In a world that was already becoming increasingly digital, COVID-19 expedited timelines and turned forecasted projects into immediate needs nearly overnight. I’ve seen this play out in my role at Experian as well as across the financial services industry. Experian was recognized as an innovative company prior to the pandemic and the current environment has only accelerated our ability to innovate.
As we surpassed the six month mark adjusting to our new normal, I was invited to join Bloomberg’s Future of Finance: Leveraging Digital Transformation for a Virtual World roundtable discussion with Senior Analyst of Bloomberg Intelligence Julia Chariell and leaders from IBM, Ally Financial, Deutsche Bank and others, to share how we are rising to meet the needs of consumers and lenders during the COVID-19 pandemic. You can find a recap of our conversation here and view the full video discussion here.
We know each American is facing unique COVID-19-related circumstances, so there is not a one-size-fits-all solution. This notion has carried us as we are rising to meet the needs of our clients and consumers during the pandemic.
We must allow individuals who can still meet their financial obligations to have access to credit and ensure lenders can identify them. Maintaining and improving financial access for these consumers will play an important role in our road to economic recovery.
To continue to lend responsibly, the financial services industry must carefully examine all aspects of consumer financial capability in near real-time – consumer control and consumer-permissioned data play a key role in achieving this.
By leveraging accurate data, I believe we have a chance to lessen the impact of the current U.S. economic crisis, extend credit responsibly, and support the hardest-hit consumers as we adjust to a new world post COVID-19.