Data & Analytics

The following is written by Colin Grieves, Managing Director of Targeting, at Experian. There are many reasons why an advert might catch your attention - maybe it’s because of a celebrity endorsement, clever catchphrase, or a witty one-liner that catches you off guard when you’re waiting for your programme to return after the break. If there has been an advert that has particularly stuck in your mind, those behind the marketing at organisations will tell you it’s no accident. Experian works with a range of organisations to help them understand which people are likely to be most interested in. So, how can you find out what information marketers use to understand you? Experian launched the Consumer Information Portal, or CIP for short, back in April 2018 to help people see what data we have access to, but also to give you the chance to let us know if you want to stop your data being used for marketing. The CIP also explains why our work in marketing can be a good thing for consumers and society as a whole. We’ve recently made improvements to the website to give you an even greater insight. You can now visit our website and promptly check whether your personal data is present on specific marketing channels, what sectors it’s used by, and where we obtained the data from. For the first time, you can also see with which marketing profile your postcode is associated here. This gives you a real flavour of how marketers may view you and the type of people most likely to live in your neighbourhood, to make sure the messages you receive are as relevant as possible. We’re planning to keep adding more new features and information to the CIP, as we keep our promise to deliver transparent and responsible marketing. Drawing on expertise across our business to improve your experience when you use the CIP, as well as looking at new, clearer ways to explain how we work with data in our marketing services. Watch this space for further updates.

Fraud attacks continue to increase, and businesses and consumers alike are recognizing the need for more effective preventative measures. In June 2016, we launched the industry’s first open platform designed to catch fraud faster, improve compliance, and enhance the customer experience. Experian CrossCoreTM has put more control in the hands of fraud teams and it continues to receive global recognition for its impact in the industry. We are proud to announce that CrossCoreTM has been named a market leader for fraud prevention by Cyber Defense Magazine’s 7th Annual InfoSec Awards. Judged by an independent panel of certified security professionals, the InfoSec Awards recognize the best ideas, products and services in the information technology industry. In the past year, the platform was also named best fraud prevention innovation by Cybersecurity Breakthrough and as best cybersecurity initiative of the year by CIR Magazine. Since 2016, Experian has been proud to serve organizations looking for better ways to get more out of their existing fraud and identity systems and to more effectively deploy new products and offers, while improving the customer experience and minimizing risk. According to Experian’s 2019 Global Identity & Fraud Report, 55% of businesses reported an increase in online fraud-related losses over the past 12 months, predominantly around account origination and account takeover attacks. Our study shows that consumers value security and convenience. They also expect to be recognized and met with a personalized experience. Businesses can deliver both security and convenience, but to do so, they need to apply the right tools and relevant information. CrossCoreTM is helping fraud teams around the world accomplish this by adapting and deploying strategies that keep up with the pace of fraud while reducing burdens on IT and data science teams. Learn more about CrossCore.

More areas of the business are leveraging data and insight around customers than ever before. Today’s digital consumer puts more pressure on organizations to provide personal interactions across all industries, even when that individual is not interacting face-to-face. In order to accomplish that monumental feat, businesses are turning to their data assets to give them the insights they so desperately need. But that is no easy task. We find that most organizations lack trust in their data, typically due to outdated and ineffective data management practices. Businesses can no longer wait for others within the organization to improve the quality of their data. Many are looking to take more control themselves. In fact, according to a recent Experian study, 75 percent of respondents believe data quality responsibility should ultimately lie with the business with occasional help from IT. The rise of the business user is putting more pressure on the tools they leverage. While data quality is a continuous practice that requires constant care, it is certainly enabled by technology. That technology needs to be easy-to-use, intuitive, and provide value back to the business quickly. This week, the 2019 Gartner Magic Quadrant for Data Quality Tools was issued. The report provides an overview of the players in the space and the "key capabilities that organizations need in their tool portfolio, if they are to address the increasing importance and urgency of data quality." The business user is reshaping the data quality market. Now, rather than looking at just features and functions, new Experian research shows that the ease of use by business users and the ability to work with existing technology are more important. These tools need to be designed differently than they have in the past. 56% of businesses say their IT department doesn’t fully understand the data management needs of the business. That means that organizations need to put their data more in the hands of the people who leverage it every day. At Experian Data Quality, we believe in empowering business users to better understand their data assets in order to transform their businesses. We offer easy-to-implement, easy-to-use tools that are designed to help businesses maximize their data insight and build trust in their information. We want our clients to tackle their projects with speed and agility, giving them the confidence and clarity to put their data to good use. We are proud to be named a ‘Challenger’ once again in Gartner’s 2019 Magic Quadrant for Data Quality Tools. We believe in the changing nature of the business and are working to challenge the status-quo in our industry and for our clients. Access the Gartner 2019 Magic Quadrant for Data Quality Tools report.

