Tag: innovation

Almost three years ago, generative AI made its mainstream debut, and its rapid evolution since then has been nothing short of extraordinary. The pace of innovation has propelled generative AI far beyond its initial capabilities, transforming industries and redefining possibilities. At Experian, we've been harnessing the power of AI and machine learning for over a decade. As early adopters of generative AI, we have witnessed firsthand not only how it has evolved but also the transformative impact it can have on an organization. I recently had the privilege of delivering a keynote at Octane’s Women Leaders of Octane Forum during OC Innovation Week. During my talk, I shared key lessons from being on the frontlines of innovation fueled by generative AI. My three takeaways include: Staying Ahead in GenAI Adoption: As we all know, generative AI is advancing rapidly. Organizations that delay adoption risk falling behind their competitors and stifling creativity and opportunity. It's essential to stay informed about the latest advancements and be proactive in integrating AI into your operations in an ethical and compliant way. Navigating Challenges in GenAI Implementation: From navigating evolving regulations and addressing employee concerns about using AI tools to ensuring responsible usage and addressing AI-powered fraud, there are numerous challenges to tackle when adopting AI in the workplace. It's vital to understand these issues and develop strategies to counter them effectively. How GenAI Enhances Workplace Creativity: As generative AI becomes more integrated into employees’ everyday work lives, there is a concern that it might make some roles redundant. However, generative AI actually frees up more time for employees, allowing them to focus on creative and strategic tasks. This can empower them to achieve new levels of innovation and excellence in their work. We can see the significant impact generative AI has had at Experian by the innovative products and solutions we've developed over the years. Take, for example, Experian Assistant, a generative AI-driven solution designed to dramatically accelerate data modeling lifecycles, reducing model development time from months to days, and sometimes mere hours. This advancement enables faster, more efficient data analytics and insights. Additionally, our Innovation Lab, which recently celebrated 15 years of driving technological transformation, continues to leverage data and AI-driven solutions to push the boundaries of what's possible. As we continue to navigate the evolving landscape of generative AI, it's clear that the journey is just beginning. At Experian, we remain committed to championing a culture of collaboration and fostering innovation in order to pioneer new AI-powered solutions that create opportunities that drive transformative change.

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.