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As businesses, we want to know our consumers and their habits so we can offer the best customer experience possible, whether in store or online. This should include providing the right security measures that will protect consumers and businesses from fraud, without compromising that consumer experience. In research published earlier this year, our Global Fraud and Identity report cites two-thirds (66 percent) of consumers surveyed said they appreciate security protocols when transacting online. Younger consumers (42 percent) said they are more likely to engage online if there weren’t as many security hurdles, versus 30 percent of those who are 35 and older. It’s evident that businesses need to provide a good balance between providing consumers with a positive experience while having efficient security protocols in place. With 90 percent of consumers using digital channels for banking and shopping, consumers and businesses need to be protected from fraudulent transactions. The varying degree of tolerance toward security presents a bit of a challenge, in that it’s hard to find a one-size-fits-all solution for everyone. Millennials are accustomed to speed and convenience, having grown up with mobile phones and the Internet. This is evident in their preference toward pre-filled login credentials when conducting financial transactions online. Older generations, by contrast, had to navigate the (often very painful) evolution to the digital world.  Therefore, it’s not surprising that there’s a difference in overall tolerance toward security measures in place. Both age groups agree that passwords enhance the online experience, but fewer millennials believe passwords alone are the best way to protect their information. On the business side, our research shows that most organizations prioritize convenience over security, however they still use passwords as their top form of authentication. Business owners don’t necessarily think it’s the safest method to prevent fraud, but it’s a well-understood security precaution. Ironically, one-quarter of consumers have forgotten a username or password within the past six months, causing significant consumer frustration. While businesses have come to terms with acceptable levels of fraud losses, we encourage a change in mindset: to invest in a solution that can help prevent fraud and reduce loss more efficiently. Experian CrossCoreTM, for example, is the first smart, open, plug-and-play platform for fraud and identity services that helps businesses catch fraud faster, improve compliance, and enhance customer experience. We’ve helped our clients screen more than 15 billion fraud events in just one year, and won’t stop there. When you have the right solution in place, that’s when you know that effective security and great customer experience are not mutually exclusive, for older generations and millennials alike; they go hand-in-hand.  

The world in 2018 is defined by data. Vast quantities of information flow through our lives like threads across an elaborate tapestry. On a micro level, these threads bind the business world together. But they also come together to weave a picture of the economy that is colourful, detailed, and uniquely fascinating. At Experian, we process more than 1.5 billion records per year, making us specialists in the processing and understanding of this data – and in making sure it is used for the benefit of consumers and businesses. To share our unique perspective, we’ve created our first ever Spending Power Index. The index looks at the UK’s income and spending habits, including both a detailed view of the present, and insight into longer term trends and the nation’s changing preferences. Giving businesses the bigger picture Stepping back from day-to-day business to look at the whole economy is a chance to identify new opportunities and work out the best ways of adapting to new challenges. The insights we’re providing through the Spending Power Index are designed to fuel that process by offering a view of existing and emerging trends across all demographic segments of the UK economy. What is the Spending Power Index? We’ve defined ‘Spending Power’ as a combination of key factors: Average income growth over time Levels of spending for one demographic group when compared to another Levels of spending as a proportion of incomes These combined factors reveal a wealth of hidden information about income and spending. All these insights have been drawn from Experian’s modelled data using secondary sources such as our ‘Financial Strategy Segmentation’ (FSS) tool. The data for this comes from a range of publicly and commercially available sources, such as the edited Electoral Roll, the UK Census and permission-based market research data taken, for example, from the lifestyle questionnaires many of us complete. New insights and confirming market trends Some of the insights revealed by the index have been surprising, while others fit into social trends that are already well understood. We found some areas of significant shift, such as the movement away from owning possessions and towards spending on life experiences. But we also confirmed some new and fascinating trends such as the emergence of Generation X’s forty somethings as the biggest earners and spenders in the UK economy. Find out more by reading the full Spending Power Index report here.  

In our increasingly digital world, there’s a growing expectation among consumers to only receive personal and relevant content from brands. However, with the proliferation of devices, delivering on this expectation is becoming more of a challenge. It’s more difficult than ever for advertisers to understand their audience and reach them across all marketing channels. But, Experian is here to help. We recently announced our activation partners program –  a natural next step in our commitment to helping brands uncover the right audience segments and deliver advertising campaigns that resonate with consumers. We’re teaming up with marketing technology leaders such as 4C, Adaptly, Brand Networks, Kenshoo, SocialCode and Unified to help brands deliver relevant content. Through the activation partners program, marketers can leverage their own first-party data, third-party data from Experian’s ConsumerViewSM marketing database, or a combination of the two, to build audience segments and optimize campaigns. Then, they can work with any of the marketing technology partners to deliver personalized advertisements to people across any marketing channel — including social media, television and mobile, as well as all major media organizations. This program helps brands unlock the power of data and technology to make the right marketing decisions and better connect with individuals. And with more than 30 years in the advertising business, consumer privacy is at the heart of what we do and the way we work. We remain vigilant when it comes to data security and integrity, including our own commitment to strict standards regarding permissible uses of data. Ultimately, partnerships like this help move the industry forward. We know the advertising industry is evolving and we see this as an opportunity for continuous innovation. As always, our goal is to bring that innovation and power to brands through the solutions—and partnerships—we create.

