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As the demand for digital transactions exploded due to the pandemic, businesses transformed operations and had to forecast how to balance the ever-increasing trend while managing customer expectations. New research from Experian’s 2021 Global Identity and Fraud Report shows that as more consumers go online, expectations for a secure experience are higher than ever and that the types of security consumers expect are shifting towards invisible protection. Our research found that 2 out of 3 businesses have increased concern about the overall level of fraud since the pandemic. Unsurprisingly, security is still a top concern for consumers, with 55% citing security as the most important aspect of their online experience. However, consumers are also looking for methods of data protection that are both convenient and trustworthy. One of the report’s most significant findings was the increasing comfort and preference that consumers have for physical and behavior-based—or invisible—methods of security. 74% of consumers ranked physical biometrics first based on their perceived security physical biometrics, followed by pin codes sent to cell phones at 72%, and behavioral analytics requiring no effort from the consumer third at 66%. Notably, passwords didn’t earn a spot in the top three preferred methods for authenticating customer identity, even though nearly every digital account and device includes some sort of password protection. This indicates a new shift in consumer thinking that moves away from the realm of the password. Businesses have an opportunity for a new approach to security, layering visible and invisible methods. By leveraging data and observations garnered throughout the customer journey, companies can facilitate accurate recognition and authentication at each discrete decision. The same insights that companies use to improve the customer experience power that continuous authentication—and reduce friction across the customer’s journey. In a post-pandemic landscape, businesses that prioritize security in a convenient format will meet and exceed consumer expectations. The 2021 Global Identity and Fraud Report is composed of three waves of survey data collected throughout the pandemic. The business and consumer surveys span from June 2020 to January 2021 across 10 countries including Australia, Brazil, Germany, France, India, Japan, Singapore, Spain, United Kingdom and the United States. Click here to view the full 2021 Global Identity and Fraud Report.

Today is Transgender Day of Visibility. A day to celebrate trans people around the world, highlighting their experiences, perspectives and also unfortunately spotlighting the discrimination and challenges they still face. A recent report from TotalJobs found that the number of trans workers in the UK surveyed who said they hid their gender identity at work has risen in the past 5 years – from 52% in 2016 to 65% in 2021. It also found that 43% of trans employees surveyed said they had left a job because the environment was unwelcoming, up from 36% in 2016. This should make us all sit up and want to take action. At Experian, we want colleagues of all gender identities to feel comfortable and safe bringing their whole selves to work. We’ve been working hard on how we can continue to improve the support we offer our trans and non-binary colleagues. We realise that choosing to be open about one’s gender identity is a very personal decision, but all trans and non-binary employees should feel safe at Experian if they choose to disclose. Last year we re-wrote our Transitioning at Work policy to ensure it is reflective and inclusive of the experiences and identities of employees who may use it. We offer paid leave to attend medical appointments and we also provide help in changing your records on our systems. Where an employee chooses to disclose information about their gender identity or status, we treat this information with the utmost confidentiality. We never share this information without the written consent of the individual. We encourage our employees to self-identify and recognise the issues in the current Gender Recognition Act. In September, we supported Stonewall’s Trans Right are Human Rights campaign, pushing for its reform. We continue to monitor the progress that has been made but also progress that is yet to come. It’s important you know that Experian will never ask for you to show a Gender Recognition Certificate (GRC) and we respect your right to privacy as to whether or not you have one. At Experian, we take an always listening, always learning approach to building awareness and acceptance. Creating safe spaces for meaningful dialogue is something we really strive for. It is the responsibility of all our employees to respect their colleagues and to create an inclusive workplace where everyone feels they can belong. We have zero tolerance for discrimination, bullying or harassment and take any incidents very seriously. Experian continues to work with the Experian Pride Network UK&I alongside LGBTQ+ charities Stonewall and Mermaids in the UK to further the inclusion of our trans and non-binary employees. We want all trans and non-binary employees at Experian to feel safe and be able to be themselves at work and we expect all colleagues to support each other to make that real.

