Collaboration between financial institutions and tech companies is essential to stay competitive and enhance the consumer experience. Working with forward-thinking companies can help unlock new ways to empower both consumers and financial institutions.
As the classic proverb goes,
“If you want to go fast, go alone. If you want to go far, go together.”
These collaborations provide lenders with advanced tools like real-time analytics and AI, enabling smarter decisions and more personalized services. For financial institutions, the benefits of these partnerships are tangible:
- Access to alternative data improves credit risk assessment
- Automation tools streamline compliance and fraud detection
- AI-driven personalization enhances customer engagement
- Shared innovation reduces development costs and time-to-market
At Experian, we value the many relationships we’ve built with financial institutions and fintech companies. These mutually beneficial connections help us empower organizations to adapt quickly, serve customers more effectively, and grow sustainably in a fast-changing environment while also enhancing our ability to accomplish our mission of bringing financial power to all.
Here are a few examples of how we’re teaming up with like-minded organizations to enable clients to drive strong business results, improve access to credit, strengthen risk management, and prevent fraud.
Unlocking faster, smarter lending through cashflow insights with Plaid
Our collaboration with Plaid, announced earlier this month, brings together Experian’s advanced data and analytics expertise and Plaid’s premiere account connectivity capabilities, lowering barriers to accessing cashflow insights and expanding financial inclusion.
Joining forces with Plaid means we can help organizations prioritize:
- Speed and simplicity
- Broader visibility
- Smarter lending decisions
- More inclusive lending
- Proven trust
As a result, this provides lenders with a comprehensive solution to approve more borrowers with greater precision.
Bringing transparency to Buy Now, Pay Later with Affirm
Buy Now, Pay Later (BNPL) services are growing, and the need for transparency is more important than ever. In our ongoing efforts to support responsible lending, we’ve expanded our partnership with Affirm who now reports all its pay-over-time products to Experian.
This helps consumers build their credit histories and supports responsible lending, giving lenders better visibility of consumers’ financial health. Our work with Affirm emphasizes our commitment to creating a more transparent and responsible credit ecosystem. We plan to work with other leading BNPL providers, continuing to drive the future of credit data integration that will benefit lenders and consumers alike.
Smarter refinancing with Micronotes.ai
Debt refinancing can be a powerful tool if consumers know when and how to use it. We joined forces with Micronotes.ai, an industry leader in automated, AI-driven financial marketing systems, and launched Automated Prescreen™, a credit marketing solution that equips financial institutions with personalized credit offers to expand market and wallet share.
By combining Experian’s credit data with personalized digital engagement, this tool helps organizations identify profitable lending opportunities for existing accounts as well as prospective customers.
Automating risk management with ValidMind
Managing model risk is increasingly complex, especially with the rise of AI in financial services. Our strategic partnership with ValidMind addresses this challenge head-on. The Experian Assistant for Model Risk Management integrates ValidMind’s AI-driven governance tools within our Experian Ascend Platform, automating documentation, validation, and compliance. It helps institutions meet regulatory standards like SR 11-7 and the EU AI Act while reducing risk and accelerating time-to-market.
Strengthening fraud detection with NeuroID
Institutions that use behavioral analytics to predict and prevent fraud have a strategic advantage over the competition. Experian recently acquired NeuroID, an industry leader in behavioral analytics, to bolster its fraud detection capabilities and combat AI-enabled fraud.
With NeuroID’s insights into digital behavioral signals and analytics, we’re better able to provide organizations with valuable data that helps detect risk and prevent the exploitation of consumers’ personal information.
Looking ahead
Each of these collaborations reflects our commitment to using data and technology to empower financial institutions and improve consumer financial well-being. Whether it’s expanding access to credit, promoting transparency, preventing fraud, or ensuring responsible AI use, we’re proud to work with organizations to enable them to stand out from competitors, better serve consumers, and drive strong business results.
Visit our website to learn more about Experian’s business solutions for financial institutions.
