How data-driven innovation is transforming financial access worldwide

Innovation is more than just a buzzword at Experian; it’s a driving force for global social change. Lloyd Pitchford, Global CFO at Experian, shares how the company leverages innovation to address some of the world’s most pressing financial inclusion issues. In a recent interview, Pitchford detailed how Experian’s commitment to a robust innovation agenda is making a significant difference on a global scale. 

Unlocking global financial access 

“Innovation at Experian is about unlocking the problems that our customers and consumers in society face,” Pitchford says.

One of the primary issues is financial inclusion. Over a billion people worldwide lack access to basic financial products because they cannot prove their identity. In North America alone, more than 50 million people are unable to access financial products due to insufficient data to establish a trusted relationship. Experian addresses this by inspiring and enabling its employees to develop innovative solutions to these challenges. 

Innovative solutions for financial inclusion 

Experian has developed several innovative products to tackle financial exclusion. One notable example is Experian Boost, which allows consumers to leverage their banking data to improve their credit scores. “We have over 15 million people sharing their data regularly through their bank accounts, which allows them to gain access to financial products in ways they previously couldn’t,” Pitchford says.  

Building on this, Experian Go helps individuals create their first credit file, further enabling access to mainstream financial products. Another recent innovation, Experian Smart Money, provides a digital checking account that shares data with Experian to unlock additional financial benefits. 

Global impact and local solutions 

Experian’s innovation efforts extend beyond North America. In Brazil, the company operates a unique debt resolution system. “Last year alone, we resolved $14.5 billion of debts, with about $10 billion written off, helping consumers overcome financial hurdles,” Pitchford notes.

In the UK, Experian’s Support Hub assists individuals with various support needs, from understanding financial terms to accommodating hearing or visual impairments. This initiative allows consumers to share their needs with providers, ensuring they receive appropriate support. 

Staying ahead of technological advancements 

Keeping up with rapid technological advancements is a constant challenge. According to Pitchford, the key lies in talent and culture. “With 22,500 colleagues globally, our job is to free them up to work on societal and customer problems,” he explains.  

Experian’s focus remains on three pillars: acquiring the best and broadest data access, leveraging cutting-edge technology, and attracting top talent. “Best data, best technology, best talent—if we combine these with our innovation culture, we can achieve remarkable results,” Pitchford asserts. 

Experian’s commitment to innovation is driving significant social change through initiatives like Experian Boost, Experian Go, and Support Hub. As Experian continues to harness the power of data and technology, its impact on society is poised to grow even further, showcasing the transformative power of innovation. 

To find out more about the Experian Exchange series, go to Experian.com/exchange.