As consumer demand for the digital channel continues to increase at an exceptional rate it has created an opportunity for businesses to serve the growing ranks of connected consumers. The most important thing is for businesses to ensure they are putting the consumer at the heart of the relationship. Experian has been studying insights related to consumer behavior and business strategy throughout the Covid-19 pandemic. For the third wave of our Global Insights Report we surveyed 3,000 consumers and 900 businesses across the globe in January. We observed not only consumer demand for the digital channel increasing but that fact that these trends are persisting. We believe that what started as necessity has turned into a preference. According to the report, 38% of consumers expect to increase their online activity in the next 12 months. Furthering our belief that the preference for digital transactions persists, 60% of consumers are using a universal mobile wallet to make digital payments. We also found that the two top activities among consumers online are personal banking (58%) and ordering groceries and takeout food (56%). The report also shows that security remains at the top of consumers’ minds when they are transacting online. 55%of consumers say security is the most important factor in their digital experience – this is highest in the UK (65%), followed by Japan (64%). All in all, the new research confirms that this shift to online activity, which continues to increase with no indications of slowing down, is a contributing factor to consumers’ growing appetite for digital. In this regard, we found that businesses have taken notice and are investing more resources around the digital experience. In fact, 9 in 10 businesses have a strategy in place related to the digital customer journey. 47% of businesses have put this strategy into place since Covid-19. In addition, more than a third of businesses are increasing staff or support for digital operations and experience. Fraud is the biggest challenge among businesses. However, 55% of businesses plan to increase fraud management budgets. As we move towards a post-pandemic era, and more consumers start to prefer banking and shopping online, a digital channel strategy simply isn’t enough. There needs to be a re-imagined customer journey that connects identity, preferences, products, and service. And data and technology have the power to help transform your customer relationships.  

How we shop, how we bank and how we access healthcare — it’s all racing to digital and being mostly consumed at home. It’s the evolution of the “anytime, anywhere, anyone, anything” promise that the Internet made available to us in the 1990s. However, in order to deliver on that promise, we need to be able to reduce the chances of fraud by identifying people no matter where they are or what device they are using. The rise of digital has made being able to identify an individual even more critical. According to a recent Global Insights Report from Experian, there has been a 20 percent increase overall in consumer online transaction activities and 60 percent of consumers have higher expectations of their digital experience than before Covid-19. The challenge companies are currently facing is how to digitally identify individuals while maintaining a positive consumer experience.  They need to rely on new technologies including data, biometrics, identity graphs and AI. When it works right, our experiences are more convenient, safer and it creates time for us to focus on other aspects of our lives. At Experian, we are committed to leading the race to digital identity. We use our more than 40 years of experience with success in matching, managing, and protecting identities and personal data combined with today’s most advanced technologies, including AI and machine learning to confirm the identity of an individual. Specifically, Experian is an identity leader in the following areas that impact our society on a daily basis: Fraud Prevention Being able to spot the good guys from the fraudsters is strictly dependent on establishing identity. At the most basic level, we need to be able to verify an individual as a real person and authenticate that they are who they say are. Businesses also need to ensure that the extra secure measures added in order to prove someone’s identity don’t cause too much friction. Today’s consumers are looking for both a convenient and safe experience. In fact, according to our 2020 Global Identity & Fraud Report, 74 percent of consumers said security was their top priority in their online experience, with convenience following closely behind. Most recently, Experian has focused on allowing businesses to reduce both fraud and friction as the world migrates towards a touchless society. Connecting with Consumers Identity is the foundation of the marketing ecosystem. It enables marketers to deliver relevant messages to customers across their most preferred digital channels. But with consumers jumping from device-to-device throughout the day, hundreds of digital touchpoints are created, and connecting these together to build a digital identity can prove challenging. Add to that, the deprecation of third-party cookies, disparate data sources and walled gardens, digital identity can feel like an uphill battle.  Experian is committed to helping marketers address the digital identity challenge, connecting offline and digital identifiers into one single customer view. This will help marketers gain a clearer view of their customers across the buying journey and seamlessly deliver relevant content across all digital devices. Healthcare More than half of all deaths that are attributed to medical errors are due to identification mistakes. Despite some giant technological advances in recent years in patient management, achieving accurate and complete patient records remains a major challenge for the U.S. healthcare industry. It’s estimated that around 70 percent of patient data held in electronic health records is incomplete or inaccurate, and up to half of all patient records may not be linked correctly. Unreliable patient data presents some huge problems for health systems, from flawed diagnoses and treatment errors to unreliable analytics and billing mistakes. As patient portals become the new “digital front door” to access care services and manage things like scheduling and payments, and telehealth gains traction as a preferred care modality, fraudulent activity in healthcare will accelerate to an all-time high. Experian helps with healthcare’s largest challenges, including duplicate medical records, mistaken patient identities, pharmaceutical abuse and associated rising costs for patients and providers. We are committed to the industry-wide adoption of Universal Patient Identifiers on the part of providers, pharmacies, payers and other stakeholders in order to improve patient safety and improve industry standards. Combating Synthetic Identities Synthetic identity fraud, where criminals combine real and fake information to create fake identities, is the fastest growing financial crime in the United States. A critical step for lenders to protect their portfolios and manage risk is confirming whether a consumer who is applying for credit is real or not. The earlier in the process this is done, the better. Experian’s fraud prevention solutions, such as Sure Profile, help lenders differentiate between real people and potentially risky applicants, so lenders can confidently increase application approvals with less risk. Businesses are faced with more competition than ever before and consumer behavior is shifting at an unprecedent pace. Being able to identify an individual whether online or offline is critical in today’s environment. Businesses that don’t embrace technology in order to keep up with the changing needs of consumers will be left behind in the race to digital identity.  

