Experian Assistant Leading the Way in Financial Services: Wins Big Innovation Award

We can unequivocally say artificial intelligence (AI) is single-handedly transforming industries right in front of our eyes. From improving fraud detection to developing AI-powered chatbots to manage customer inquiries, AI is reshaping how businesses innovate and operate. As we navigate the rapidly evolving landscape of AI, businesses across the spectrum have to continue balancing innovation with ensuring the technology is used in a responsible and ethical manner. At Experian, we believe the dual focus not only drives our technological advancements forward but reinforces our commitment to helping provide fair and transparent outcomes for consumers. We recognize the power of AI lies in its ability to transform data into actionable insights, empowering businesses to make more informed decisions, enhance customer experiences and improve operational efficiencies. For instance, we recently launched the Experian Assistant, which is part of the Experian Ascend Platform™. This agentic AI tool leverages natural language inputs to help reduce the time it takes to develop complex analytical models and solve for multifaceted use cases. In addition, the tool allows financial institutions to explore vast datasets and deliver more value to customers.  However, with great power comes great responsibility. As we continue to harness the technology and unlock the full potential of AI, we are committed to understanding and defining the right frameworks for responsible innovation and the ethical use of AI solutions.  Our approach to the responsible use of AI allows us to get ahead of the potential risks instead of responding and reacting. Experian’s governance frameworks on the use of AI are built on intentional and deliberate choices about our policies and principles; it empowers us to innovate, as well as build trust with our clients, consumers and the broader community.  We believe that ethical AI use is a fundamental aspect of our corporate responsibility. In addition to our internal governance, we actively collaborate with our clients and other industry leaders to help shape the future of AI. Actively engaging with industry stakeholders allows to us to contribute to the standards that help promote transparency, fairness and accountability. While we are excited about the potential of AI and its ability to transform the financial services industry and beyond, we are steadfast in our commitment to its responsible use. To realize the full promise of AI, all stakeholders need to be a force for positive change. Related Posts

In some instances, the ways in which lenders make decisions is not unlike looking through a keyhole. From this vantage point, there is some information, but it isn’t the whole picture. Lenders are often making decisions on a subset of information about a consumer. And for millions of people in America, including those who are thin-file or credit-invisible, the amount of information available is limited.   Our goal is to help our clients gain a more representative understanding of consumers to better inform their decisions and ultimately better serve consumers.   Credit reports and traditional credit scores will continue to be an extraordinarily important part of the process, but we’re continually asking ourselves: how we can leverage our unique vantage point to help our clients obtain a more complete picture to create new opportunities for consumers?   One proven way we can achieve this is by helping financial services companies more easily leverage consumers’ banking and transaction information through open banking. This information can advance financial inclusion by providing a more comprehensive and accurate view of a consumer while giving consumers greater control of their data. And our research shows most consumers are onboard, with 71% stating they’re willing to provide this information if it increases their likelihood of qualifying for credit.1 Introducing Cashflow Score  Today, we’ve unlocked an exciting milestone in making the use of this information more accessible with the launch of Cashflow Score. This is the latest in a short list of products that can be used to make lending decisions, leveraging consumer-permissioned transaction information to more accurately assess risk, particularly for credit invisible or un-scorable consumers who have a bank account.  The score provides lenders with a clearer view of an applicant’s financial behavior, including income, expenses, cash reserves, and more, to enhance risk assessments with up to 25% lift in predictive performance.2 Our solution can easily integrate into lenders’ existing workflows in conjunction with traditional credit scores for credit decisions.   This means lenders can now leverage Cashflow Score in first and second chance credit decisions to assess applicants with limited or nonexistent credit histories, using only bank account data.    The future of financial inclusion  Open banking and transaction data can help create a future where we can help bring financial power to all.    As the only financial services company offering both traditional scores and cashflow-based scoring solutions developed in-house, we are uniquely positioned to connect credit outcomes with transaction data. And we’re just scratching the surface with solutions like Cashflow Score.   As we continue to innovate and embrace the possibilities of open banking, I am optimistic about what lies ahead and how we can expand the keyhole even further.   Together, we can create a more inclusive financial system where everyone has the opportunity to thrive.  [1]  Experian commissioned Atomik Research to conduct an online survey of 2,005 adults throughout the United States. The makeup of the sample is representative of the U.S. population based on national census data regarding demographic variables such as gender, age and geographical regions. The margin of error for the overall sample is +/- 2 percentage points with a confidence level of 95 percent. Fieldwork took place between March 17 and March 21, 2024. [2]  Based on Experian analysis when Cashflow Score is compared to conventional credit scores, tailored to targeted risk tiers. Predictability based on KS. Related Posts

Experian’s groundbreaking agentic AI-powered tool, Experian Assistant, has earned the prestigious 2025 FinTech Breakthrough Award for Analytics Innovation. This recognition comes on the heels of the product solution winning the BIG Innovation Award. These awards underscore Experian’s commitment to pushing the boundaries of innovation by helping our customers achieve success. 24/7 Data Expert Integrated with the Experian Ascend Platform™, Experian Assistant functions as a 24/7 data expert, enabling financial institutions to optimize their credit and fraud models with ease. Using natural language processing (NLP), the virtual assistant guides users providing insights, recommendations and coding assistance. The impact is transformative: Experian Assistant cuts model-development timelines from months to just days—and even hours in some cases. By helping users analyze credit and fraud data, adjust model attributes and streamline workflows, it empowers organizations to innovate faster and make data-driven decisions with confidence. Powered by agentic AI technology, Experian Assistant reimagines how data scientists and analysts approach their work. It accelerates insights, fosters collaboration and empowers businesses to deliver exceptional customer experiences while reducing the time and resources needed to bring new initiatives to market. Driving Results While tailored for financial services, Experian Assistant’s capabilities extend across industries. Customers can leverage it for data exploration, model deployment, performance monitoring and faster time-to-market for new offerings. With Experian Assistant, users gain a powerful edge in scoring more consumers, optimizing processes and enhancing overall customer satisfaction. Commitment to Customers  Experian received this prestigious award that recognizes those “who are dedicated to reshaping the FinTech industry through innovative technologies.”  This accolade continues to build Experian Assistant’s position as a game-changing solution for Experian’s customers in financial services and beyond. Related Posts