Innovation

Today at Money 20/20 in Las Vegas, Experian unveiled Experian Assistant, a groundbreaking toolset that transforms analytics and modeling for financial institutions. By leveraging Generative AI (GenAI), this revolutionary solution slashes model development turning months-long processes into days—or even hours. Positioned as a game-changer, Experian Assistant offers businesses the equivalent of a seasoned expert, guiding them through complex use cases with ease and redefining how financial organizations approach data-driven insights. Revolutionizing Modeling with Generative AI Experian Assistant marks a significant leap forward in how businesses handle the modeling lifecycle. Integrated into the Experian Ascend Technology Platform™, Experian Assistant is designed to streamline data analytics processes, enhance accuracy, and promote efficiency. This debut underscores Experian’s commitment to responsible AI innovation, ensuring that organizations benefit from advanced analytics without compromising on privacy or ethical standards. “Many financial institutions are looking to invest in new generative AI use cases, often focused on banker specific support,” said Craig Focardi, Principal Analyst at Celent. “Experian Assistant focuses on developer support to accelerate the development lifecycle by having a digital model building consultant available to users.” Empowering Data Scientists and Analysts With its powerful natural language processing (NLP) capabilities, Experian Assistant is reshaping how data scientists and analysts approach complex tasks. Traditionally, navigating large datasets and building models required extensive technical expertise. But now, Experian Assistant allows users to query data, write code, and build models in plain language—democratizing access to sophisticated analytics. The tool not only boosts productivity but also fosters collaboration and accessibility. This innovation will drive financial inclusion by broadening access to data-driven insights and responsible use of data across organizations. Developed in Collaboration with Leading Financial Institutions A standout feature of Experian Assistant is its development in close partnership with the world’s largest financial institutions. This collaboration ensures that the tool is finely tuned to real-world challenges, delivering deep insights into Experian’s data assets. By optimizing analytics processes, businesses can achieve proven cost savings, enhanced data visibility, and faster product deployment. Continental Finance Company, for example, reduced data-building time by a remarkable 75% after adopting Experian Assistant. This kind of impact highlights the tool’s ability to accelerate model development while maintaining strict data privacy standards—a vital consideration for financial institutions. Advanced Compliance and Transparency In today’s highly regulated environment, businesses must not only meet compliance standards but also provide transparency into their processes. Experian Assistant is designed with these needs in mind, offering advanced features that support regulatory reporting, identity management, risk assessments, and transaction monitoring. A Competitive Edge through GenAI With more than a decade of AI expertise, Experian is leading the charge in responsible AI development. At Money 20/20, Experian Assistant stood out as a testament to this leadership. The tool is positioned to offer financial institutions a competitive edge, improving risk assessment, enhancing customer experiences, and promoting financial inclusion. As the financial services industry continues to evolve, businesses that embrace GenAI solutions like Experian Assistant will be better positioned to succeed. This groundbreaking tool is not just an enhancement—it’s a fundamental shift in how analytics and modeling are conducted, offering the speed, accuracy, and transparency that today’s market demands.

Experian continues to affirm its leadership in financial technology, earning the 7th spot on the 2024 IDC FinTech Rankings. This is the third consecutive year that the company has ranked among the top 10 providers, reinforcing its position as a key player in the FinTech space. The IDC FinTech Rankings assess the top 100 financial technology providers based on revenues generated in 2023 from financial services and FinTech sectors. In addition to this notable achievement, Experian has been awarded the 2024 IDC Real Results Award for Bank Deposit Transformation. This award highlights Experian's innovation in driving measurable and impactful changes within the financial services industry. The recognition is particularly focused on the company’s success in helping banks transform their deposit processes through advanced fraud prevention technologies. Experian's Ascend Fraud Sandbox: A Game-Changer A key factor behind this award is Experian's Ascend Fraud Sandbox, a groundbreaking tool that offers financial institutions a comprehensive platform for fraud detection and prevention. The Ascend Fraud Sandbox empowers organizations to analyze data, identify new fraud patterns, and quickly build, test, and deploy models. This technology enables banks to enhance their fraud detection capabilities, leading to higher approval rates for online deposit accounts and reduced fraud-related losses. The sandbox operates with over 10 billion identity and fraud events, which include applications, login activities, and transactions. It also continuously incorporates tens of millions of new events each day. This expansive dataset allows banks to stay ahead of increasingly sophisticated fraud attempts, especially those driven by artificial intelligence (AI). Experian's success in Bank Deposit Transformation demonstrates the company’s ability to help financial institutions improve their processes while simultaneously enhancing fraud protection. By providing advanced fraud-prevention and identity-protection technologies, Experian enables its customers to optimize their operations, reduce risks, and achieve better financial outcomes. Recognition of Experian's Innovation This dual recognition—ranking 7th in the IDC FinTech Rankings and winning the Real Results Award—further solidifies Experian’s standing as a leader in technology. These accolades underscore its capacity to offer data, technology, and scalable solutions that allow financial institutions to make informed business decisions at the necessary speed to remain competitive in an evolving market. Now in its 21st year, the IDC FinTech Rankings evaluate technology providers based on the revenue they generate from financial institutions, including banks, insurers, and capital markets firms. With both the FinTech Rankings and the Real Results Award in hand, Experian continues to deliver innovative solutions that help financial institutions navigate the complexities of modern finance with confidence.