Almost a year worth of a global pandemic has galvanized a past of relative stability and predictability, bringing chaos and disruption and signaling a different, certainly unexpected, future. As this future unfolds, it will be the actions that business leaders and their teams take now, amidst the crisis, that will determine the fate of their organization. Navigating the current complexity and change requires the ability to effectively address the urgent needs of the present, make immediate choices, and allocate resources. The pace is fast, and actions are decisive – in fact, companies have acted 20 to 25 times faster than expected since the coronavirus pandemic started, according to McKinsey[1]. Modern decision automation facilitates technology and business strategic alignment This search for increased nimbleness and improved strategic alignment has been a recurrent topic in our conversations with clients from around the globe. What we hear is that the pandemic has boosted their search for solutions that create synergies across technology and business groups and allow for an optimal use of their IT investments. As organizations are accelerating and driving their digital transformation, they are pursuing simpler fit-for-purpose solutions to lower their costs, drive internal alignment and operational efficiencies, and help them meet and exceed all-time high customer expectations in less time. Decision automation platforms such as Experian PowerCurve bring all those elements together, taking the complexity out of the customer decision making process. This crisis has accelerated the need for automated decision management solutions that are secure, can easily scale to meet emerging needs and changes in demand, and be upgraded seamlessly to avoid getting stuck on outdated software and unnecessary long and complex IT infrastructure overhauls. That sheer need for readiness has led to more, accelerated digital transformation. McKinsey Global Survey of Executives[2] shows that companies have accelerated the digitization of their customer and supply-chain interactions and of their internal operations by three to four years. Additionally, the share of digital or digitally enabled products in their portfolios has accelerated by seven years. These findings suggest that during the crisis, companies have prioritized refocusing their offerings to solve for the needs at hand rather than made huge leaps in product development in the span of a few months. With 60% of consumers having higher expectations[3] for their digital experience than before Covid-19, businesses big and small are acutely aware they must reshape their customer journeys to come out of this crisis reinforced. That requires the ability to access and manage more data sources, more attributes, more advanced analytics faster, more easily, and through a more consistent customer experience. It ultimately requires a platform that enables decision management in a digital world. In this regard, Forrester Research states in its new report; The Forrester Wave™: Digital Decisioning Platforms, Q4 2020[4], that “Experian’s PowerCurve really shines at keeping the leaders who are accountable for business results in control of decisioning by providing transparency into the decision logic and insight into actual results.” The capability to ingest and analyze high volumes of owned, third-party, and alternative data combined with seamless and flexible customer consent and protection enables faster, more effective and accurate credit decisioning, resulting in better risk management for the organization and better outcomes from clients. Technology has been fundamental in helping weather past crises and emerge stronger each time Of the hundreds of organizations currently using our decisioning software and platforms, some are prioritizing speed, like many community banks stepping up to support consumers going through hardship in a matter of weeks. Others such as Standard Chartered leverage Experian’s credit decisioning technology and machine learning capabilities to drive financial access in underbanked communities. For global financial institutions and leading retail brands, it’s all about regaining control over how and when they deploy the most relevant credit decisions and strategies while leveraging their existing data. They especially appreciate PowerCurve’s business-user-focused tools, which have received industry recognition[5] for the way they enable organizations to design strategies, including decision logic that can leverage machine learning models pretrained on prior customer behaviors. Many found in our cloud-based pre-configured data and decisioning capabilities the best way to solve for their customers’ immediate needs. It’s the case of AU Bank in India, where they leverage our standard, ‘out-of-the-box’ applications to accelerate their own transformation and continue to redefine the banking experience for consumers in the markets they serve. Other clients with sophisticated, decision-driven business processes prefer highly configurable solutions for their business-users to help them address specific needs. Personally, I feel energized by this challenge and excited about our commitment to helping more businesses find new ways to meet and exceed today’s consumer demands. Through our decisioning platform, organizations can listen to their customers, adapt their business models, adjust their offerings and innovate to drive a strong top line so they are better positioned down the road to recovery. Our decisioning solutions span the entire customer lifecycle and are used by credit and risk managers as well as developers to increase the knowledge about customer and market needs and be ready to solve today’s challenges and take on tomorrow’s opportunities.     1 McKinsey Global Survey of Executives, October 2020. 2 How COVID-19 has pushed companies over the technology tipping point—and transformed business forever. https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever 3 Experian Global Insights Report September / October 2020 https://bit.ly/GIR_sep-otc 4 The Forrester Wave™: Digital Decisioning Platforms, Q4 2020 5 Experian’s profile, The Forrester Wave™: Digital Decisioning Platforms Q4 2020” Report.

