Episodes
-
In this episode, James O’Donnell, Director of Research at TransUnion UK, and Aukse Pringle, Senior Consultant in the Data and Analytics team, delve into the key learnings from their research over the past year and look ahead to future trends. They discuss emerging trends such as vulnerability, regulatory pressures, and the impact of “buy now, pay later” (BNPL) on consumers. They also highlight significant findings on gender and financial behaviour, noting that 75% of disposable income is now controlled by women, which has implications for product creation and marketing strategies.
Additionally, they analyse UK consumer savings rates, which dropped from 30% during COVID to 6% in 2022, with a recent increase indicating improving financial positions. The importance of financial literacy is emphasised, showing that consumers who monitor their credit tend to achieve better financial outcomes. They also observe that Gen Z is less engaged with credit compared to a decade ago, likely due to recent economic crises. Finally, they provide insights into BNPL usage, revealing that it is utilised by a diverse range of consumers, not just the young or financially distressed. Join James and Aukse as they explore these topics and share their passion for data and analytics.
Here are some actionable takeaways from this episode:
Monitor Your Credit: Regularly check your credit report to stay on top of your financial health and improve your financial outcomes.
Understand BNPL: Be aware of the implications of using “buy now, pay later” services and manage these payments responsibly to avoid debt.
Focus on Financial Literacy: Educate yourself about financial management, including budgeting, saving, and investing, to enhance your financial well-being. -
In this episode, Caroline Fowler, Director of Product and Presales at TransUnion UK, engages in a deep-dive discussion with Matt Richardson, Senior Fraud Specialist at TransUnion UK, and Thomas Purton, Senior Product Manager at Bud. Together, they explore how exceptional customer experience (CX) strategies can help brands cultivate trusted, longer lasting and more profitable customer relationships.
The panel delves into what consumers truly value and how these insights can be harnessed to create better experiences across the entire customer lifecycle, from originations through to onboarding, retention and engagement.
Join us as we discuss the CX trends to look out for in 2025, delve into the tools organisations are leveraging to create cutting-edge digital experiences, and provide you with actionable strategies to enhance your customer experience and drive business success.
Want more CX insights? Download our guide [Begin new relationships, deepen existing ones](https://www.transunion.co.uk/lp/cx-ebook?utmcampaign=FR-24-159-CX-Digitisation-Campaign-Programme&utmkeyword=&utmmedium=display-ad&utmsource=Podcast&utmcontent=Podcast+)_ to uncover more in-depth insights into how you can transform you customer experience to elevate customer relationships and achieve sustainable growth. -
Missing episodes?
-
In this episode, Josh Gunnell, Director E-commerce and Partnerships, sits down with Ayelet Palmore, Director of Product Marketing for Marketing Solutions business at TransUnion in the US, to discuss how cutting-edge insights can inform marketing data strategies and influence campaigns.
With a wealth of adtech experience acqired from client-side and agency roles and a deep knowledge of the marketing ecosystem, Ayelet is currently responsible for bringing TransUnion's marketing products to market in the US and is well placed to offer an experts perspective on how data can be best leveraged as part of a marketing strategy.
The main focus of this episode is CAMEO, TransUnion’s geodemographic and audience segmentation marketing tool and the consumer insights it offers marketers. Recently rebuilt for UK businesses, CAMEO (and similar solutions) can add value to marketing and brand teams through multiple use cases including:
* informing and building customer personas
* information and insights that can help shape marketing strategies and messaging
* sizing and targeting audiences
Further talking points include how first or third-party data and cutting-edge technology can help messages be delivered to the right audience at the right time throughout the campaign lifecycle, the rapid changes occurring in the adtech space (with Ayelet providing an insight into both what is happening in the US market and globally) and an explanation of what good quality, future-proofed data looks like.
*For more information: *
* Explore and demo CAMEO (https://www.transunion.co.uk/product/cameo)
* Read the Ultimate Unified Identity eBook Today's Data-Savvy Marketers Need (https://www.transunion.com/ebook/unified-identity?atvy=%7B%22219652%22%3A%22With+Thumbnail%22%7D)
* -
Caroline Fowler, Director of Product – Consumer Interactive, TransUnion, holds the mic for this episode and is joined by colleagues, Dennis Bishop and Glyn Cowlishaw. Dennis is an expert in credit data, whilst Glyn advises our customers on fraud and identity solutions.
