JR TOC Review

A few years back, a friend approached me at church, devastated because his identity had been stolen. His tampered identity made it difficult for him to access credit, and his small business was suffering as a result. I’ve been working at Experian for 9 years, and I’m regularly asked by folks how to effectively build credit and keep identities secure, but this case had me stumped. I ended up directing him to a colleague of mine who helped facilitate his recovery, but I wanted to do more. I started asking around the office how I could help not only friends and family, but anyone in the community who is concerned about their credit. That’s when I joined Experian’s Ambassadors Program. As an Ambassador, I now regularly volunteer my time to share financial literacy presentations on credit and identify theft prevention with people in my community, from students to church groups. One presentation I gave recently really changed my perspective on the power of credit. My son asked me to present at his company, Capital Group, in the Financial District of Los Angeles. Walking into the presentation, I assumed that their work in finance would make them credit experts. I assumed I would be presenting to a small group of people who felt confident about their credit and would ask very few questions. I couldn’t have been more wrong. The group was two times larger than any audience I’d presented to before, and they were incredibly engaged. Many inquired about simple credit concepts: “What should I be aware of regarding my credit report? How can I make my credit better?” It dawned on me that just because someone’s in finance or business doesn’t automatically mean they understand the ins and outs of credit – they work just like you and I do, and it’s not their #1 job to worry about their credit. I realized that everyone could benefit from the information we were providing. During that presentation, I broke the concept of credit down into manageable chunks, explaining things like the consequences of late mortgage payments, how to prevent identity fraud and a person’s credit utilization rate. I drew on the mistakes I made as a young man and the hindsight I now have as a grandfather to 19 children. I wanted to equip them with the tools they needed to adjust to all of life’s events – from divorce to sending a kid off to college – and help them make financial changes that will positively benefit them and their families. One presentation at a time, I want to continue ensuring that families can confidently pursue their dreams and achieve financial milestones.

A core theme of the European Union’s General Data Protection Regulation (EU GDPR), which is to keep consumer interests front of mind at all times, mirrors sound fundamental advice for all companies. Customer centric business practices are especially essential in the data-driven age, driving innovation and opportunity. The transparent, secure and effective use of data has transformative potential for consumers and businesses. But consumers must feel comfortable and in control of its opportunities, and there is a clear role for our industry to play in addressing their understandable concerns around privacy and security. In particular, there is a need for more openness about how data is collected and used for the benefit of consumers. In business, we are all aware of the advantages that data-driven technology can bring. Yet the way data is harnessed for good hasn’t, to date, been central part of the prevailing ‘data narrative’. At Experian, we process over 1,151 billion records a year, with a global segmentation of more than 2.3 billion consumers in more than 30 countries, and demographic data on over 700 million individuals and 270 million households combined. It’s a responsibility we take very seriously. We have always aspired to set new benchmarks for best practice in our operating standards and our approach to data stewardship. As a trusted data custodian for millions of consumers, we aim to unlock the power of data to create opportunities for individuals, businesses and society. The world is becoming more connected every day, and if businesses are serious about keeping up with the change, a truly holistic approach to managing all this data is required. One which protects our customers and our products from risks, such as an ever-increasing array of cyber threats, while ensuring the customer journey is as relevant and fluid as it needs to be. To help businesses to start thinking about how they can survive and thrive in the new regulatory environment, we’ve created a new whitepaper, ‘Defining the Data Powered Future’. It sets out some key steps that business should consider working through, our three ‘I’s – “Investigate”, “Improve” and “Integrate”. Businesses need to start to thinking about their implementation requirements now, if they haven’t already. And we hope this paper will offer some food for thought. It’s not good enough to feel ‘fairly confident’ that the data held is being used in the interests of the customer. It’s a requirement that new levels of scrutiny are applied here, and the customer’s perspective is the be-all and end-all guide to whether you are getting it right. With the advent of GDPR, this type of joined-up thinking will need to become the new normal, as the “datafication” of our world continues. I would encourage businesses of all shapes and sizes to take the opportunity that this moment brings. Now is the time to create a truly consumer-centric approach to data governance and strategy, and to secure your customer’s place at the heart of your data powered future.