2020 has been a year that has significantly impacted us all and the shockwaves are likely to challenge us for some time to come. One of the big disappointments for the data and tech industry is the postponement or cancellation of a number of major events – including the likes of Women in Data, which Experian was a proud Gold sponsor in 2019. Although we are not able to celebrate the Women in Data flagship event in person this year, we are thrilled to be an official partner of the very first  WiD Week. This is a fantastic opportunity that will allow us to virtually gather together, support each other, and learn while in a safe online environment, driven by content that the Women in Data community needs right now. We are particularly excited to be hosting a session on Tuesday 24 November, which will focus on our support of Girls in Data. In this session, Experian’s Emily Capewell and Louise Maynard-Atem will be providing some thoughts on their involvement with the recent data challenge we hosted during the last lockdown. The data challenge was designed to help inspire young girls and boys to pursue a career in STEM. Louise will also be speaking on Thursday about her experience of 2020 and how we can action change as we head into 2021. This will be one of six short stories to mark Women in Data’s sixth birthday. We are extremely excited to be involved with WiD Week and while it will be slightly different this year, we hope our involvement can help empower and encourage more women into the data industry, supporting the next generation of data scientists who can help shape the future. You can find out more about WiD Week here.

As businesses across the globe have started to see their operations stabilize, they will be tested once again as the world faces another resurgence of the Covid-19 but this time consumer expectations will be much higher. According to the latest Experian’s Global Insights Report, 60% of consumers have higher expectations of their digital experience than before Covid-19. The study which surveyed 3,000 consumers and 900 businesses in 10 countries, including: Australia, Brazil, France, Germany, India, Japan, Singapore, Spain, the United Kingdom and the United States, found that while many consumers may have stayed loyal to businesses they frequented before COVID-19 initially, that may no longer be the case.     High expectations for security and convenience compounded by the increased demand for online payments, banking and shopping are pushing businesses to re-imagine the customer journey and the investments needed to drive future growth. In fact, the study found that one in three consumers are only willing to wait 30 seconds or less before abandoning an online transaction, specifically when accessing their financial accounts. This means that businesses have an increasingly short time frame to prove the experience will be safe and convenient.  Businesses have no choice but to invest in their digital presence and experience. We believe the cost of doing nothing will be greater than what it will cost to invest in the customer journey. While half of the businesses we surveyed have either mostly or completely resumed operations since Covid-19 began, only 24% are deliberately making changes to their digital customer journey. This is not enough.    The integration of data, analytics and technology is the key to enable businesses to quickly adapt decisioning strategies to minimize risk, preserve valuable relationship and remain fair and compliant. In order to strengthen digital transformation, Experian recommends that retail banks, payment providers and retailers consider the following:  Understanding the customer    Businesses need to understand their customers more than ever before. They need to understand their behaviors, preferences, and financial situation. Each transaction creates hundreds of different touchpoints that financial institutions and retailers need to accommodate across all devices. The tricky part is using the right technology to put all the datapoints together and to link them into one single-view of the customer.     Use of AI to improve and automate customer decisions  Being able to make the right decision is more important than ever. Today’s economic conditions are unprecedented, and unfortunately we don’t have historic data to count on. Therefore, we need to use data and technology better than before. In the area of artificial intelligence, businesses are strengthening the security of mobile and digital channels, new credit risk analytics and artificial intelligence (AI) models and increasing digital customer acquisition and engagement.   Strengthening security of mobile and digital channels  Businesses need to provide not only a convenient experience but also a secure one. In order to improve security, businesses need to use a multi-level approach where they can easily access and layer fraud solutions to catch more fraud and reduce friction for genuine consumers.   Discover more insights from our longitudinal study of the impact of Covid-19 on businesses and consumers.    