The show starts with a discussion of Credit Week (Credit Strategy's new flagship event) which took place this June. Each contributor picks out their own highlight from the event and explains why this example resonated with them. The conversation moves on to the development of data solutions attuned to current consumer and business needs. Glyn talks about the spikes we are seeing in different fraud types (as documented in our 2024 Omnichannel Fraud Report) and the opportunity to educate consumers better around fraud risk and online safety. Dennis discusses the current economic situation, consumer sentiment and advances in affordability data in the form of trended affordability and how that helps businesses tailor their approach to individual consumers.
We wrap by shining a lens on product innovation. We explore how NPD can create more good consumer outcomes during the lending experience and how fraud and identity solutions (such as document verification and biometrics) can help businesses keep pace with criminals and authenticate more good customers vs stopping the fraudsters and support streamlined reauthentication processes that strengthen the customer experience. -
Our Omnichannel Fraud Report 2024 (https://www.transunion.co.uk/lp/fraud-report-2024) combines insights from TransUnion’s global device database (that uses intelligence from billions of transactions originating from over 40,000 websites and apps to protect digital transactions) with consumer research.
With contributions from fraud and identity experts, the report offers readers a unique and insightful perspective into the volumes of risky transactions occurring within different industries and the activities employed by fraudsters both in the UK and globally. Alongside this are observations and commentary on approaches and solutions that can counter these threats.
To pick over some of the key trends and themes identified, host Harriet Sloan (Head of Fraud Analytics at TransUnion UK) sits down with Tony Sales (Co-Founder and Head of Innovation at We Fight Fraud) and** Nick Dumonde (Head of Market Strategy – Insurance at TransUnion UK).**
Tony - formerly ‘Britain's greatest fraudster’ - is a leading authority on social engineering, fraud and cybercrime and offers a unique perspective into the world of fraud and scam prevention. He has seen how criminals have moved from targeting businesses to consumers and the influence economic conditions have had on vulnerable consumers. Topics covered include the black market for ghost broking and insurance fraud, the danger money muling poses to the financially vulnerable, the importance of effectively educating consumers to spot scams and the threats posed and solutions offered by emerging technology including artificial intelligence.
References:
* The '40% of all crime is fraud' quoted by Tony Sales is cited from numerous sources including https://thefintechtimes.com/which-recommends-a-fraud-minister-to-tackle-40-of-uk-crime-fraud/ -
Ever wondered what type of consumer data points could have a transformative impact on transactions between consumers and businesses?
In this episode Gareth Howell, Head of Data Solutions at TransUnion in the UK, talks with Helen Lord, CEO of the Vulnerability Registration Service (VRS) about the power of new types of consumer insights, the evolution of the data ecosystem and the regulatory drive to improve customer outcomes.
A non-profit organisation, VRS was established in 2016 and allows individuals with different vulnerability types (both financial and non-financial) to self-register issues such as financial vulnerability (for example an ‘unpaid carer’ flag), physical disabilities or addictions (including drugs and gambling), and appends that information to files with actions, such as requesting lenders decline them for credit, or informing a provider that they need more support for access to products or services (circumstances in this scenario could include impaired sight or hearing).
Gareth and Helen discuss why understanding behaviours and vulnerabilities that are typically ‘unseen’ when making credit decisions has the potential to create better outcomes for consumers and businesses, and walk through how this can be turned into reality.
We close with Gareth signposting his keynote at Credit Week (June 17-19, 2024). Credit Week is a key event for industry leaders to come together and discuss their latest challenges and emerging topics, shape opinion, and share and learn from best practice examples. The agenda’s focus on consumer vulnerability aligns with innovative work TransUnion are doing with data, product development and consultancy work, and more broadly our commitment to using data and insights to drive financial inclusion and consumer empowerment.
