This article is by Michele Bodda, general manager of Experian Mortgage, and co-sponsor of Experian’s PRIDE employee resource group (ERG) Like most of us in the LGBT+ community, my coming out story is more like an unfinished novel than a tightly worded chapter in a book once read and forgotten on a bookshelf. It unfolded over the years. I wasn’t always confident enough to be fully out, but I never pretended to be something I wasn’t. For me, there wasn’t a day of reckoning or a loud declaration. I arrived at this point over the years, and there were two pivotal incidents that served as catalysts for me. First, after working at Experian for several years, a male colleague stunned me when he said his feelings were hurt that I didn’t trust him enough to bring my whole self to work. I was dumbstruck by his frankness and desire to know the real me. And second, I realized I couldn’t ask my children to go through life with two moms confidently and comfortable if I wasn’t truly authentic in every aspect of my life as well. For me, coming out happens again and again. I will always need the quiet confidence to say, “I’m a mom, a daughter, a friend. I’m an executive. And yes, I am gay.” When Experian asked me to lead our company’s LGBT+ ERG, I took a moment of pause. Yes, this was a big decision, but ultimately, drawing on that confidence, it was an easy decision to make. In light of the 30th anniversary of National Coming Out Day on Oct. 11, I want to assure people wondering if acknowledging diversity is significant, it is. The difficulty some of our LGBT+ colleagues face making daily decisions about where they can be fully present aren’t merely insecurities. They are the realities of being LGBT+. No federal law exists protecting the rights of employees from discrimination based on sexual orientation or gender identity in the United States. In 28 U.S. states, employees aren’t afforded state-level protection for sexual orientation, meaning they can be fired for being lesbian, gay or bisexual, and it’s even worse for transgender members of the workforce. The fear is real for many members of the LGBT+ community – but so is the motivation to seek change and create an inclusive workforce in America. Just imagine working in America if everyone felt as safe as I do to bring their whole selves to work? The mental and emotional energy I expended hiding my whole self from my colleagues many years ago saddens me. Could I have bonded with others quicker, positively affecting team performance and achieving goals faster? Could I have helped someone else know it was OK to be fully themselves at Experian and watched them confidently come into work every day? Today, I’m not raising my voice for myself. I’m raising it on behalf of talented LGBT+ employees across the country and to tell business leaders that the economic results they’ll receive by instilling and nurturing inclusion is worth it. According to research presented at Deloitte’s IMPACT 2017 conference, organizations with inclusive cultures are six times more likely to be innovative, six times more likely to anticipate change and respond effectively, and twice as likely to meet or exceed financial targets. It’s the right thing to do. I feel fortunate to have spent the last 20 years at a company that is overt in saying it’s OK to be who you are: You are not only welcomed here, you belong here.

The following is written by Alison Sharp, Experian. Mental illness affects thousands of people in the UK, their friends, families and work colleagues. In fact, one in four of us will be affected by mental health issues at some stage of our lives. It's hard enough to experience mental health problems, without having to face the judgement, shame and isolation that often surrounds it. Today is World Mental Health Day, an opportunity for us, and others, to help raise awareness of mental health issues. However, our work to change the way people think and act about mental health problems doesn’t stop here. I am proud that our MD, Charles Butterworth, signed the Time to Change pledge last month, to help bring an end to mental health discrimination and show our commitment to supporting mental health awareness. Signing the pledge marks the beginning of a shift to make sure well-being and mental health support becomes the norm for us. I believe that the workplace should be an environment where everyone can thrive, no matter who they are. Experian joins the wide movement of more than 800 organisations that have signed the Time to Change pledge, including E.ON, British Gas, Ernst & Young, Transport for London, Royal Mail, Barclays, Shell, Pepsico, the Church of England, Sunday Mirror, Marks and Spencer, WH Smiths and many NHS trusts, universities, and local authorities. At Experian, we are dedicated to making colleagues feel more support and connected to the help we have, as and when they need it. I truly believe that mental health is something that shouldn’t be brushed off or pushed aside and I hope that if you are suffering, or know someone that is, that you have the courage to reach out for support because after all, it is OK to not be OK.

