The ongoing rise of data portability, digital wallets and other technologies is intensifying both the importance and the challenge of identity.
Why it’s important: Businesses are managing vast and growing amounts of consumer data — all while ensuring consumers’ privacy and complying with complex government regulations.
The challenge: Consumers are continuing to migrate to the internet to shop, play games, manage finances and stream entertainment.
The solution: Experian introduced an integrated suite of products and services called Experian Identity.
Experian Identity combines the company’s sophisticated information technology systems and vast accumulation of consumer data with its expertise in privacy compliance and data management to allow businesses to engage with consumers on a more perceptive, personalized basis.
It can serve as a powerful tool for strengthening customer relationships and is an ideal choice for companies seeking identity resolution and fraud management solutions.
What Experian is saying: “While today’s consumers are intensely interested in protecting their personal data and identities, they also want to be recognized and understood by the companies they do business with,” says Kathleen Peters, chief innovation officer of Experian Decision Analytics.
“Experian Identity can help deliver a smooth experience that doesn’t sacrifice privacy.”
The benefits: In addition to strengthening fraud detection, insightful identity-related data can augment the way brands market to consumers.
It gives businesses the reliable data needed to make confident decisions that enhance the consumer experience.
Gaining a better understanding of an individual, household or business is a potent way to determine a company’s best marketing prospects.
How it’s done: Experian Identity brings multidimensional data from an array of sources so businesses can more effectively manage, measure and optimize their marketing efforts.
More info: The innovative use of identity data can also give people with limited-to-no credit history access to a variety of useful financial instruments.
An example: Incorporating expanded data sources into credit reports provides a more comprehensive view into an individual’s ability and willingness to repay outstanding debt. Sources include:
What this means: This is particularly helpful for consumers who are underrepresented in the current credit reporting system. Financial institutions can feel confident extending credit to more consumers without taking on additional risk.
Today, numerous organizations benefit from Experian’s vast experience, its in-depth understanding of regulatory concerns and its sophisticated compliance systems.
The company has a rich history of working with clients from a variety of industries to ascertain best-practice responses to regulatory changes, and Experian Identity is laser-focused on compliance for consumer consent and control around identity.
The takeaway: The definition of identity is rapidly evolving, and businesses should expect the evolution to continue. Identity is fluid. Teaming with an organization with deep analytical knowledge and the technology to stay ahead of the identity curve is vital.
Learn how making identities personal builds trust and helps organizations create improved experiences for consumers and businesses.