Leveraging technology to help consumers improve their financial health

Innovative new technologies—including AI—are helping millions of consumers navigate their way through challenging financial situations. Companies are combining customer knowledge with the latest technological breakthroughs to create products capable of making a big difference in people’s financial lives.

The issue is compounded by its complexity. Dacy Yee, Chief Marketing and Revenue Officer at Experian Consumer Services North America, says many people are trying to juggle myriad financial worries, rather than dealing with one specific issue.

“We spend a good amount of time speaking with our consumers and conducting research to really understand their challenges, and we hear some very consistent themes,” Yee says. “We know they are worried about managing their debt, managing their expenses, trying to increase their income and hopefully have job security—all while looking to improve their credit. We understand that it’s not one specific area that they’re worried about, but the scale of their entire financial life. And it can be quite stressful.”

Yee says using technology can provide more bespoke, personalized solutions, and it can speed up the process of getting on top of personal finances.

“Trying to educate consumers to make sure that they have a really strong understanding of what are the right decisions they should be making and what are the right financial products for them is hugely beneficial,” she says. “When you combine generative AI with knowing your consumer very well and understanding what their needs are for their specific financial situation, it can be very, very powerful. We want to make sure that we do it right.”

Experian’s focus on innovation, technology and product development is based on consumers’ needs. “Experian is helping consumers tackle all the different elements of financial health,” Yee says. “It’s not just the end credit score, but also paying off debts.”

For instance, the company recently launched the Experian Smart Money Digital Checking Account & Debit Card that embeds Experian Boost, a first-of-its-kind feature which helps consumers instantly improve their credit scores by paying certain bills. The company has other products to help people manage their debt and make the right financial decisions based on their individual circumstances. There is support to help Experian consumers renegotiate their bills and shop for better auto insurance quotes.

As the speed of innovation accelerates, companies need to ensure customer data will be used purposefully.

“The stakes are very high with consumers’ finances, and we take that responsibility very seriously,” Yee says. “When you combine the power of such an amazing technology like generative AI with understanding your consumers—truly understanding what their spending habits are, what their goals are, what their specific needs are—you can pull together a solution for them and the results can be very powerful.”

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