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.  

As businesses, we want to know our consumers and their habits so we can offer the best customer experience possible, whether in store or online. This should include providing the right security measures that will protect consumers and businesses from fraud, without compromising that consumer experience. In research published earlier this year, our Global Fraud and Identity report cites two-thirds (66 percent) of consumers surveyed said they appreciate security protocols when transacting online. Younger consumers (42 percent) said they are more likely to engage online if there weren’t as many security hurdles, versus 30 percent of those who are 35 and older. It’s evident that businesses need to provide a good balance between providing consumers with a positive experience while having efficient security protocols in place. With 90 percent of consumers using digital channels for banking and shopping, consumers and businesses need to be protected from fraudulent transactions. The varying degree of tolerance toward security presents a bit of a challenge, in that it’s hard to find a one-size-fits-all solution for everyone. Millennials are accustomed to speed and convenience, having grown up with mobile phones and the Internet. This is evident in their preference toward pre-filled login credentials when conducting financial transactions online. Older generations, by contrast, had to navigate the (often very painful) evolution to the digital world.  Therefore, it’s not surprising that there’s a difference in overall tolerance toward security measures in place. Both age groups agree that passwords enhance the online experience, but fewer millennials believe passwords alone are the best way to protect their information. On the business side, our research shows that most organizations prioritize convenience over security, however they still use passwords as their top form of authentication. Business owners don’t necessarily think it’s the safest method to prevent fraud, but it’s a well-understood security precaution. Ironically, one-quarter of consumers have forgotten a username or password within the past six months, causing significant consumer frustration. While businesses have come to terms with acceptable levels of fraud losses, we encourage a change in mindset: to invest in a solution that can help prevent fraud and reduce loss more efficiently. Experian CrossCoreTM, for example, is the first smart, open, plug-and-play platform for fraud and identity services that helps businesses catch fraud faster, improve compliance, and enhance customer experience. We’ve helped our clients screen more than 15 billion fraud events in just one year, and won’t stop there. When you have the right solution in place, that’s when you know that effective security and great customer experience are not mutually exclusive, for older generations and millennials alike; they go hand-in-hand.  

The world in 2018 is defined by data. Vast quantities of information flow through our lives like threads across an elaborate tapestry. On a micro level, these threads bind the business world together. But they also come together to weave a picture of the economy that is colourful, detailed, and uniquely fascinating. At Experian, we process more than 1.5 billion records per year, making us specialists in the processing and understanding of this data – and in making sure it is used for the benefit of consumers and businesses. To share our unique perspective, we’ve created our first ever Spending Power Index. The index looks at the UK’s income and spending habits, including both a detailed view of the present, and insight into longer term trends and the nation’s changing preferences. Giving businesses the bigger picture Stepping back from day-to-day business to look at the whole economy is a chance to identify new opportunities and work out the best ways of adapting to new challenges. The insights we’re providing through the Spending Power Index are designed to fuel that process by offering a view of existing and emerging trends across all demographic segments of the UK economy. What is the Spending Power Index? We’ve defined ‘Spending Power’ as a combination of key factors: Average income growth over time Levels of spending for one demographic group when compared to another Levels of spending as a proportion of incomes These combined factors reveal a wealth of hidden information about income and spending. All these insights have been drawn from Experian’s modelled data using secondary sources such as our ‘Financial Strategy Segmentation’ (FSS) tool. The data for this comes from a range of publicly and commercially available sources, such as the edited Electoral Roll, the UK Census and permission-based market research data taken, for example, from the lifestyle questionnaires many of us complete. New insights and confirming market trends Some of the insights revealed by the index have been surprising, while others fit into social trends that are already well understood. We found some areas of significant shift, such as the movement away from owning possessions and towards spending on life experiences. But we also confirmed some new and fascinating trends such as the emergence of Generation X’s forty somethings as the biggest earners and spenders in the UK economy. Find out more by reading the full Spending Power Index report here.  

