Key findings
According to the research,[1] 63% of consumers are familiar with generative AI, including 84% of Gen Zers and 79% of millennials, and one-in-three say they’re using it to learn about a new topic or finances. Nearly half (47%) have or are considering using generative AI-powered tools to help with managing their personal finances ¾ a sentiment that rings especially true for America’s youngest consumers, with 67% of Gen Zers and 62% of millennials stating they use the technology to manage their personal finances. Notably, among those who have used generative AI for personal financial management, an impressive 96% reported positive experiences and 77% stated they use generative AI for personal financial tasks at least once a week.Why GenAI?
In looking at why consumers are turning to generative AI for personal financial management, 67% said it helps them feel more productive or make decisions faster, and 38% stated they trust generative AI as much or more than human advisors.
Consumers said generative AI is most helpful for the following areas of their financial life:
Saving and budgeting (60%) Investment planning (48%) Credit score improvement (48%)“We know consumers are hungry for information and resources to improve credit scores and overall financial health,” said Christina Roman, Consumer Education and Advocacy Manager at Experian. “As we look ahead, we believe the responsible use of AI can help create new opportunities for consumers looking to improve their financial literacy and overall financial health.”
Experian’s tech tips for generative AI users
For consumers currently leveraging, or who are considering leveraging, generative AI to learn about or manage their finances or credit scores, Experian’s consumer education and generative AI experts recommend the following:
Don’t forget the basics: While there’s no question generative AI can be a helpful tool for managing your finances, consumers shouldn’t lose sight of the “old school” ways to protect their financial health and credit standing. This includes checking your credit report and scores regularly. You can get a free copy of your Experian credit report and FICO® Score[2] updated daily at www.experian.com or via Experian’s free mobile app. Consumers can also get a free credit report from each of the three credit reporting agencies once a week at www.annualcreditreport.com. Verify your findings: Generative AI tools are only as good as the information they consume and there’s no shortage of misinformation about managing your credit scores and finances that exists online. Always cross-check AI-generated financial advice with reputable sources. You can find answers to many personal finance and credit-building questions on Ask Experian- Experian’s free credit advice blog. Be safe and use generative AI responsibly. Many of the generative AI tools that exist today collect and store user data. Be mindful of the personal information you share with generative AI tools to ensure your information is protected.About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
[1] Experian commissioned Atomik Research to conduct an online survey of 2,011 adults throughout the United States. The margin of error is +/- 2 percentage points with a confidence level of 95 percent. Fieldwork took place between August 30 and September 3, 2024.
[2] Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
]]>The world’s largest financial institutions use Experian Ascend™. In close collaboration with several customers, Experian Assistant was developed to offer a deeper understanding of credit and fraud data and provide criteria and proposals for adding; changing the weight of; or deleting specific attributes, data, or features to optimize analytical models. In addition, this innovative solution helped increase internal team productivity and has resulted in proven cost savings, improved data visibility and faster product deployment times.
“With Experian Assistant, there is a lot of efficiency and improvement in productivity,” said Victor Rwenhumbiza, EVP — Chief Data Scientist at Continental Finance Company, LLC. “We have reduced the time spent on data building by almost 75%, so we can build a model much quicker, and the code being generated by Experian Assistant is very high quality, enabling us to move forward much faster.”
With Experian’s AscendAnalytical Sandbox™, Experian Assistant enables businesses across all sectors to perform data exploration, build and deploy models, monitor their performance, and increase speed to market to launch new offerings. The solution increases productivity for data scientists, helping them work far more efficiently and faster, and accessibility for data analysts, allowing them to query data and write code through natural language conversation.
“Using natural language processing to help with complex use cases, Experian Assistant radically changes the workflow of data scientists and data analysts alike, enabling our customers to garner insights and make business decisions with less staff time invested and with faster turnaround,” said Scott Brown, Group President Financial and Marketing Services, Experian North America. “We are providing a tool that empowers our customers to reimagine how they engage with their data to do anything they want: enhance the consumer experience, rapidly test and deploy new offerings, improve internal productivity, spark collaboration across business functions, and so much more.”
Why it matters
Experian’s research shows it takes 15 months on average to build and deploy a model into production.