As digital transformation follows its course, ubiquitous data and new technologies are dramatically changing the way consumers interact with businesses. The Amazons and Googles of the world are redefining customer experience on a daily basis and setting the bar higher for the rest of industries to catch up. This ‘customer-first’ era calls for innovative ways to achieve sustainable growth and market leadership. Aimed at understanding this new reality, we commissioned Forrester Consulting to survey senior executives and decision makers about how they tackle the challenges and opportunities surrounding digital transformation. What we found is that the key to succeed in today’s highly competitive and fast paced environment is creating a comprehensive, unified view into their customers and their needs. And that although businesses are committed to keeping up with the pace of change to stay relevant, there are still trying to figure out how to execute their ‘customer-first’ vision. Businesses from all over the world wonder how they can attract and retain new customers, or what are the tools they need to quickly act on insights and make consistent, relevant decisions about what matters the most to their customers. Our research shows that the early beneficiaries of digitalisation such as fintech companies and e-commerce brands have been quick to understand younger, tech savvy and convenience-hungry consumers. Both industries have leveraged decades of technology developments to meet their customers’ expectations, setting the bar high. They have evolved from one-time transactions to building relationships, creating loyal followers and facilitating repeat purchases. Financial services and other sectors can find inspiration in how customer strategies focused on relevance and personalisation deliver the curated experiences consumers demand. When you put the customer first, the opportunities to create more value from your customer relationships are endless. We believe the future is bright for the business which remains nimble and willing to evolve their business models, using technology to meet the needs of tomorrow’s customer. Key findings 81% of executives believe traditional business models will disappear over the next five years due to digital transformation. 79% of key decision makers believe their customers can seamlessly interact with their organisations across mobile, web, and in-person channels – and are generally positive about the progress they are making. Two thirds of executives believe their profitability would improve if they were able to create that single, comprehensive view of the customer. Knowing and understanding customers better than anyone else is paramount to consistently assisting them how, when and where they need it. Businesses must ensure that they offer appropriate products that their customers can afford and benefit from now and in the future, regardless of market conditions or changing personal circumstances. Six out of ten executives believe sharing their data with third parties and tapping into additional data will help them create frictionless customer experiences. But there are some challenges they need to overcome before achieving that. For example, 40 percent of executives globally still feel they cannot easily share their data. They also need to make sense and find meaning from all the data they have. They are currently investing in new technologies to make sense of their data, but these efforts are not going far enough. 53% of businesses worldwide struggle to make consistent customer decisions. Part of it due to the gathering of inconsistent data from one channel to the next. The better businesses get at managing different points of interaction, the more insight they can obtain within a given customer’s experience. Using advanced analytics helps unlock the value latent in different points of interaction along the entire relationship with your customers. 77% of executives set aside budget for advanced analytics and decision-management systems. To turn strategic priorities into action, businesses have set aside budget to invest in analytics and digital decisioning. Thanks to innovative analytical tools, businesses can deliver improved, personalised experiences when they matter, better protecting consumers and complying with regulations. Download the full report.

Financial exclusion is a global issue with an estimated 1.7 billion adults currently ‘unbanked’ . Experian’s core mission is to help bring financial inclusion to every adult in the world. There are currently millions of ‘thin file’ consumers and SMEs in sub-Saharan Africa. These are consumers with limited information on a traditional credit bureau or have no information at all, so-called ‘invisibles’, who find themselves excluded from mainstream finance. They often face more difficulty – or higher costs - when applying for financial products or services. That’s why we are proud to announce today the launch of a ground-breaking new smartphone app, GeleZAR, in South Africa, which aims to bring more micro-entrepreneurs into the mainstream economy and ensure they get the credit score they deserve.. Using the expertise of our global innovation hubs, we have developed a unique financial education and credit scoring mobile app. GeleZAR is designed to educate entrepreneurs and individuals on how to manage their finances, budget and credit score in a fun, entertaining and digestible way. It can also advise individuals on how to maintain a good credit health and recommends remedial actions where needed. In partnership with a local South African consumer and fintech developer, Experian designed the app specifically for entry-level smartphones. We are also working with one of the largest low-cost mobile phone retailers in Africa to trial the app which has been pre-installed on a range of its entry-level smartphones.. The intention is to extend the rollout and make the app accessible for free on more than six million devices annually. Working with alternative data that an individual user consents to share on the app, GeleZAR will be able to assess an individual’s stability, build a credit profile and potentially improve their credit score. This in turn could enable them to access a broader range of financial products at more affordable interest rates. This is a great example of how Experian is innovating to find new ways to empower our customers while uplifting societies. It also fulfils our passion for financial inclusion and the accurate assessment of affordability. Experian’s cutting edge technological capabilities enable us to use the power of data to transform lives, businesses and economies for the better. Through our pioneering work in this space we hope to help consumers around the world on their credit journey. GeleZAR is just one of the ways we are delivering on our mission to build and improve the credit files of millions of people in South Africa and beyond.

In an article published by Bloomberg this week, Brian Cassin, Experian CEO, discusses the transformation of the business from a credit bureau to an innovative, global information services firm. The story highlights some of the remarkable work Experian does with high-profile clients including Coca-Cola and Fannie Mae, using data to inform marketing and strategy decisions. The article also references recent product innovations including Ascend, which offers analytics on demand, and PowerCurve, our market-leading decision analytics platform. Worth mentioning is that Experian’s strong financial performance also comes through in the article, which notes that the company’s stock price has doubled since 2015 while the FTSE 100 index has stagnated. Check out the full article.