In our increasingly digital world, there’s a growing expectation among consumers to only receive personal and relevant content from brands. However, with the proliferation of devices, delivering on this expectation is becoming more of a challenge. It’s more difficult than ever for advertisers to understand their audience and reach them across all marketing channels. But, Experian is here to help. We recently announced our activation partners program –  a natural next step in our commitment to helping brands uncover the right audience segments and deliver advertising campaigns that resonate with consumers. We’re teaming up with marketing technology leaders such as 4C, Adaptly, Brand Networks, Kenshoo, SocialCode and Unified to help brands deliver relevant content. Through the activation partners program, marketers can leverage their own first-party data, third-party data from Experian’s ConsumerViewSM marketing database, or a combination of the two, to build audience segments and optimize campaigns. Then, they can work with any of the marketing technology partners to deliver personalized advertisements to people across any marketing channel — including social media, television and mobile, as well as all major media organizations. This program helps brands unlock the power of data and technology to make the right marketing decisions and better connect with individuals. And with more than 30 years in the advertising business, consumer privacy is at the heart of what we do and the way we work. We remain vigilant when it comes to data security and integrity, including our own commitment to strict standards regarding permissible uses of data. Ultimately, partnerships like this help move the industry forward. We know the advertising industry is evolving and we see this as an opportunity for continuous innovation. As always, our goal is to bring that innovation and power to brands through the solutions—and partnerships—we create.

The ramifications of child identity theft can have a long-lasting impact into adulthood.  According to a recent Experian survey among 500 child identity theft victims who are now adults, one in four survey respondents are still dealing with issues more than 10 years after the fact, and 35% have sought professional help in dealing with related stress, anxiety, anger or depression related to the theft. Child identity theft is also a growing problem; it was reported by Javelin that more than one million children were victims in 2017.  This disturbing trend makes our newest free offer very timely: a free, one-time Child ID Scan that checks if the Social Security number (SSN) for a child (under age 18) is associated with an Experian credit file. If a credit file is found, Experian’s Fraud Resolution team will assist the parent or legal guardian with next steps. Not only do we offer a free opportunity for parents to see if their child might be a fraud victim – but we have added a Family Plan in our IdentityWorks protection product so parents, with a paid membership plan, can include up to 10 children. Newly redesigned last year, our Family Plan offers two membership packages at competitive price points with more features than ever before such as social network monitoring, CreditLock, sex offender registry alerts, and FICO Score updates, among other benefits.  The solution covers minors with ongoing monitoring for the child’s SSN on the dark web, the common name for the burgeoning illegal Internet marketplace where information is often bought and sold among thieves. To help generate nationwide awareness of the serious threat of child identity theft, we are designating September 1 as an official day to address the issue. We hope Child Identity Theft Awareness Day will gain traction as an annual reminder to parents to be vigilant about protecting their children’s information and take root in communities nationwide so we can all participate in the cause. This year, we invite consumers to engage with us; share personal stories in social media or share our content and use the hashtag #StopChildIDTheft. As part of this campaign, Experian is also sponsoring the Identity Theft Resource Center to extend their call center hours September 1 from 12 p.m. to 3 p.m. EDT.  Consumers can call toll-free at 1-888-400-5530 and ask questions about child identity theft. Children are one of the most vulnerable populations, and we urge all parents to take action and use the free Child ID Scan. We are proud of the innovation we have achieved as we continue to leverage the power of data and analytics to protect consumers’ identities.  Parents can visit www.experian.com/childscan for more information.