Accelerating modeling processes helps avoid delays and maximizes productivity of scarce, highly trained and critical internal expertise. Improved ease of access to high-quality data accelerates time to actionable insights and strengthens the capability to build effective models. Efficient resource use and without the need for constant expert intervention lowers expenses. Evolving regulations require transparency and reliability as modeling technique complexity increases. Competition for analytics talent is at an all-time high; Experian Assistant will help a company’s current data scientists and analysts work more productively.Experian’s integrated solution
What to expect from this innovative solution:
Supports a natural language interface: interactions in a conversational manner to better understand the data and how to maximize its use Provides fast expert recommendations, coding and technical support: accelerated tactical insight generation, model development and deployment Provides deep insights into underlining data tables and metrics: advanced capabilities support quality insights around Experian datasets, with an emphasis on credit data and transparent models Reduces operational and cloud expenses: minimizes modeling iterations and compute power by selecting optimal modeling features Empowers users of all experience levels: leverages Experian Ascend Technology Platform and analytics tools with coding assistance, recommendations and deployment support Reduced risk of penalties: enhanced regulatory compliance through insights into reporting, identity management, risk assessment and transaction monitoringAbout Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As aFTSE100 Index company listed on theLondon Stock Exchange(EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are inDublin, Ireland. Learn more atexperianplc.com.
]]>78% of students say money worries are causing them stress1
Jonny Davies, mental health advocate and ultra-runner, has partnered with Experian to host ‘Run for Your Money’ at the University of Nottingham on Sunday 27th October, combining a fun run and free financial workshop for the student community
London, UK – October 27th 2024 – New Experian research has found money worries to be impacting the mental health of students on campus, with one third (33%) of those who feel anxious saying that their experience is being affected because they can’t afford to go out and meet friends. Three in ten (30%) said worrying about money was affecting their sleep and 13% said it had already affected their grades.
In response, Experian has launched ‘Run for Your Money’, a new initiative that tackles financial and physical fitness for students. Hosted at the University of Nottingham, the run will be led by long distance ultra-runner and mental health advocate, Jonny Davies. This run aims to not only provide students with support on their financial worries, but also give them a free place to meet and destress through physical activity – highlighting the connection between physical and financial wellbeing.
The activity is also supporting student wellbeing, with over half (54%) saying that they have taken up running to improve their mental health2, and 56% feel that it helps them alleviate stress and clear their minds2.
Jonny Davies, mental health advocate and ultra-runner, comments: “There is a lot to juggle when you’re a student, adjusting to living away from home for the first time, whilst finding time to study, socialise, and manage your finances can be stressful. I always found, and still do, running a great way to relieve stress and help improve my mental health; it helps you accomplish a challenge and it’s a great way to meet new people. Chatting to friends whilst running side-by-side helps us open up about difficult subjects, that’s why the ‘Run for Your Money’ campaign is not only providing a space for students to get free guidance about money but also giving them the opportunity to have those conversations with each other.”
Over two fifths (43%) of students believe that running with friends can help them to approach conversations about finances they would otherwise find awkward2. This comes amid increasing financial pressures on students, with the majority (61%) saying a part-time job is essential to manage university expenses2.
John Webb, credit expert at Experian, said: “Being skint as a student has long been the case, but our research has highlighted that stress and anxiety caused by money worries is impacting their university experience like never before. 1 in 7 students are likely to drop out of uni because of money worries, so our ‘Run for Your Money’ campaign aims to provide access to the financial guidance they so desperately need. We’ve partnered with NASMA, a charity whose free money advisors are available to students across the UK, with the ambition that this initial event in Nottingham will be the first of many universities we’ll be visiting nationwide. The campaign is intended to help students make it across the university finish line, as well as to equip them with good money habits at this formative life stage, which will enable better outcomes for them beyond university too.”
While universities have support available, many students (64%) express a desire for more regular financial guidance clinics on campus2. Many students are also now opting for free and healthy activities over nightlife, with more than half (52%) of students saying that they would rather go running than clubbing or going out2. Additionally, 45% are considering joining running clubs so that they can socialise without spending money at university2.
Ends
Notes
The research was conducted by Censuswide, among a sample of 2,001 UK university students (aged 18+). The data was collected between 23.08.2024 and 29.08.2024. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.
