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Last year, while still in the grip of the effects of the pandemic, Experian North America continued to reinforce our core purpose and People First approach through creating a workplace culture of belonging, employee wellness and personal and professional growth. It’s especially rewarding that this commitment, along with our financial planning and consumer education resources, were highlighted in this year’s Fortune 100 Best Companies to Work For award recognition. For the third year in a row, Experian North America was named to the prestigious national list that honors the “100 Best companies that adapted to massive changes in the workplace by prioritizing employee well-being, inclusion, purpose, listening and care wherever their employees are.” To determine this year’s 100 Best list, Great Place to Work®, America’s largest ongoing annual workforce study, surveyed more than 870,000 employees and gathered data from companies representing more than 6.1 million employees. The survey enables employees to share confidential feedback about their organization’s culture and the employee experience. Great Place to Work cited that “Experian has expanded benefits to include fertility, surrogacy, and adoption coverage and enhanced its higher education financial planning resources. It’s also tackling workplace equity from the very start of the hiring process with an in-house tool called Lingo that identifies gender-biased language in job descriptions.” In addition, “Experian began to hold conferences for employees to discuss their personal struggles during the pandemic. Since then, the company has continued to improve wellness initiatives, while staying committed to flexibility around employee schedules.” “At Experian we’re especially proud of our purpose-driven culture, where all our people play a role in making a positive impact in the day-to-day lives of the consumers, clients and communities we serve. This includes taking care of each other, celebrating our individual differences, and delivering on our purpose to create a better tomorrow for people everywhere,” said Jennifer Schulz, Chief Executive Officer of Experian North America. “This recognition from Fortune reflects the very best Experian offers to all those we help, and I couldn’t be prouder of our people and the work we’re doing.” At Experian, we believe bringing together unique experiences, diverse backgrounds and individual differences creates a dynamic, innovative and inspiring workplace — one reflective of the clients and communities we serve around the globe. This is why it’s such an honor to be recognized alongside other outstanding brands on the Best 100 list that prioritize their employees. This recognition continues the momentum we’ve built in recent months with other industry accolades and awards. In February, Experian North America was named a “Best Place to Work for LGBTQ Equality” for the fourth year in a row in the Human Rights Campaign Foundation’s Corporate Equality Index 2022, receiving a perfect score in the foundation’s evaluation. Last year, Experian North America was named to the Fortune Best Workplaces for Women™ 2021 among large organizations and 100 Best Large Workplaces for Millennials. In addition, we were ranked the #1 Top Workplace in 2021 by the Orange County Register for the second consecutive year.
Simplifying healthcare for all – that seems like a tall task to accomplish considering the last two years. What we once considered simple activities in our daily lives, such as going to the store to buy groceries or getting children to school, was upended by a global pandemic. Factor in the massive changes in healthcare operations, and it is clear the system needs to continue to evolve. It also cements my belief that Experian Health’s mission is even more relevant and achievable today than it was pre-COVID 19. In fact, this aspiration of simplifying healthcare for all is top of mind for me and Experian as we go into HIMSS22, the premier healthcare conference being held in Orlando this week. The healthcare industry has undergone massive changes since the fateful announcements in early 2020. While adapting to the pandemic was a huge undertaking for many organizations at the onset, those who opted to embrace change saw the payoff as they simplified administrative tasks and created efficiencies for both providers and patients. We saw organizations eagerly adopt technology and tools to take paperwork digital, streamlining the patient intake process and improving the accuracy of the data received. Instead of phone calls, patients and providers scheduled appointments and communicated online through secure portals saving time and manpower. The use of telehealth appointments allowed providers to see more patients and do so safely. Who would not want the simplicity of carving out just a few minutes from the comfort of one’s home for a non-urgent appointment? We are proud to have been a part of this evolution helping healthcare organizations pivot in the face of such a daunting predicament. For example, through our digital front door solutions, patients were able to schedule and pre-register for appointments online avoiding extra time spent in waiting rooms. We verified hundreds of thousands of identities quickly as Americans lined up for COVID-19 testing and vaccines. Our mobile payments system served to make the financial aspects of care easier to fulfill. Providers turned to us to help recoup costs from the government and insurers for COVID-19 care with our insurance discovery solution. Experian will not stop here, and we will continue to innovate high-tech, data-driven approaches to simplify healthcare for all; I hope the industry doesn’t stop either in tackling tough operational challenges using the power of technology and data. With this in mind, I look forward to hearing about the lessons learned by the industry as well as future innovations from the participants at HIMSS22. It’s the “can’t-miss healthcare conference of the year,” and we are pleased to be a sponsor and exhibitor once again. For those attending, visit us at Booth #3059. Taking the conference playbook of a hybrid approach with both digital and in-person participation, the healthcare industry should follow suit. Let’s certainly keep valuable in-person mechanisms in place, but not forget about the last two years and the incredible progress made that moved the industry forward. At Experian, we strive to help clients operate more quickly, smoothly and efficiently across the healthcare journey. With a new mindset in the industry and the tools available to act on change from providers like Experian, simplifying healthcare for all is not just a mission but an outcome we must achieve. Tom Cox is President of Experian Health.
At Experian we pride ourselves on having a great People First culture, it’s something we are all proud of and want to protect. We do this through a dynamic, positive and inclusive working environment for all employees, with the tools and support they need to grow and develop. With that in mind, we are hosting our first ever Careers week for our employees around the world. During Careers week, 70 sessions are taking place across different time zones, with a mix of inspiring speakers, bitesize learning events and insights into new career resources and tools coming in 2022 supporting the ongoing development and learning of our people The theme for this year’s Careers week is ‘Be World Ready’. Put simply this means: Being Aware – having a good understanding about what is happening to jobs and careers in the marketplace Being Relevant – keeping your skills and experiences fresh and meaningful Being Marketable – making sure you stand out from the crowd Our employees will get the chance to hear from internal and external speakers, including experts in their fields sharing the latest thinking on career development and learning. Leaders from Experian, Google, AWS, Microsoft and many others are part of this exciting event. The whole week has been designed to give people the space to learn and reach their highest potential. To find out more about careers at Experian, visit our global careers page.
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.