More than two years ago, Experian expanded its consumer offerings to provide a free auto insurance comparison shopping service.  As part of our mission of Financial Power to All™, Experian Consumer Services is continuously working to develop new products, services and features that help consumers reach their financial goals. Providing a convenient way for consumers to potentially find a better auto insurance rate on their current policy fit this bill. We’ve enhanced the service now offering a free Ongoing Rate Monitoring feature so Experian members never have to shop for auto insurance again. After enrolling in a free or paid Experian membership, the Experian Insurance Marketplace delivers at no cost, real-time, tailored rates from more than 40 top insurance providers. The Ongoing Rate Monitoring feature will continuously monitor rates and alert members if there is a better deal available on an ongoing basis. To date, Experian has saved members more than $800[i] on their current insurance policy. The marketplace became available at a critical time when rising inflation and interest rates were significantly impacting consumers’ finances – and it’s still the case today. One of the common expenses that has reportedly risen over the past 1-2 years the most is auto insurance by approximately 20 percent. Thus, it’s no surprise a recent Experian consumer survey shows 3 out of 4 of respondents are worried rates will increase in the next 12 months. We’re proud to be able to address consumer needs and deliver free resources like our marketplace that financially empowers our members. Consumers can also shop at the marketplace for home and renter insurance.  To access the marketplace, click here. [i] Results will vary and some may not see savings. Average savings of $828 per year for customers who switched and saved with Experian from Jan. 1, 2022 to Mar. 31, 2024. Savings based on customers’ self-reported prior premium.  Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc.

Experian North America has once again proven its commitment to creating an exceptional workplace, earning a coveted spot on Fortune’s 2024 “Best Workplaces in Technology” list. This prestigious recognition showcases Experian’s dedication to cultivating a vibrant, innovative and inclusive culture where employees thrive. By prioritizing personal growth, diversity and overall well-being, Experian continues to stand out as a leader in the tech industry, ensuring its workforce remains at the heart of its success. A Testament to Experian’s Workplace Culture The Fortune Best Workplaces in Technology™ list, developed in partnership with Great Place to Work®, was based on surveys from more than 870,000 employees across various industries. Feedback captured factors like trust, respect, fairness and credibility, showcasing Experian’s efforts to build a culture where employees feel empowered and engaged. Innovation and Inclusivity Experian’s inclusion in the Large Workplace category reflects its commitment to fostering a collaborative environment. The company supports diversity through partnerships with AfroTech, Grace Hopper, Lesbians Who Tech and Out In Tech, further demonstrating its dedication to inclusivity. A Year of Notable Achievements In addition to the Fortune recognition, Experian earned a silver medal for innovation from Datos Insights and ranked 7th on the 2024 IDC FinTech Rankings, solidifying its leadership in data and technology. With more than 22,500 employees globally, Experian remains dedicated to innovation, employee development and helping businesses and consumers unlock opportunities.