1.‘Quite anxious’, ‘Very anxious’, and ‘I'm anxious all of the time’ answers combined.
2.‘Somewhat agree’ and ‘Strongly agree’ answers combined.
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com
]]>Durante los premios, la super estrella latina Prince Royce presentará la iniciativa y hablará de la importancia de la libertad creativa y financiera para la comunidad latina. Además, Prince Royce está nominado a tres Premios Billboard de la Música Latina 2024 incluyendo Artista Tropical del Año, Canción Tropical del Año y Álbum Tropical del Año.
Como parte de la misión de Experian de brindar Financial Power to All™, Experian está ayudando a más de 5,000 hispanos en todo el país aliviando una deuda y ofreciendo recursos de Experian para empoderar y ayudarlos a alcanzar la salud financiera.
Los beneficiaros de la iniciativa para el alivio de deudas recibirán una membresía premium gratuita de Experian por un año, que proporciona acceso a su reporte de crédito Experian en inglés y español[i], puntaje FICO®[ii], contenido educativo bilingüe, y otros recursos financieros que podrían ahorrarles tiempo y dinero a los miembros, incluyendo:
Experian Boost®[iii]: Esta función permite a las personas aportar directamente un historial de pagos positivos de facturas elegibles, como el alquiler y los servicios públicos, a su expediente de crédito Experian, que podría aumentar su puntaje FICO® Score[iv]. Experian Go: Para las personas con historial crediticio limitado o inexistente, este programa permite a las personas entrar directamente al sistema crediticio creando un reporte de crédito Experian y generándolo con el historial de pagos. Mercado de seguros: Los consumidores pueden comparar precios para seguros de automóvil, vivienda e inquilino y potencialmente encontrar mejores tarifas. Cambiar de póliza con Experian podría ahorrarles a los consumidores más de 1,100 dólares[v] en paquetes de pólizas de seguro para automóvil y vivienda, y más de 800 dólares[vi] solo en pólizas de seguro para automóvil. Cancelación de suscripciones[vii]: Experian puede facilitar el proceso de cancelación de suscripciones no deseadas para los consumidores, así devolviéndoles dinero a sus bolsillos.“Estamos emocionados de hacer equipo con Prince Royce y promover la educación financiera y ser parte de un evento importante que celebra el talento de los artistas hispanos”, dijo Dacy Yee, directora de marketing de Consumer Services de Experian. “Nuestra máxima prioridad es empoderar a todas las comunidades con un apoyo impactante y una valiosa información financiera para ayudarles a alcanzar la libertad financiera. Esperemos que esta iniciativa demuestre que existen recursos disponibles para ayudar a todos a tomar las riendas de su futuro financiero con Experian como su copiloto financiero”.
Para más información sobre los Premios Billboard de la Música Latina 2024, visite Telemundo.com/PremiosBillboard. Siga la cobertura en las redes sociales y únase a la emoción de la noche más grande de la música latina y las iniciativas de Experian con el #financialpoweratodos y #Billboards2024:
Experian:
Facebook: @experian X: @experian_us Instagram: @experian TikTok: @experian_usPremios Billboard de la Música Latina:
Facebook: @PremiosBillboard X: @LatinBillboards Instagram: @LatinBillboards YouTube: @TLMDentretenimiento TikTok: @Telemundo WhatsApp: @TLMDentretenimientoAccede a los recursos de Experian en español
Para obtener consejos sobre cómo manejar las deudas, lea aquí la publicación de nuestro blog.
Experian ofrece un libro electrónico sobre el crédito y los consumidores pueden acceder un conjunto completo de artículos aquí en el blog Ask Experian.
Para más información sobre el programa de alivio de deudas e inscribirse a una membresía gratuita de Experian, visite www.experian.com/gratis.
Experian ofrece Financial Power to All™, ayudando a los consumidores a alcanzar sus metas financieras mediante el establecimiento y la creación de un buen crédito, el acceso a productos financieros personalizados, ayudando a tomar control de sus facturas y deudas, la protección contra el robo de identidad y el fraude, y el ahorro de tiempo y dinero en cada etapa de su viaje financiero.
