States through Audience Engine. People-based audiences, not cookies: Unlike a data management platform (DMP), Experian’s audience management platform generates “people-based” audiences by deterministically connecting data from across the industry, including online and offline platforms. It does not rely on cookies. Experian has direct partnerships with over 20 of the country’s largest media providers across TV, online, mobile, email and direct mail to enable deterministic matching and distribution across more than 8 billion variables. Media partners include Facebook, Yahoo, Viant, AOL, Cablevision, AT&T and Dish Network, among others. Users: Audience Engine is for users on both the buy and sell sides of advertising. End users include advertisers, agencies, media publishers and DMPs. Flexibility for distribution: Audience Engine offers users the flexibility to distribute audiences in perfect orchestration with demand side platforms (DSPs) and DMPs including Videology, Turn, MediaMath, x+1 and Lotame. Industry and partner quotes “Experian has become a critical component to today’s addressable ecosystem,” said Jamie Power, managing partner, Modi Media. “In five years, we’ll look back on this platform as a significant milestone in the ease and evolution of Advanced TV Advertising. Their direct link to the MVPD infrastructure drastically improves our ability to implement Addressable campaigns in reasonable time with accurate data and measurement." “Experian’s Audience Engine is integral to the future of TV and advertising,” said Andre Swanston, CEO of Tru Optik, which provides media and entertainment behavioral data for Audience Engine. “Our partnership with Experian has made Tru Optik data on the consumption of streaming media content available across addressable TV, opening an entire new revenue opportunity for our company and providing media companies and agencies with the insights they need to reach consumers, who are increasingly consuming content across multiple screens.” How Audience Engine works Directly in the Audience Engine platform, users are able to: Create custom audiences by selecting from their customer files and Experian’s consumer database (the largest in the world), as well as segments from other unique, emerging data sources. Users see the quantity and scale of the target audience immediately and can export the file within minutes. View audience insights that illustrate who this addressable audience is in terms of geographic, demographic and lifestyle attributes. The audience insight tool can be exported immediately into a report. Choose the channels and portals to distribute the addressable campaign across all channels: online, mobile, email, TV and direct mail. The audience targeting file is validated seamlessly to eliminate duplicate files across audiences. Through Experian’s matching capabilities embedded within the platform, users are able to view where an advertiser’s audience is active, regardless of the channel or platform. The platform then delivers addressable audiences for advertisers and agencies to use in their campaign targeting, all in a privacy-compliant manner. Users can view performance in a closed-loop reporting environment that shows the impact of their addressable campaigns across offline and online sales. “Traditionally, advertisers and media buyers think about the channel first — whether that’s targeting an audience via TV, on Facebook or an app — before they know if their audience is active in that channel. Audience Engine reverses this process,” said Dean. “The traditional approach gives advertisers ‘reach,’ but also results in a lot of wasted money, inaccurate data and irrelevant ads. With our audience-management platform, reach can be achieved with a level of unprecedented precision.” To learn more about the Audience Engine platform, please visit Experian’s website: http://ex.pn/audienceengine.
I’m pleased to share that Experian has taken another important step in the transformation of our Consumer Services business, having signed an agreement to acquire CSIdentity Corporation (CSID). The name CSID may not be familiar to most, but it’s a major provider of identity theft and fraud detection solutions in the United States. CSID is the technology platform that sits behind many other identity solution providers, and it’s CSID’s innovation that powers many of the core features of identity protection products marketed under other brands. Experian is familiar with CSID as we have partnered with them in the past, given the synergistic nature of our products. Helping Consumers and Businesses … Beyond being a very important step for our business in North America, I want to highlight how joining forces will help businesses and consumers alike. The combination of our products and services creates a powerful solution in the identity theft protection world. By bringing together Experian’s industry-leading Consumer Services products with the proprietary technology and innovation of CSID’s identity protection platform, we will be able to offer consumers and clients best-in-class credit and identity solutions. This acquisition significantly enhances our ability to address consumers’ advanced needs for tools to protect their identity and detect fraud. CSID has developed a sophisticated and patent-protected technology platform that discovers when identity information has been possibly compromised, and notifies consumers of the activity so that immediate action can be taken. By combining Experian’s credit expertise and CSID’s enhanced capabilities in identity management, we will be able to provide consumers with the ability to manage both their credit and their identity information in one proposition. This two-level approach using credit and identity information enables us to proactively inform consumers that their identification data has been compromised using CSID identity solutions, and advise them that stolen identity information is actively being used in credit inquiries and new account openings. Business Strategy … Consumer adoption of identity-related services is growing globally, driven in part by identity-related trends such as increasing digital activity and the threats around cybersecurity. We now have clear sight of a larger and more dynamic market that provides us with greater opportunities to leverage the entire range of Experian data and analytics capabilities to address the growing needs of consumers. And identity theft protection is a big part of our growth plan. This effort puts the consumer at the center of our decisions. Our aim is to significantly enrich the consumer experience by providing access to a broad range of information, including credit, automotive, health, and identity to help consumers make more informed decisions and control their information. CSID has existing contracts with many industry participants. I’m confident Experian’s breadth of data and analytics capabilities could add real value to these relationships. The Details … As is common in a deal such as this, the agreement is subject to Hart-Scott Rodino regulatory approval. Once that is concluded, we will be in a position to talk in even greater detail about how and why this acquisition will be a powerful win for helping businesses and consumers navigate the modern era of personal identity theft protection services. We’re delighted by the opportunities the acquisition of CSID brings, and we look forward to welcoming the CSID team to Experian. Craig Boundy Experian North America CEO
On Tuesday, Experian held a press conference and ribbon cutting ceremony with San Diego Mayor, Kevin Faulconer to announce and celebrate the expansion of the data and innovation lab in North America. The new 10,000 square-foot state-of-the-art facility will allow Experian to use breakthrough experiments to good things with data. Mayor Faulconer spoke about creating innovative jobs and opportunities in San Diego and welcomed the growth, ingenuity and creativity that Experian’s talented employees will bring to San Diego. Eric Haller, Executive Vice President of Experian’s DataLabs, joined Mayor Faulconer in addressing the three major broadcast news networks in San Diego, as well as reporters from the San Diego Business Journal, San Diego Union-Tribune and Reuters. “At this point, I’d like to think of this not as a finish line for our labs but a starting point. We have a lot of great opportunity ahead of us, and we hope that in this lab we'll start to achieve our vision around the future of banking, retail and automotive,” said Haller. Experian DataLabs currently staffs 30 employees in San Diego and plans on doubling the team within this year. Click the links below to view media coverage from the event. http://app.criticalmention.com/app/#clip/view/22084420?token=f65a02f2-ab51-4766-9f99-deeee5ec8788
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.