Fraudsters are opportunistic. They are capitalizing on using new technology to create more sophisticated fraud schemes, underscoring the importance and urgency of prioritizing fraud prevention strategies. In fact, the FTC reported that consumers lost more than $10 billion to fraud in 2023, the first time losses have ever been so high.  As a leader in the fraud prevention and identity verification space, we’re dedicated to helping clients stay ahead of evolving fraud trends and challenges. To that end, today we released the findings of our 9th annual Experian Identity and Fraud Report, which provides an in-depth look at the current fraud landscape and the sentiments of both consumers and businesses. Some of the top findings include: Consumers’ top security concerns include: identity theft (84%) and stolen credit card information (80%), a 20% increase compared to 2023. Sixty-three percent of people say it is important for businesses to be able to recognize them online.  Eighty-one percent of consumers say they’re more trusting of businesses that can accomplish easy and accurate identification. People want more types of identity recognition techniques used to verify their identities with physical analytics (71%), PINs sent to a mobile device (70%) and behavioral analytics (66%) evoking the highest sense of security for consumers. Companies recognize the importance of focusing on Gen AI, with 70% saying they expect AI fraud to be the second greatest challenge for their business. Despite AI fraud concerns, businesses ranked detecting and preventing Gen AI fraud and deepfakes as the 12th most important investment area behind prevention for legacy fraud types. With these fraud concerns in mind, companies need to review their current fraud tools and strategies, and look for opportunities to add to or change current approaches, to not only mitigate risk but also keep their customers safe while providing a positive experience. Businesses should work with a trusted partner who can help them implement a multilayered approach to identity verification and fraud prevention and help them meet consumer expectations. Experian offers a full suite of automated tools that harness data and analytics to prevent fraud and mitigate losses. We’re dedicated to empowering clients with the insights they need to make informed, data-driven decisions that safeguard their customers and reduce risk.  Our recent acquisition of NeuroID, an industry leader in behavioral analytics, is a testament to this. To learn more about Experian’s fraud prevention solutions: please click here. To read Experian’s 2024 Identity and Fraud Report, please click here.

Amid the rise in usage of generative AI tools, companies across industries are looking for fraud detection strategies that enable them to combat sophisticated fraud schemes now and in the future. At Experian, we’re committed to ensuring our clients can make the most informed, data-driven decisions to protect the customers they serve while mitigating risk. To support this, today we’re excited to announce our acquisition of NeuroID – an industry leader in behavioral analytics. NeuroID combines the power of behavioral analytics with advanced device and network intelligence to create the first line of defense against malicious bots, bad actors, and fraud rings. This can help clients identify everything from identity theft to account takeover fraud from the very first interaction. NeuroID’s modern and frictionless capabilities amplify Experian’s fraud risk suite by providing a new layer of insight into digital behavioral signals and analytics observed for both new and returning users throughout the customer lifecycle. Together with NeuroID, we’re excited to build new blended offerings that detect risk but also empower businesses to confidently navigate the online landscape and trust in their transactions. Experian has a long legacy of providing award-winning fraud and identity solutions to protect companies and their customers. Last year alone, our identity verification and fraud prevention solutions helped clients avoid an estimated $15 billion in fraud losses globally. Adding NeuroID to the Experian family is another step in our commitment to continuous innovation in fighting fraud and helping clients and consumers keep pace with the evolving identity landscape. NeuroID’s behavioral analytics solutions are available now through CrossCore® on the Experian Ascend Technology Platform™ as a key fraud-detection capability. With NeuroID seamlessly integrated into Experian, clients can use one service provider to proactively monitor and analyze a user’s real-time digital behavior. To learn more, click here.