Further reading:
[* A Compelling Human and Economic Case for Transforming How We Understand Consumer Vulnerability
(https://www.transunion.co.uk/blog/transforming-how-we-understand-consumer-vulnerability)
* Open Banking: Unlock the Potential of Your 2024 Customer Strategy (https://www.transunion.co.uk/lp/open-banking) -
In this episode, Mark Read (https://www.linkedin.com/in/mark-read-/), Head of Data Breach Solutions at TransUnion UK, talks to George Chaisty (https://kennedyslaw.com/en/our-people/people/manchester/george-chaisty/), a Partner at the international law firm Kennedys Law LLP, and Cameron Carr (https://www.mullen.law/people/cameron-carr/), Managing Partner for Mullen Coughlin, to get a better understanding of the current cyber threat landscape.
Off the back of a busy 2023 and with Mark attending February’s IAPP Data Protection Intensive 2024 event in London, the first part of this podcast reflects on the dominant and emerging methods being used by threat actors. Cameron, Mark and George use this scene setting as an entry point into the recent Royal United Services Institute, (RUSI) paper which explores the harms caused by ransomware to individuals, organisations and society (https://www.rusi.org/explore-our-research/publications/occasional-papers/ransomware-victim-insights-harms-individuals-organisations-and-society).
RUSI is the world’s oldest and the UK’s leading defence and security think tank, and this document is an important industry talking point. Our experts discuss the psychological impact ransomware can have on individuals directly (first-order harms) and indirectly (secondary-order harms) and address key issues that businesses need to consider when mitigating a cyber incident that includes breach fatigue, impact on front line staff and customer care.
We wrap up with insights into what industry professionals can expect to see from threat actors in the coming year and identify the resources that will need to be carefully marshalled in response to these threats.
For more information on how your organisation can look to counter the threat of a data breach, download our dedicated ebook (https://www.transunion.co.uk/lp/breach-ebook) or get in touch with Mark directly. -
Curious about the potential of credit education and monitoring tools to deliver richer, mutually beneficial relationships for consumers and financial service providers? This timely episode (recorded at the FUTURE Summit 2023) can help you get a better understanding of how the credit monitoring tools and features, a familiar characteristic of modern digital financial platforms, can engage and educate customers to make better credit decisions and build loyalty and trust.
In this podcast you'll hear from James Robinson, Managing Director of Consumer Interactive at TransUnion UK and Alex Cook, Product Manager at NewDay.
James and Alex share their stories and insights on why they embrace credit education and the important role it plays in supporting consumer financial well-being. Topics covered include:
* The need to help consumers better understand their credit status and tools that can help improve improve their financial confidence
* NewDay's evolving journey with credit education
* The future of credit monitoring tools and next-generation lending experiences
Interested in cutting-edge FS solutions that can help improve customer outcomes and business performance? TransUnion have published a guide to our award-winning CreditView solution that's helping brands build next-gen financial services platforms. To get your copy** [head over to our landing page]**(https://www.transunion.co.uk/lp/creditview-ebook) -
Data advancements have the potential to improve how well you know your customer and drive outstanding customer experiences and personalised services. With regulatory evolution, including the new Consumer Duty, and intense market competition, the right approach could unlock growth and be a unique selling point.
In this session, recorded at the TransUnion Summit 2023, Sam Welch (Commercial Banking Director, TransUnion) asks industry leaders from different sectors: How big is the gap between potential and reality, and what more can be done to get to know customers better?
Sam poses a set of questions on key topics to our panel of financial services SMEs, and elicits authentic insights on key challenges around an effective data strategy, how to design an advance customer experience and changing consumer attitudes and economic behaviour.
Panel chair:
* Sam Welch, Commercial Banking Director, TransUnion
Panel:
* Ranil Boteju is Chief Data & Analytics Officer, Lloyds Banking Group
* Desmond McNamara, CRO, Zilch
* Darren Kelk, MD, Ascendant Solutions
* Stuart Daniels, Chief Credit Officer, FGH
Interested in cutting-edge FS solutions that can help improve customer outcomes and business performance? TransUnion have published a guide on new use cases for Open Banking and an overview on how TransUnion and Bud are building the next generation of Open Banking solutions. To get your copy, head over to our landing page. (https://www.transunion.co.uk/lp/open-banking) -
With bad actors using sophisticated technology and PII they’ve amassed online, establishing trust and detecting risk is increasingly challenging. This episode, clipped from our panel discussion, 'A Modern Identity Crisis: How The Digital Age Blurs The Lines Between Trust, Risk and Authenticity' (at the TransUnion FUTURE Summit 2023) takes a deep dive into the latest fraud trends.