October marked Black History Month (UK) – a celebration of the culture, heritage and achievements of Black people past and present. Although we weren’t able to celebrate in person this year, our Black at Experian employee network were still able to serve up an incredible range of inspiring webinars, videos, articles and podcasts covering topics discussing Black British culture, ways to discuss race and racism with our children, as well as the importance of being an ally. This exciting schedule of activities has been the perfect opportunity to learn more and many of us were personally touched by the stories of our Black colleagues who have openly and courageously shared their thoughts and experiences with us all. But as Black History Month comes to an end for another year, it’s essential that our support doesn’t stop here. As an organisation, we are committed to promoting equality and diversity for all. And our Black at Experian network has already been instrumental in helping us understand how we can improve in some of these areas. Part of this includes signing the Business in the Community (BITC) ‘Race at Work Charter’. By working alongside BITC, as well as our other employee networks, it's helping us create initiatives that will continue to drive positive change and inclusion for all. We are committed more than ever to leverage our differences as individuals and use this broad range of talents to develop our competitive advantage as a business. We’ve made good progress in a short space of time, but this is just the beginning. We are looking forward to continuing this important journey in building a workplace that embraces a more diverse and inclusive culture.

02 November 2020 is a day we’re really proud of at Experian – our Danish Credit Bureau turns 150 years old!    As we prepared to celebrate this milestone with our people, our customers and all our wider stakeholders, we delved into our archives.  We found extraordinary pieces of our history that still resonate with us, with how we do business, today.  On this historic day, it’s my pleasure to share some of these here.   In 1783, a Danish merchant wrote a polite request to a potential customer who was asking for credit to provide information about their circumstances rather than their “Happiness and Piousness”.  It’s the earliest example we have of a credit check.  Businesses still need that information today, and it’s a demand Experian helps meet globally every day.     Købmandstandens Oplysningsbureau, or KOB, is a name that still appears on Experian products.  Evidence of not only offering data and information services that meet businesses and consumers’ needs, but being a trusted provider of accurate data and information.  We continue to publish a quarterly analysis of start-ups across industries in the Nordics, which started when we first printed a solvency book in 1930.    In 1928, KOB had a woman on its Board of Directors.  Mrs M C Gazette served alongside three men, and during her tenure created the Gazette Fund, a hardship fund to which employees could apply in times of need.  The fund ran until 2016, when it moved to a different structure for fiscal reasons.    In 1938, the German Information Agencies demanded the names of Danish businessmen of Jewish descent be given to them.  We uncovered a news article from 1945 showing our Chairman rejected this demand, safeguarding the trust those consumers placed in our business, and morally doing the right thing.    Both actions by former Board members exemplify principles we continue to hold dear at Experian today.  Operating in the Experian way, we safeguard the information we hold, we embrace diversity, are inclusive, and strive to ensure all our people feel free to bring their whole and unique self to work at our Company, contributing to our high performance culture.  What is clear from these examples and others in this celebratory digital storybook published today, is data has been at the heart of all we do for 150 years, and it will continue to be in future.  From the early days, when we helped Danish businesses assess creditworthiness of their customers, through to today, we’re still empowering businesses and consumers to manage their data with confidence.    We’re grateful for the many years our customers have trusted us to provide them with data and insights that help their businesses to thrive.    We’re proud of our employees in the past, and those we have with us today.  As a team, we work daily to value each other, safeguard our future and delight our customers.     It has been an exciting journey, and we have only just begun. We are investing in the future, through new technology, talented people and innovative solutions that power opportunities that create a better tomorrow for our employees, our customers, consumers and the communities in which we operate.   We’re celebrating today, and we’re excited about the opportunities ahead of us too.