We know millennials as the digital-savvy group that was raised on the web, likes to share things and prefers to communicate via text, but we wanted to know more. We recently looked at the borrowing behaviors of 60 million millennials to help millennials and businesses make the right decisions and get a clearer picture of the next big wave of homebuyers to hit the mortgage market. Millennials are the largest credit population in the U.S. at 61 million. They currently make up over 19% of the total U.S. population, but only 15% of millennials currently have a mortgage. In Q4 2017, 23% of mortgage-related dollars came from millennials and we’re seeing the most millennial mortgage originations in the south and west regions of the U.S. We studied more than 60 million millennials to compare the differences between millennials with a mortgage and those without. Our research showed mortgage lenders are drawn towards higher credit scores for millennials pursuing a mortgage. On average, 77% of millennials with a mortgage have a VantageScore greater than 661, with an average score of 716 for the millennial homeowner. Since people generally become more prime as they mature, it’s not surprising the millennial homeowner is slightly older. The average age of the millennial with a mortgage is 31, compared to 28 years old for millennials without a mortgage. We’re also seeing higher incomes are helping these older millennials secure a mortgage with an average income of $64,000 for millennials with a mortgage compared to $33,000 for millennials without a mortgage. With 85% of millennials without a mortgage today, it seems there is significant opportunity for mortgage lenders. But are these mortgage-less millennials ready to enter the mortgage market? On average, millennials without a mortgage have a VantageScore of 623 with eight trades on file. Only 39% of millennials without a mortgage have a prime or better score and many have higher delinquency rates. Many of these millennials will need to improve personal loan and bankcard usage habits to obtain lower rates when they’re ready to secure a mortgage. The good news for this group of millennials who may be interested in owning a home one day is small changes in financial behaviors such as building a history of on time payments and improved credit practices can help mortgage lenders shift from viewing them as high-risk to low-risk relatively quickly. Learn more about our credit outlook on millennials.

I’m delighted to confirm the launch of Experian Analytics on Demand in the UK. Following a highly successful launch in the US, it will be available to businesses across the UK and EMEA regions this Autumn. Ascend is an integral part of the suite of market-leading Experian innovations that we’re bringing to market over coming months, all of which will accelerate the ability of our UK clients to harness the full potential of big data. It helps businesses of all shapes and sizes analyse vast volumes of information faster, more effectively, and with deeper insight than ever before. Ascend puts a new suite of data tools in the hands of in-house analytical teams, allowing them to build their own predictive models to develop business strategies and make real-time decisions – ultimately supporting their abilities to bring better services to market more quickly and with better results. The digital transformation of our marketplace has meant that customers are constantly demanding a faster, more responsive service and that has put increasing pressure on businesses. Our research has found that only one in three businesses are employing advanced analytics technologies to develop a deeper, more meaningful understanding of their data. Just 29% currently combine both traditional and non-traditional data sources to gather more insight. While, two in five businesses still rely on instinct and subjective opinion to make decisions. Ascend harnesses the power of open-source technology, combining it with Machine Learning and Artificial Intelligence to help businesses unlock insights and take decisive actions in the moments that matter. Bringing unique scale, speed and intelligence that deliver the best results for both businesses and our customers. It’s not simply about changing the way you manage your data; it’s about modernising the way you manage your business. This is a very exciting time for our industry and I’m looking forward to working with both our existing partners and new clients to demonstrate the many opportunities that this new platform can bring. For an early view of the platform, please follow the link here to register your interest.  

At Experian, advanced technology drives our commitment to enhancing the customer experience. For us, it’s all about innovation and creating products and experiences that meet the demands of today’s tech-savvy consumers, businesses and diverse client base. To accommodate ever-changing market conditions, we leverage a unique mix of our own data centers and cloud platforms, as well as provide standard APIs so developers can easily connect to our systems and data. And, machine learning plays a key role in this commitment to innovation. Steven Norton, reporter for the Wall Street Journal, recently reported on how we’re operationalizing machine learning technology to manage an increasingly complex IT environment, and drive business value for customers. Experian’s use of real-time monitoring has allowed CIO Barry Libenson to show an empirical decline in downtime and critical IT issues year-over-year. With companies looking to artificial intelligence to deliver insights into their customers and the business, credit reporting firm Experian PLC is tapping machine learning to better understand how its own applications behave, with limited human intervention. Click here to read the full article published in the Wall Street Journal’s CIO Journal.