The panel was chaired by Chad Reimers, GM: Fraud and Identity Solutions, TransUnion UK, and featured:
* Harriet Sloan, Head of UK Fraud and Identity Consulting and Analytics, TransUnion
* Glyn Cowlishaw, Head of UK Fraud and Identity Pre-Sales, TransUnion
* Devon Smith, Director of Strategic Growth, NeuroID
Topics include emerging fincrime and cybercrime threats, such as no intent to pay, money mules, organised 3rd party fraud and targeted online attacks, and how consumer attitudes towards online crime are evolving. The panellists share the patterns they're seeing emerge across sectors and outline forward-thinking strategies that can help improve performance and enable businesses and consumers transact with confidence.
For more information on how TransUnion's TruValidate solution can help your business better detect and identify fraudulant activity visit our solution and product pages (https://www.transunion.co.uk/solution/truvalidate). -
In this episode, Mark Read, head of data breach solutions at TransUnion UK, talks to George Chaisty, a partner at the legal firm Kennedys Law LLP. George is part of Kennedys’ cyber and data risk team, and advises clients on a broad range of cyber incidents including ransomware and business email compromises.
Using our recently published e-book Data Breach for Businesses (https://www.transunion.co.uk/lp/breach-ebook) as a starting point, Mark quizzes George on the current cyber threats facing businesses and what processes and resources need to be considered when building a robust data breach plan. Additionally, George identifies some of the common mistakes businesses make in their response actions. Key talking points in this podcast revolve around reputation management, supporting consumers and the timeframe you have to act within.
We’ve recorded this podcast to provide a blueprint for professionals who are responsible for their organisation's data breach plan. The episode offers an in-depth explanation of what resources, teams and services go into making a robust data breach response. For those working in the industry and familiar with the topic, it can either validate your approach or offer nuggets of new and useful information. And for those tasked with developing a plan from scratch, it can hopefully provide a template for you to follow as you begin to document your process. -
As digital crime evolves and fraudsters exploit changes in consumer behaviour, our host, Harriet Sloan, head of fraud consultancy and analytics, is joined by Jamie Bartlett, journalist and author of The Missing Cryptoqueen and The Dark Net to discuss:
Fraud trends and the international nature of digital crime
The impact of crime on consumers and the role education can play in mitigating risks of financial crime
How technology is both an enabler and preventor of modern crime
Plus, Jamie updates us on his search for Dr Ruja Ignatova. Dr Ruja is the only woman currently on the FBI’s Ten Most Wanted Fugitives list and the main protagonist in The Missing Cryptoqueen the award-winning podcast series Jamie produces with Georgia Catt.
This espisode of Data, Strategies and Trust features key findings from our State of Omnichannel Fraud Report (https://www.transunion.co.uk/lp/transunion-2023-state-of-omnichannel-fraud-report). Our annual report features insights surrounding digital fraud trends, as well as practical steps businesses can take to mitigate synthetic identities, improve fraud detection, and reduce false positives. -
One of the most pressing economic challenges stemming from the cost of living crisis is the growing concern around consumers' financial vulnerability. It is a high priority and concern for senior leaders across financial services, insurance, gaming, e-commerce and government. The publication of the Credit Information Market Study Interim Report and Discussion Paper (Nov 2022) — covering non-financial vulnerability and the need to ensure good customer outcomes — and the FCA’s new Consumer Duty regulations, emphasises the need for organisations to invest in data solutions and data science talent, adhere to evolving compliance requirements, be committed to customer care and have a strategic mindset.
This podcast dives into the issue of financial vulnerability and discusses the changing regulatory landscape and the latest on the Consumer Duty. It features vox pops from the public talking about their financial concerns and how they are coping with the pressures on their household budgets, expert insights from decision makers in the credit space and an overview of the ways businesses can strengthen relationships with customers and improve their financial confidence.