The ramifications of child identity theft can have a long-lasting impact into adulthood.  According to a recent Experian survey among 500 child identity theft victims who are now adults, one in four survey respondents are still dealing with issues more than 10 years after the fact, and 35% have sought professional help in dealing with related stress, anxiety, anger or depression related to the theft. Child identity theft is also a growing problem; it was reported by Javelin that more than one million children were victims in 2017.  This disturbing trend makes our newest free offer very timely: a free, one-time Child ID Scan that checks if the Social Security number (SSN) for a child (under age 18) is associated with an Experian credit file. If a credit file is found, Experian’s Fraud Resolution team will assist the parent or legal guardian with next steps. Not only do we offer a free opportunity for parents to see if their child might be a fraud victim – but we have added a Family Plan in our IdentityWorks protection product so parents, with a paid membership plan, can include up to 10 children. Newly redesigned last year, our Family Plan offers two membership packages at competitive price points with more features than ever before such as social network monitoring, CreditLock, sex offender registry alerts, and FICO Score updates, among other benefits.  The solution covers minors with ongoing monitoring for the child’s SSN on the dark web, the common name for the burgeoning illegal Internet marketplace where information is often bought and sold among thieves. To help generate nationwide awareness of the serious threat of child identity theft, we are designating September 1 as an official day to address the issue. We hope Child Identity Theft Awareness Day will gain traction as an annual reminder to parents to be vigilant about protecting their children’s information and take root in communities nationwide so we can all participate in the cause. This year, we invite consumers to engage with us; share personal stories in social media or share our content and use the hashtag #StopChildIDTheft. As part of this campaign, Experian is also sponsoring the Identity Theft Resource Center to extend their call center hours September 1 from 12 p.m. to 3 p.m. EDT.  Consumers can call toll-free at 1-888-400-5530 and ask questions about child identity theft. Children are one of the most vulnerable populations, and we urge all parents to take action and use the free Child ID Scan. We are proud of the innovation we have achieved as we continue to leverage the power of data and analytics to protect consumers’ identities.  Parents can visit www.experian.com/childscan for more information.

We know millennials as the digital-savvy group that was raised on the web, likes to share things and prefers to communicate via text, but we wanted to know more. We recently looked at the borrowing behaviors of 60 million millennials to help millennials and businesses make the right decisions and get a clearer picture of the next big wave of homebuyers to hit the mortgage market. Millennials are the largest credit population in the U.S. at 61 million. They currently make up over 19% of the total U.S. population, but only 15% of millennials currently have a mortgage. In Q4 2017, 23% of mortgage-related dollars came from millennials and we’re seeing the most millennial mortgage originations in the south and west regions of the U.S. We studied more than 60 million millennials to compare the differences between millennials with a mortgage and those without. Our research showed mortgage lenders are drawn towards higher credit scores for millennials pursuing a mortgage. On average, 77% of millennials with a mortgage have a VantageScore greater than 661, with an average score of 716 for the millennial homeowner. Since people generally become more prime as they mature, it’s not surprising the millennial homeowner is slightly older. The average age of the millennial with a mortgage is 31, compared to 28 years old for millennials without a mortgage. We’re also seeing higher incomes are helping these older millennials secure a mortgage with an average income of $64,000 for millennials with a mortgage compared to $33,000 for millennials without a mortgage. With 85% of millennials without a mortgage today, it seems there is significant opportunity for mortgage lenders. But are these mortgage-less millennials ready to enter the mortgage market? On average, millennials without a mortgage have a VantageScore of 623 with eight trades on file. Only 39% of millennials without a mortgage have a prime or better score and many have higher delinquency rates. Many of these millennials will need to improve personal loan and bankcard usage habits to obtain lower rates when they’re ready to secure a mortgage. The good news for this group of millennials who may be interested in owning a home one day is small changes in financial behaviors such as building a history of on time payments and improved credit practices can help mortgage lenders shift from viewing them as high-risk to low-risk relatively quickly. Learn more about our credit outlook on millennials.

I’m delighted to confirm the launch of Experian Analytics on Demand in the UK. Following a highly successful launch in the US, it will be available to businesses across the UK and EMEA regions this Autumn. Ascend is an integral part of the suite of market-leading Experian innovations that we’re bringing to market over coming months, all of which will accelerate the ability of our UK clients to harness the full potential of big data. It helps businesses of all shapes and sizes analyse vast volumes of information faster, more effectively, and with deeper insight than ever before. Ascend puts a new suite of data tools in the hands of in-house analytical teams, allowing them to build their own predictive models to develop business strategies and make real-time decisions – ultimately supporting their abilities to bring better services to market more quickly and with better results. The digital transformation of our marketplace has meant that customers are constantly demanding a faster, more responsive service and that has put increasing pressure on businesses. Our research has found that only one in three businesses are employing advanced analytics technologies to develop a deeper, more meaningful understanding of their data. Just 29% currently combine both traditional and non-traditional data sources to gather more insight. While, two in five businesses still rely on instinct and subjective opinion to make decisions. Ascend harnesses the power of open-source technology, combining it with Machine Learning and Artificial Intelligence to help businesses unlock insights and take decisive actions in the moments that matter. Bringing unique scale, speed and intelligence that deliver the best results for both businesses and our customers. It’s not simply about changing the way you manage your data; it’s about modernising the way you manage your business. This is a very exciting time for our industry and I’m looking forward to working with both our existing partners and new clients to demonstrate the many opportunities that this new platform can bring. For an early view of the platform, please follow the link here to register your interest.