We often talk about the balance between customer security and convenience, but rarely do businesses track the impact of identifying customers and managing fraud risks as two sides of the same coin. According to our recent Global Fraud and Identity Report, 84 percent of business believe if they were certain about a customer’s identity, the need for risk mitigation would be reduced. Being able to better identify our customers should be at the crux of all our campaigns. Simply put, the faster and better you recognize your customers, the faster and better you recognize fraud. And we are not alone. We feel the industry agrees with us. Two of the world’s leading research firms, Forrester and Gartner, both recently released reports regarding the state of identity, and we are thrilled to have been recognized in both. The Forrester report, “Top Trends Shaping Identity Verification (IDV) in 2018,” which was authored by analysts Andras Cser and Merrit Maxim, and published in March 2018, discusses the importance of easy-to-use identity verification tools and the top trends shaping identity verification. Experian was cited as the most used vendor for identity verification based on a survey of global network security decision makers. The report also shared an example where a North American bank improved its identity theft detection rate by 15 percent by using Experian’s identity verification services. We were also included in Gartner’s April 2018 Market Guide for Identity Proofing and Corroboration, which helps companies understand the value of identity when it comes to protecting customers and revenue. Experian was one of only three vendors that met all the capabilities criteria recommend by Gartner. The guide, authored by Ant Allan, Jonathan Care, Dorothy Luong and Tricia Phillips, also points out several key findings regarding identity proofing and corroboration. Just recently, Experian was named one of the top 100 most innovative companies in the world by Forbes for the fifth consecutive year, and this is icing on the cake. We are thrilled to be included in these reports and are committed to helping businesses provide a seamless identity verification process with accuracy and simplicity, and one that doesn’t negatively impact the customer journey. Ultimately, investing time and resources to develop the best tools for identity verification goes a long way. Not only will your business leaders feel more confident in your organization’s ability to detect and prevent fraud, it’ll also save your business the time and money that you would spend on eliminating fraud after it happens. All our fraud and identity services are available through our award-winning Experian CrossCore platform, the industry’s first open platform for fraud and identity services. Gartner Disclaimer Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

At Experian, we are committed to finding new, innovative ways to deliver better outcomes for our clients and their customers. With this in mind, we are delighted to announce that we have now been granted approval to supply Open Banking and PSD2 services by the FCA. The accreditation allows Experian to help people benefit from the Open Banking initiative through a new suite of products so that consumers can share data in a secure and compliant way. This will complement Experian’s existing credit bureau services. The overarching aspiration of Open Banking is to level the playing field by offering greater choice through new products – promoting greater transparency about the benefit and value of these products in the process. This accreditation from the FCA underlines our commitment to support Open Banking for the benefit of both people and organisations. One bank has already signed-up to use our Open Banking platform and we’re running several proof-of-concepts with other clients, so they can explore a range of innovative new services. Open Banking will help people to prove they can afford products, even if they have a limited credit history. The development of insightful mechanisms to manage finances and simplify applications, for everything from financial products to rented accommodation, will also reduce the time and effort required. When people choose to share bank account information with financial service providers they can receive the most appropriate products, improved services and better deals. It will be a useful tool for organisations to ensure they only lend people and small businesses what they can afford to repay. And it will be invaluable to price comparison websites, brokers and background checking providers. Open Banking will also help lenders to meet FCA regulatory obligations in affordability and reduce costs when processing applications. Adopting new data assets will be easier from both a technical and consumer support perspective. The UK is at the vanguard of a global shift in data sharing. Having a dynamic economy and particularly a dynamic financial services sector, is going to be a crucial asset as we navigate our way through social and economic changes anticipated in the years ahead.