Contributors you'll hear from:
* Sam Welch, Commercial Banking Director, TransUnion
* Jonathan Baum, Non-Exec Board Member and Strategic Advisor
* Caroline Evetts, Director of Risk & Compliance, TransUnion
* Oli Lewis-Jones, Retail Conduct Risk and Regulation Consultant, Deloitte
* James Robinson, Managing Director - Consumer Interactive, TransUnion
Further insights
* Create brighter futures with CreditView (https://www.transunion.co.uk/lp/creditview-ebook) e-Book
* Emerging Financial Services Trends and The Future of Banking (https://www.transunion.co.uk/blog/emerging-financial-services-trends-and-the-future-of-banking) -
As Gen Z and young Millennials move out of higher education and into the workplace, they're actively seeking to solve their banking and lending needs. This is likely to involve transacting with different financial service providers and using a diverse range of financial products and payment methods. We've produced this episode to help you understand what younger consumers think of credit, how they talk about money and their attitude towards financial management. It touches on the accessibility and availability of credit information, and the impact socioeconomic factors, such as the cost of living crisis, is having on budgeting and aspirations.
Hosting the show is TransUnion's James Robinson (https://uk.linkedin.com/in/james-robinson-35ba3622). James started at TransUnion in 2007 and has worked across account management, pre-sales and was recently promoted to managing director of our consumer interactive team. With over 10 years’ experience in delivering consumer credit solutions, James is a subject matter expert (SME) in consumer credit and open banking data, and the lending customer experience. Joining James is Ellie Austin-Williams (https://uk.linkedin.com/in/ellie-austin-williams), founder of This Girl Talks Money. Ellie aims to empower and help Gen Z and Millennials cultivate a positive money mindset. Working with this demographic, and brings a fresh, personable perspective to important issues such as financial education and money management.
Topics include; dissecting the ideal customer journey for Gen Z talking to innovation, personalisation, security and instant decisions; digital trust in an age of disinformation and scams; and their understanding and adoption of open banking.
Speakers:
* James Robinson, managing director, consumer interactive, TransUnion in the UK
* Ellie Austin-Williams, founder of This Girl Talks Money -
The evolution of open banking continues apace. In this episode of Data, Strategies and Trust, we bring together some of the concepts and approaches which are driving the data solution forward and making it an increasingly recognisable piece of the banking customer journey.
Hosting the show is TransUnion's Celso Nogueira. Celso joined TransUnion’s Brazil business in 2016 and has specialised in the development of open banking solutions. At the beginning of 2023 Celso moved to TransUnion’s UK business as our director of product management – open banking (https://www.transunion.co.uk/product/open-banking-platform). Bringing a global perspective to the table, Celso talks with Sam Buckley, senior credit consultant – open banking, about the adoption of open banking in the UK, emerging use cases that we are seeing in the market and the recent announcement of TransUnion going into partnership with Bud, which is designed to drive greater financial inclusion.
In the UK, TransUnion was an early advocate of open banking, viewing the technology as a way to improve customer acquisition, customer experience and enable more informed and fairer lending decisions. Contributing to the discussion in this episode is Chris Sweeney, CEO of Fiinu (https://www.fiinu.com/), a consumer-focused fintech that secured its Financial Conduct Authority license in 2022. Chris' career to date has included being CEO at 118 118 Money and prior to that, CEO and Executive Director of Vanquis Bank. With over 20 years’ experience in consumer finance and retail banking, and a track record of driving businesses forward through strategic transformational change in the UK and overseas markets, he's helping to launch Fiinu this year.
Chris talks to Sam about crafting Fiinu’s consumer-facing proposition, how they are innovating by putting open banking at the beginning of the customer journey and the exciting ways it and open finance can help consumers access appropriate financial products.
Speakers:
* Celso Nogueira, director of product management – open banking, TransUnion in the UK
* Sam Buckley, senior credit consultant – open banking, TransUnion in the UK
* Chris Sweeney, CEO of Fiinu
Useful links:
* Celso quotes statistics around the increased consumer usage of open banking from the OBIE (https://www.openbanking.org.uk/about-us/)
* The consumer numbers that Chris (Fiinu) references are sourced from the FCA (33 million is from the FCA (19M arranged, 14M unarranged users)) and verified primary research conducted by Fiinu using bureau data (e.g. 16.5m is 14+2.5m as the unarranged market grew by 2.5M)
* Sustainable Growth for Lenders: A guide for reaching and retaining the next generation (https://www.transunion.co.uk/lp/sustainable-growth-for-lenders) -
In this episode of TransUnion's Data, Strategies and Trust podcast series, Mark Read, head of data breach solutions at TransUnion UK, sits down with Ellie Ludlam, partner within the cyber and data risk team at DAC Beachcroft LLP, and Bill Flynn, senior vice president and deputy general counsel at TransUnion International, about the current data breach landscape and how businesses can best respond to 'known unknowns'.
