How data innovation and collaboration has created better access to financial services

That priority has always been central to Experian’s business. We remain committed to expanding access to mainstream financial services to everyone, supporting both businesses and their customers to meet their financial goals, and even, their non-financial goals as well.

To ensure that services are delivered in a way that all consumers can access, it is important that businesses understand their customer’s support needs beyond their immediate financial needs. This will ensure all products and services are truly built in an inclusive manner.

This ambition for better inclusion is built on our culture of continuous innovation. The idea of innovation and technology doing good is not a new one, but it guides our thinking at Experian. We believe this fundamentally builds better products for businesses and clients and can drive significant societal benefit.

The first hurdle – getting in touch

The way consumers communicate with financial service providers is one of the key areas we have been focused on when it comes to driving financial inclusion innovation. But even the process of reaching out to their multiple service providers to ask for help can be a hurdle in itself.

The statistics really showcase the issue. The Financial Conduct Authority (FCA) estimates that 7.4 million people have unsuccessfully attempted to contact one or more of their service providers. And research from us last year revealed that nearly three-quarters of disabled people have delayed contacting an essential service provider to disclose their support needs because the process seemed too daunting.

Under Consumer Duty regulations, firms are now required to deliver their services through a variety of formats and even channels to reduce barriers, as well as establish processes to better identify vulnerable customers, so they can put in place appropriate support. And it is clear businesses want to help too.

Research released for Credit Awareness Week showed that, nearly 60 percent of British businesses surveyed are considering or committing investment in services to help those with support needs better communicate with their business in 2024. However, the research also cited a lack of budget, lack of internal resources or not having the right technology in place as potential barriers.

What is evident is that, if we focus on the consumer problem, no one firm can solve this challenge of repetitive, high friction disclosure. It requires industry, and even industries, to work together to create a user-friendly “one-to-many” disclosure service.

Support Hub

Last year, in collaboration with leading UK companies such as HSBC UK, Nationwide Building Society, Tesco Bank, NewDay, Co-operative Bank, and Ovo, we launched  The Experian Support Hub. This service, developed over three years with service providers, charities and leading vulnerability experts and lived experience experts, offers a portal for consumers to communicate their support needs to multiple businesses, in a simple and consistent way.

Through a straightforward sign-up process, users can share with firms what reasonable adjustments will make their services more accessible, whether the need for braille communications or longer appointments.

Support Hub is designed to solve the key consumer challenges of time and empowerment– by reducing the repetitive process of disclosing their support needs to many different service providers, whilst also doing so through a well-designed, accessible user interface that gives consumers transparency and control of their information.

In addition, it enables partners to identify at scale which consumers require further support, and then, by acting upon that information, improve and develop their processes which will drive better outcomes for vulnerable customers.

The future of Support Hub

As we look back on Support Hub’s first year, the response has been extremely positive, from consumers and businesses, both inside and outside the financial services sector, charities and public sector organisations. What has been achieved up to now, has only been possible due to the close collaboration of Experian and our partners, working together to create something which has not before been possible.

The ambition is to create a more accessible service all consumers and all their service providers use. Through leading technology and data management - areas which Experian is expert in – we can continually reduce barriers for consumers as they look to get their support they need. We believe this will lead to better outcomes for both businesses and their customers and improve financial inclusion for all.