Organizations everywhere are looking to do more with their data assets, as well as better leverage open data and third party data sources for additional consumer insight. The good news is that there is no shortage of information available. The bad news is that wrangling and making sense of all that information can be very challenging. That is why we see 61 percent of U.S. companies stating inaccurate data is undermining their ability to provide an excellent customer experience. However, there is a new breed of data professionals trying to change all that. New talent is coming into organizations looking to unlock the power of data to transform business operations and better serve clients. Businesses everywhere are eager to bring on these data professionals; to the point it is creating a frenzy around data staffing. If you are looking to hire new data professionals, you are certainly not alone. According to a new Experian Data Quality report, Investing in Digital Transformation: This Year’s Most Sought-After Data Roles, businesses are hiring a mix of business- and regulation-focused data positions. Below is a chart showing the top roles being hired according to U.S. respondents and also c-level executives specifically: There are a few key roles I want to highlight. First, data analysts. They are the most sought-after data role by U.S. organizations, mainly because they are so versatile. They are individuals placed across departments to analyze data in such a way that it can be used for business intelligence. 57% percent of businesses spend a majority of their time analyzing data, and this role is key to ensuring they’re getting the right results. The most important role for c-level executives is the chief data officer (CDO). The CDO has seen a lot of hype in the past few years and at this point we are seeing more general adoption of the role. This individual is responsible for developing and implementing an information strategy, which includes disciplines like data security, governance, quality, and management. They also will oversee a team of data professionals who bridge the gap between the business and IT. We have more research on this role in particular coming out next month, but they will often shape cross-functional data organizations and how well businesses can achieve the data insight they desire. In general, with all of these roles, talent shortages are a problem. Relative to demand, very few experienced individuals exist on the market. This means organizations need to come up with creative ways to attract and maintain this talent to keep up with the changing business landscape. For more information on these and other data roles, download a copy of our new report: Investing in digital transformation: This year’s most sought-after data roles. Download the complete "The Year's Most Sought-After Data Roles" report.

The real-time economy is all around us. With the swipe of a finger, we can order a car, find a babysitter or make a mortgage payment. At the heart of this revolution is the smartphone — a whopping 97 percent of Americans between 18 and 44 own one. This makes the smartphone the single most ubiquitous piece of consumer technology in the United States today. But for all the sectors it has transformed, consumer credit — and the lending experience overall — sadly hasn’t been one of them. That changes today, with the launch of Experian’s Text for CreditTM. In the past, obtaining credit was a tedious and often frustrating experience. Let’s use buying a car as an example. After test-driving a few makes and models, you’ve finally settled on the perfect car — an SUV, perhaps. You head to the dealership and then fill out page after page of personal information to prove your creditworthiness. Finally, after what can sometimes be hours, you’re (hopefully) approved. Not only does this take up valuable time, it also makes it less likely you’ll shop around for the best deal. On top of this, you’re sharing sensitive personal financial details with a complete stranger and leaving a paper trail. Text for Credit solves for these issues. And it’s as simple as it sounds: When seeking credit, you text a keyword such as “CREDIT” to a number supplied by a business, the same way some retailers now allow consumers to “text to buy.” Within seconds, you’ll receive a text message response that takes you to a hosted website where you can review credit offers, apply and receive an instant decision. In most cases, you’ll be recognized by your device’s credentials, which lets you avoid filling out a lengthy credit application. If approved, you’ll have real-time access to the credit via a barcode or account details sent to your device. To develop Text for Credit, we thought about consumers’ biggest concerns when applying for credit. In a July 2017 Experian survey, consumers most frequently cited privacy as a top concern. This was followed closely by the time it takes to apply. Lengthy application processes are such a challenge, in fact, that one in 10 consumers surveyed said they have simply walked away from a purchase because the application process was taking too long. Perhaps more frustrating, roughly the same number have given up because the person in front of them was going through a lengthy credit application process. Text for Credit addresses these concerns by using sophisticated mobile security techniques to verify identity and provide an almost instantaneous credit decision, alleviating potentially dirty looks from your fellow shoppers in line. Obtaining credit should never be done impulsively or recklessly, but it shouldn’t be needlessly complicated, either. Smartphones and the real-time economy are making countless facets of our lives more efficient and allowing us to dedicate our precious time to pursuits that matter to us. Text for Credit harnesses the power of mobile and real time to make stress-free credit a reality.