In our e-book, Data Breach Support for Businesses, we reported that 83% of businesses say new working practices mean they fear a data breach now more than ever. With data breaches an ongoing and evolving threat this podcast explores some of the topics that are likely to matter to security professionals and their stakeholders in 2023. Our expert speakers talk through the UK regulator’s position on data breach compensation claims, insights from DAC Beachcroft’s data protection and cyber conference (held in November 2022) and discuss of the some of the main cyber issues facing UK businesses, including ransomware, robust third-party protection and cyber resilience.
This podcast is ideal for cyber and risk experts or senior leaders working with digital teams wanting to learn more about some of the pressing issues and risks within the data breach and cyber crime world, and how they can evolve and sharpen their contingency plans.
Speakers:
* Mark Read, head of data breach solutions at TransUnion UK (https://uk.linkedin.com/in/mark-read-)
* Ellie Ludlam, partner within the cyber and data risk team at DAC Beachcroft LLP (https://uk.linkedin.com/in/eleanor-ludlam-a7736927)
* Bill Flynn, senior vice president and deputy general counsel at TransUnion International
For more information on TransUnion's data breach support services and reasearch visit:
* Data Breach Support Service (https://www.transunion.co.uk/solution/data-breach-support-service)
* Data Breach Support for Businesses ebook (https://solutions.transunion.co.uk/trueidentity-ebook/) -
At a time of economic uncertainty how can we better help the financially under-served and drive greater financial inclusion?
In this podcast we focus on how we can improve consumers’ experience of credit against the backdrop of the cost of living crises, and give them greater confidence in their finances. Joining host Kelli Fielding, VP Consumer Interactive at TransUnion, are Alastair Douglas, CEO of TotallyMoney, and Sarah Taylor, Analytical Consultant, TransUnion.
TransUnion Consumer Pulse research shows 70% of consumers think having access to credit is important to achieve their financial goals, but a recent white paper on the financially under-served, published by TotallyMoney, revealed 1 in 3 UK adults struggle to access mainstream lenders. These research pieces provide the starting point for a discussion that explains what financial inclusion actually means, why it is important, and why it offers lenders an opportunity to materially help improve consumers’ access to lending products, as well as their understanding of their financial situation. Our speakers also discuss advancements in digital customer experience and using innovation to foster loyalty.
Research cited in this podcast can be found below:
* TransUnion: Consumer Credit 2022 (Consumer Credit 2022)
* TransUnion: Consumer Pulse Study (Consumer Pulse Study)
* TotallyMoney: Overlooked and financially under-served white paper (https://www.totallymoney.com/financially-under-served-whitepaper.pdf) -
In this episode we turn our attention to the UK gambling industry.
According to UK Gambling Commission research (https://www.gamblingcommission.gov.uk/statistics-and-research/publication/statistics-on-participation-and-problem-gambling-for-the-year-to-march-2022), 43% of UK adults aged 16 and over participated in gambling in year to March 2022 (within a four week period). This includes the National Lottery, sports betting and online slot machines. The UK gaming industry has invested heavily in the move from bricks and mortar to omnichannel, the digital customer experience and adapting to evolving regulation. In this podcast we focus on socially responsible gambling through the lens of updates to UK gambling regulation and the growing cost of living crises. We ask: How can the UK gambling industry better protect consumers in 2022 and in the future?
Joining host Ben Wade (TransUnion) are Luke Sugden (Flutter UK and Ireland), Tom Banks (Kindred Group), Dan Whitlam (GamCare) and Roberta Sossi (TransUnion). The discussion starts with the latest guidance published by the UK Gambling Commission, with our guests identifying key talking points and explaining how the industry is interpreting and responding to them. The conversation moves on to insights into consumer economic behaviour and attitudes, the protections players expect from operators and how this is shaping the digital customer experience. We wrap up by looking to the future and how advanced data insights and regulation could further help consumers and the industry.