Generative AI is not just a technological advancement; it is the driving force behind a revolution in the financial services industry. At the recent VentureBeat Transform conference, financial industry leaders gathered to discuss the transformative potential of Generative AI. Among the panelists was Shri Santhanam, Executive Vice President and General Manager of Software, Platforms, and AI at Experian North America. The session, titled Generative AI: Crafting Smart Solutions for Financial Services, explored how generative AI is revolutionizing the finance sector by crafting intelligent solutions to address unique industry challenges. Santhanam highlighted the significant digital transformation within financial services, driven by AI and machine learning. "Generative AI is having a profound impact on many industries, including financial services," Santhanam stated. He emphasized that AI contributes to better financial inclusion, improved risk assessment, and enhanced customer experiences. Experian's Commitment to AI Innovation Experian has been at the forefront of AI integration, leveraging advanced technologies to drive productivity and enhance customer engagement. A prime example of this commitment is the Ascend Technology Platform, which democratizes access to AI tools for clients and Experian developers.  Santhanam shared insights into Experian's strategic approach to AI adoption. "We invested early in production scale and are very careful about which projects to sponsor for go-to-market. These projects must pass a bar that includes strategic alignment, customization, and regulatory compliance," he explained. Real-World Applications and Future Directions Generative AI is poised to produce significant impacts, particularly in underwriting models, pattern recognition, and automation. Santhanam noted that Experian has made considerable strides in AI integration over the past 12 to 18 months, enhancing coding and engineering productivity among the extensive team of over 2,000 engineers. Additionally, AI-powered dialogues have elevated customer engagement, demonstrating the practical benefits of these technologies. One of the standout features of Experian's approach is the balance between innovation and regulation. Santhanam emphasized the importance of breaking down silos and fostering collaboration between risk and technology teams to navigate the complexities of AI adoption in highly regulated environments. Looking Forward Experian's dedication to responsible AI is evident in its establishment of an AI academy to accelerate upskilling and promote grassroots innovation. By encouraging employees to engage with generative AI and share their successes, Experian fosters a culture of continuous learning and experimentation. As AI continues to evolve, Experian remains committed to adapting to regulatory changes while ensuring fairness, transparency, and non-discrimination in their AI applications. We see tremendous opportunities in enhancing customer engagement, expanding financial inclusion, and streamlining processes through AI. In conclusion, Shri Santhanam's participation in the VentureBeat Transform panel underscores Experian's leadership in leveraging Generative AI to drive innovation and deliver tangible benefits to businesses and consumers. The Ascend Technology Platform exemplifies Experian's commitment to harnessing the power of AI responsibly, setting a benchmark for the financial services industry.

The challenge for financial institutions today is to understand the individuals who are applying for credit and to provide everyone with equitable opportunity to gain access to credit, provided they are an acceptable risk. In my current role as CEO of Experian Software Solutions, I am often reminded of my own journey as an immigrant to America who had to navigate the tests and complexities of establishing my financial identity and eligibility. I understand firsthand how inefficiencies caused in part by fragmented software systems have led to inflated costs, extended timelines, and elevated risks for financial institutions around the globe. Not to mention the profound impact this approach can have on consumers. At Experian, we recognize the need for change, which is why we developed Experian Ascend Platform™— an innovative solution designed to integrate critical functionalities seamlessly. Already, more than 1,500 clients globally are leveraging the platform, processing millions of transactions daily. Today, we’re unveiling new enhancements to the platform that bring together software tools for analytics, credit decisioning and fraud into a single interface — simplifying the deployment of analytical models and enabling businesses to optimize their practices more frequently, achieving greater efficacy with lower investment of time and money. Why does this matter? Well, consider the challenges faced by businesses, especially in the financial sector, when it comes to integrating various software solutions. “Complicated spaghetti” is what executives from some of the largest global banks have called it in conversations with me. Historically, achieving a synchronized experience across different tools and applications has been elusive to the industry. This fragmented approach not only stretches timelines unnecessarily but also raises security concerns and increases operational challenges and costs. Our enhanced platform addresses these pain points head-on. It dramatically reduces time to value while eliminating compliance risks and offers streamlined access to Experian's suite of integrated solutions and tools through a single sign-on and user-friendly, harmonized user interface. Moreover, it leverages generative AI to facilitate seamless automation, modernization, and efficiency across organizations of all sizes and experience levels without compromising human checks and controls. Our platform brings together worldclass Experian data, partner data and our clients' data with the software in one environment. There is no other platform on the market that offers the level of sophisticated integrations we do or that can "turn on" new solutions as quickly. To put it simply, it's a revolution for this industry. By combining analytics, decision-making, and fraud detection into a single platform, we're simplifying operations, enhancing security, and accelerating time to value for financial institutions worldwide. Let me give you an example. Lendr, a specialized fintech offering financing solutions for small businesses, has experienced firsthand the platform's transformative impact on agility, competitiveness, and informed decision-making. In fact, over the last year, the platform has already helped Lendr double their business. Our journey to developing the platform wasn't easy. It has required years of strategic collaboration with many of our most sophisticated clients, significant investments in technology, and a relentless pursuit of innovation. But the result is a platform that is revolutionizing the financial services industry and paving the way for a more inclusive, secure, and seamless financial future for all. As we continue this journey of transformation, I'm excited about the possibilities that lie ahead. With our integrated platform, we’re not just transforming the industry—we're empowering individuals and institutions to thrive.

We’ve reached a meaningful milestone with the launch of Experian Cashflow Attributes™. Now, lenders can tap into over 900 income, cashflow and affordability attributes from Experian across the customer lifecycle – which can provide a more accurate view of consumers’ financial health.