We recently participated in Finovate Fall, where we joined top fintechs and financial institutions from around the world to debate about the current state of the financial services industry and more importantly, its future. A future where the so-called ‘experience economy’ will unfold and those putting the customer at the center of their innovation will thrive. But, how to get there and remain relevant in an ever-challenging environment? Committing to a culture of technology and innovation that transforms interactions between businesses and consumers is the first step. Take financial institutions and fintechs, for example. Despite their different approaches to what it takes to serve their customers better, both traditional and non-traditional industry players agree that technologies such as artificial intelligence (AI) and machine learning play a pivotal role in their respective digital transformation strategies. But with the change comes the challenge: most of organizations recognize they still struggle to fully operationalize the output of their advanced predictive analytics. To be true to our own commitment to technology and innovation and help businesses execute machine learning models within their decision processes, we have launched a new release of our flagship decisioning platform. The latest PowerCurve release integrates machine learning to deliver a faster and better analysis of data. These actionable insights will help our clients identify the opportunities presented by each of their customers quicker and more easily. Leveraging today’s technology to sustain tomorrow’s growth We believe that enabling businesses to leverage their current technology investments to support future growth is key to ensure they get the full benefit of their commitment to innovation. The latest PowerCurve capabilities allow custom plug-ins to be added at any time to support the next generation of technology and decision-making strategies while ensuring consistent, precise and personalized experiences that satisfy consumers’ demands over time. This enhanced flexibility means that businesses can get value of their current data and technology investments today and keep at pace with the latest and most effective decision management strategies across the entire customer life cycle. In addition, PowerCurve will continue to satisfy compliance requirements and provide the necessary governance and explainability that is essential in today’s market. With the updates to our decisioning platform and incorporation of machine learning capabilities, businesses will be able to make the right decisions today, resting reassured that those decisions will remain precise and relevant in the future.

Digital transformation is dramatically changing the way consumers and businesses interact. E-commerce and social media are setting the standards for digital experiences. The advance of fintech is driving competition. All while fraud reaches an all-time high, prompting an ever-stringent regulatory framework. This confluence of emerging technologies and intense competition adds even more pressure to grow business faster. In such a scenario, growth is fueled by acquiring more customers – those with whom you can build lasting, valuable relationships over time. However, traditional approaches for customer acquisition no longer suffice. As a business leader, how do you tackle these challenges? What can you do to attract and acquire new customers? To help answer these questions, we commissioned Forrester Consulting to survey over 900 key decision makers across industries. What we found is that getting actionable insights from complex data sources to make consistent, precise decisions is still a major challenge. The majority of executives also indicated that not having a single customer view had a direct impact on profitability. They struggle to make accurate decisions that are both meaningful for consumers and profitable for business. To overcome these challenges and realize their strategic priorities, businesses of all sizes are increasing their investment in advanced analytics and decision services. We understand that the current market environment can be daunting. But with challenges come new opportunities. We can help you modernise your digital decisioning approach to enable precise and profitable lending decisions across the life cycle. Using a unique blend of best in class data, advanced analytics and digital decision strategies you will know your customer better. As a result, you can, deliver the experiences they demand and make lending decisions with less risk. Download  the executive summary of our Global Decisioning Report 2018 and discover how businesses of all sizes are leveraging data, advanced analytics and digital decisioning to better serve customers and future-proof growth.

Working at Experian I am constantly amazed by the many innovative ways we work with data, to find new and exciting solutions with our partners.  If we can harness the power of data, and derive real value from it, it has the potential to make hugely positive changes to the way we all live and work. And there’s no doubt that organisations of all shapes and sizes are stepping up to meet the challenge, investing in technology and insight to move with the times. With that in mind, I am delighted to be able to announce the finalists for Experian’s inaugural ‘Data Excellence’ award, part of this year’s Lloyds Bank National Business Awards. This award is the first of its kind, and was designed by us to recognise organisations that are pushing the boundaries in this space, creating opportunities for people, businesses and society in the process. We’ve had some great entries and the final shortlist features some of the finest examples of those working at the forefront of data and analytics. It’s a diverse and dynamic group. Data, innovation and technology has the power to change the world for the better and there’s no better way to demonstrate this than through real-life examples. The award shortlist showcases this perfectly.  All our finalists have demonstrated the capacity to use data-driven solutions to not only deliver better outcomes for their customers, but embrace the opportunities presented by an ever-changing data landscape. So, who made the final shortlist? Center Parcs Cleveland Police Minicabit Principality Building Society SyndicateRoom Validis Zurich Insurance The judges now face the difficult task of selecting a winner, someone who truly personifies data excellence.  At Experian, we pride ourselves on our culture of continuous innovation, that’s why we are so excited to celebrate the UK’s most ‘data excellent’ companies at this year’s National Business Awards.  I’d like to wish all the finalist the very best of luck, To find out more, you can visit the National Business Awards website.