Contributors:
* Ben Wade, Sector Lead - Gaming, TransUnion
* Luke Sugden, Director of Risk and Safer Gambling, Flutter UK and Ireland
* Tom Banks, Head of Corporate Affairs UK and Global, Kindred Group
* Dan Whitlam, Head of Industry Standards, GamCare
* Roberta Sossi, Senior Credit Consultant, TransUnion
Further information:
* Read up on TransUnion's ongoing Consumer Pulse research (https://www.transunion.co.uk/consumer-pulse-study), consumer research Roberta refers to in this episode
* Find out how TransUnion works and partners with the gaming industry (https://www.transunion.co.uk/industry/gaming)
* UK Gambling Commission June 2022 update: Customer interaction: formal guidance for remote gambling operators (https://www.gamblingcommission.gov.uk/licensees-and-businesses/guide/customer-interaction-formal-guidance-for-remote-gambling-operators) -
In the UK we're five years into the open banking journey that’s enabled consumers to share their current account information securely with third-party providers in exchange for tailored financial products and services. The macroeconomic challenges of the cost of living crisis, the COVID-19 pandemic, as well as rising property and rental prices, are putting financial services and credit products under the microscope. In parallel, the technology is continuing to evolve with the Open Banking Implementation Entity's (OBIE) publication of the Open Banking Standard version 3.1.10, the final release under the Competition and Markets Authority (CMA) revised roadmap. This makes it an ideal time to dive into the world of open banking, to understand its development and potential to help consumers and businesses create better outcomes.
In this episode regular host Asia Anwar-Jones, Head of FinTech at TransUnion, is joined by Praneeth Meka, Senior Director Data Science and Analytics, and Sam Buckley, Senior Credit Consultant in Open Banking, to explore open banking’s maturity curve, reflecting on consumer adoption, use cases and lessons learned, and ongoing innovation.
In the UK, TransUnion was an early advocate of open banking (https://www.transunion.co.uk/product/open-banking-platform), viewing the technology as a way to improve customer acquisition, customer experience and enable more informed and fairer lending decisions. Recent product development to our end-to-end solution includes enhancements during COVID-19 as consumer affordability became a key issue and our partnership with Credit Ladder to include property rental payments in credit reports (https://newsroom.transunion.co.uk/transunion-teams-up-with-creditladder-to-include-property-rental-payments-in-credit-reports/).
Further insights into open banking from TransUnion:
• The role of open banking in a polarised UK economy (https://www.transunion.co.uk/blog/the-role-of-open-banking-in-a-polarised-uk-economy)
• Consumer Credit 2022: Responding to Challenge and Change (https://solutions.transunion.co.uk/consumer-credit-2022/)
• Lending in a Time of Crisis ebook (https://solutions.transunion.co.uk/lending-in-a-time-of-crisis/) -
This episode revolves around AltFi Festival of Finance 2022.
TransUnion was the headline sponsor for the event (held 27-28 April), that brought together key players in the alternative finance and fintech space. Over the course of the two days the spotlight was shone on product development, industry-wide challenges and disruptive innovation.
Host Asia Anwar-Jones, Head of FinTech at TransUnion, is joined by VP of FinTech, Steve Wishart, and Praneeth Meka, Senior Director Data Science and Analytics, to discuss some of the main themes that emerged during the festival. Asia asks Steve and Praneeth about the importance of trust in the digital economy, the evolution of buy now pay later (BNPL) from version 1.0 to 2.0 and what this could mean for consumers and businesses, customer experience (CX) and the opportunity presented by open banking.
Useful links:
* The TransUnion consumer research white paper referenced by Asia and Steve is the Consumer Credit 2022: Responding to Challenge and Change (https://solutions.transunion.co.uk/consumer-credit-2022). Download it to get a better understanding of consumer attitudes and preferences towards finances in 2022
* Read up on how TransUnion are helping to shape the future of BNPL - TransUnion Is First UK Credit Reference Agency To Accept Buy Now, Pay Later Data (https://newsroom.transunion.co.uk/transunion-is-first-uk-credit-reference-agency-to-accept-buy-now-pay-later-data/)
* More information on the AltFi Festival of Finance 2022 can be found on the event microsite (https://www.altfi.com/events/the-altfi-festival-of-finance-2022) - Show more
