Experian Consumer Services: Reimagining the Potential of Data & Analytics

The Space

Big Data … everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they are doing it. The market for Big Data solutions, services, platforms and everything in between, is worth an estimated $150bn in annual spend across corporations. Those corporations believe that hiding within those mounds of data is knowledge that could change a life, or change the world. Experian Credit and Consumer services is one of those collecting, analysing and monetising data from consumers across the globe. 

The Brief

Traditional revenue generation from credit services was at threat, in particular in the US, where new legislation was making credit data free for consumers. With a mandate for change, Experian Consumer Services wanted to come up with a compelling portfolio of data and analytics-based business services that could be offered to partners and directly to consumers that would leverage capabilities from across the Experian business. Venturebright were asked to guide the ECS team on their innovation journey from idea generation to delivering new revenue-generating propositions in market. 

What We Did
  • What could our future look like?We facilitated a three day innovation off-site with a team of over 40 cross-functional and cross-divisional representatives designed to generate ideas, expand on what could be possible. Teams mashed concepts together and ultimately created a long list of 30 meaningful ideas to validate and explore further.
  • Are any of these worth it? We went out into the market, talking to potential customers and partners to validate concepts, expand them, pivot them and come back to the team with a strong evidence base as to what could work, why, and how to make it work. 
  • What do we go for first? With constrained resources and a need to make an impact fast, we worked together with the ECS team to create a portfolio of quick wins and longer-term, bigger bets, that would form the basis of the new strategic direction presented back to the business as the 5 year growth plan. 
  • There are some opportunities right now, let’s go for it. Our market validation uncovered several tangible opportunities for partnership and collaboration between ECS and other service providers, such as digital rental platforms in need of consumer credit data. We were able to facilitate initial commercial discussions that ultimately led to products available in market within 6 months.  

What Happened Next

The whole portfolio of concepts has been implemented across ECS and the wider Experian business.