Believe it or not, my personal journey as a woman in data science started with physics. I was always very curious by nature and tried to understand what happens around me. I studied for both a master’s in physics in Spain and a Ph.D. in astrophysics in the Netherlands before making my shift from academia to industry (first in a Big Four consultancy and later in Experian). Gradually, I realized that I liked the academic side of working with data and applying the scientific method to solving problems, but I wanted to do something faster-paced that had more tangible impact. So, before finishing my Ph.D., I joined a data boot camp to further develop my skills, and after defending my thesis I transitioned to data science. Now I’m a full-fledged data scientist at Experian DataLabs. The world is at a very interesting time in terms of technology and innovation, and STEM fields are only going to continue growing. As a data scientist myself, I may be biased, but I think the future of this field is particularly interesting. I can see data being applied in such a variety of ways – from self-driving cars to early medical diagnoses and beyond. In fact, I don’t see the momentum slowing down any time soon, which means that data scientists will continue to be in high demand. I want to do something about the disproportionate amount of men to women in science, showing girls that STEM is for them, too. There’s no quick-fix solution, but I think it’s essential to start educating girls when they’re young about STEM – both at home and in school. Young girls should be encouraged to be curious, to try and fail! For me, data science isn’t about getting it right the first time; it’s about the path of discovery and innovation along the way. The sooner and the longer that girls are encouraged to explore and play with less-conventional toys, like computer games, construction toys or logic puzzles, the likelier they may be to choose careers based on what they personally enjoy doing and not what society expects them to do. Gender stereotypes can be really constraining, especially for children. So, what can a diverse workforce offer that a narrow one can’t? The answer is easy: different approaches, different views and different solutions. With more women in fields like data science, everyone benefits. No one should have to automatically rule themselves out of a career path based on gender.

Knowledge is the key to unlocking financial success. Experian is committed to increasing consumer understanding of financial concepts. By doing so we are confident that we can empower consumers, make a difference in our communities and help to create a better tomorrow As part of that commitment, Experian has contributed $475,000 to 10 non-profit organizations to boost personal finance education for the people they serve. The organizations support a range of communities, from military members and minorities, to youth programs and women trying to establish their own small businesses. Experian’s funds will help the following organizations strengthen financial education and help individuals make more informed financial decisions now and throughout their lives: Heroes at Home — $75,000 Heroes at Home partners provides financial education to U.S. military members and their families at Air Force bases across the United States. Experian’s support will enable the program to expand to additional bases and grow to include financial education events at key European Air Force bases, reaching more service men and women and their families serving our country. Grameen America — $75,000 Grameen America is a community development nonprofit that focuses on helping women in poverty build small businesses through micro-lending and education. Experian’s funds help women who are excluded from the financial system achieve financial inclusion and success by establishing their own micro-businesses. Working Credit — $30,000 Working Credit is a program that works with employers to conduct financial education in the workplace. Experian’s contribution will facilitate a pilot program with employers who have lower-wage employees in the retail and manufacturing sectors. The program will provide financial education for employees with three goals for employees:  increasing their credit score, investing in retirement savings and creating emergency funds. Financial Beginnings — $21,000 Financial Beginnings is a nonprofit organization that conducts financial education and training for adults and youth in the Pacific Northwest.  Experian’s funds will facilitate growth of the Financial Beginnings outreach by adding additional trainings. Junior Achievement — $42,000 Experian employees in the Boston volunteer with Junior Achievement of Northern New England, which provides financial education for youth. Experian’s contribution will enable a significant number of trained staff to volunteer their time to participate in youth financial education in the region. Society for Financial Education & Professional Development (SFE&PD) — $60,000 The SFE&PD’s mission is to improve financial literacy in the African American community through programs with Historically Black Colleges and Universities (HBCU). The organization conducts financial education programs for students, faculty and staff. Experian’s funds will enable financial education programs at HBCUs across the country. America Saves First-Time Workers Program — $50,000 The America Saves First-Time Workers program brings together nonprofit organizations, municipal government and private business.  First-time workers are paired by government agencies with businesses and must participate in financial education through their employer. Experian’s grant is being used to expand the program to additional cities and to reach more low- and moderate-income summer youth workers. JumpStart National Financial Educator Conference — $50,000 Experian funding will support the JumpStart National Financial Educator Conference, which is dedicated to personal finance education for classroom teachers.  Teachers who participate in the conference conduct trainings with colleagues across their school systems to implement financial education in their schools, reaching tens-of-thousands of students each year. Additionally, Experian employees volunteer with JumpStart state coalitions to encourage financial education in our schools. LifeSmarts — $22,000 Funds from Experian  will support the LifeSmarts growth initiative to strengthen its relationships with 4-H and U.S. Air Force to help grow participation among military youth. LifeSmarts now has more than 250,000 participants annually in more than 5,000 public schools, as well as youth organizations including 4-H, Future Business Leaders of America (FBLA) and Family, Career and Community Leaders of America (FCCLA). LifeSmarts provides volunteer opportunities for Experian employees who want to attend competitions and submit questions for the LifeSmarts National Championships based on their areas of expertise in financial literacy. Big Brothers Big Sisters of Orange County — $25,000 This is the fourth year that Experian has awarded Big Brothers Big Sisters of Orange County a grant for its Behind School Walls program. The initiative pairs professional adults with high school freshmen. The mentor/mentee relationship continues through the students’ senior year.