For me, innovation is bringing new products and services to the marketplace.
What I am seeing, certainly in the data driven world, is huge changes in technology and regulation. What this means is it is opening up new markets.
Innovation is about taking those changes, thinking about the needs of the marketplace, and adapting accordingly.
Innovation is coming from all different angles and these mega trends are going to enable innovation. For us, for Experian, without innovation we are not meeting the needs of the market and in turn our customers or their customers.
Start-up companies have seen a huge growth because they are looking at the market place with a belief they can do a better job. They are looking at regulation and understanding the depths of technology. They are developing solutions and products as a result. For Experian, being at the heart of this new innovative landscape is important.
One of the aspects of technology is the dramatic cost reduction of storage. Huge data links are being created to make models sustainable. Analytics is being applied to derive better value from it, giving customers better outcomes and businesses better equipment to serve the markets needs and wants.
The shift in data ownership is moving quite fast, as it should. People are becoming more knowledgeable about their data and they are now empowered to own it. This is creating fairness and transparency. And the customer is better served.
The other aspect around the customer is how technology reduces friction in the customer journey and actually makes the experiences of services so much better.
Those that actually capture that opportunity are going to succeed because they are going to drive value for the customer.
Innovation doesn’t just take place inside businesses. It takes place across the market. Therefore, taking a very open attitude to partnering with new fintech companies and having them be part of the bigger ecosystem of solving customer problems is a really exciting prospect.
A lot of businesses have a fundamental challenge. Those who have been around for a number of years have most likely built a business model on a world that is changing really fast. Many established brands are trying to think about how they maintain positive relationships when a lot of areas are going digital. And a digital shift is not a simple one to make. Legacy systems, backlogs of data and established processes are holding back those who want to move to a digital world.
With Open Banking giving us this new framework, we are already starting to see some innovations that are geared and ready. Likewise, we are focussing on how we can support and we are excited about the future and it’s potential.
One of the interesting things is going to be how people will engage with it. Which brands will they trust? Which experiences will they value? Who will be the winners in capturing customer engagement? Because if it is consent driven then you have got to be participating in that consumer journey.
It’s a big change. We have worked in a world thus far where companies have had large customer bases. This consumerism trend, enabled through digital, through regulation, has encouraged a certain direction of travel.
In the future, the customer is going to be working on the basis that their data, whether offline or online, is used with the right permissions – and that their consent is captured and handled correctly.
It does shift the way we need to think about how services are going to be delivered. The net result is that if we are not working in combination, the needs of our customers won’t be met. They won’t find the services, or the interactions, relevant to them.
You can see that some of the digital innovations have just ‘got it right’. They are paving a path and shifting perceptions and expectations. They have managed to plug into a media. They are providing value in a relationship. We can build on that.
This is the world we are going into.
For me, it is quite fascinating watching what is going to work and what is not. I think the point about relevance is going to have to be at the centre of the innovation going forward.