Acerca de Experian
Experian es una empresa global de datos y tecnología que impulsa oportunidades para personas y empresas alrededor del mundo. Ayudamos a redefinir las prácticas crediticias, a detectar y prevenir el fraude, a facilitar la atención médica, a ofrecer soluciones de marketing digital y a obtener una comprensión más profunda del mercado automotriz, todo utilizando nuestra combinación única de datos, análisis y software. También ayudamos a millones de personas a alcanzar sus metas financieras y las ayudamos a ahorrar tiempo y dinero.
Operamos a través de una amplia variedad de mercados, desde servicios financieros para atención médica, automotriz, agrícola, seguros y muchos más segmentos industriales.
Invertimos en personal capacitado y en nuevas tecnologías avanzadas para liberar el poder de los datos e innovar. Como empresa del FTSE 100 Index que cotiza en la Bolsa De Valores de Londres (EXPN), contamos con un equipo de 22,500 personas en 32 países. Nuestra oficina central está ubicada en Dublín, Irlanda. Aprende más en experianplc.com.
[i] Sólo los informes de crédito de Experian están disponibles en español. Todos los demás servicios asociados a la afiliación a Experian están disponibles únicamente en inglés. Es necesario dominar el inglés para tener pleno acceso a los productos de Experian.
[ii] Puntaje de crédito calculada según el modelo FICO® Score 8. Es posible que su entidad de préstamo o aseguradora utilice una Puntuación FICO® Score distinta de la Puntuación FICO® Score 8, u otro tipo de puntuación de crédito. Obtenga más información.
[iii] Los resultados pueden variar. No todas las facturas o suscripciones pueden negociarse o cancelarse. Los ahorros no están garantizados, y es posible que algunos no vean ningún ahorro. Disponible con afiliaciones de pago elegibles y requiere conectar la(s) cuenta(s) de pago a la cuenta de Experian. Consulte Experian.com para obtener más información.
[iv] Puntaje de crédito calculada según el modelo FICO® Score 8. Es posible que su entidad de préstamo o aseguradora utilice una Puntuación FICO® Score distinta de la Puntuación FICO® Score 8, u otro tipo de puntuación de crédito. Obtenga más información.
[v] Los resultados variarán y es posible que algunos no vean ahorros. Ahorros promedio de 1,137 dólares por año para los clientes que cambiaron varias pólizas y ahorraron con Experian desde el 1 de enero de 2022 hasta el 31 de marzo de 2024. Los ahorros se basan en la prima anterior autoreportada por los clientes.
[vi] Los resultados variarán y es posible que algunos no vean ahorros. Ahorros promedio de 828 dólares por año para los clientes que se cambiaron y ahorraron con Experian desde el 1 de enero de 2022 hasta el 31 de marzo de 2024. Los ahorros se basan en la prima anterior autoreportada por los clientes. Experian ofrece seguros de una red de compañías de seguros de primera categoría a través de su subsidiaria autorizada, Gabi Personal Insurance Agency, Inc.
[vii] Los resultados pueden variar. No todas las suscripciones son elegibles para cancelación, los ahorros no están garantizados y es posible que algunos no vean ningún ahorro. Disponible con membresías pagada elegibles y requiere conectar la(s) cuenta(s) de pago a la cuenta de Experian.
]]>During the awards, Latin superstar Prince Royce will spotlight the initiative and discuss the importance of creative and financial freedom for the Latino community. Plus, Prince Royce is nominated for three 2024 Billboard Latin Music Awards including Tropical Artist of the Year, Tropical Song of the Year, and Tropical Album of the Year.
As part of Experian’s mission to bring Financial Power to All™, Experian is helping more than 5,000 Hispanics across the country by relieving a debt and providing Experian resources to empower and help them achieve financial health.
Recipients of the debt relief initiative will also receive a free premium Experian membership for one year, which provides access to their Experian credit report in both English and Spanish[i], their FICO® Score[ii], bilingual educational content, and other financial resources that could save members time and money, including:
Experian Boost®[iii]: This is a feature that allows people to contribute positive payment history for eligible bills such as rent and utilities directly to their Experian credit file, which can potentially increase their FICO® Score[iv]. Experian Go: For those with limited or no credit history, this program allows people to enter the credit system by directly creating an Experian credit report and populating it with payment history. Insurance Marketplace: Consumers can comparison shop for auto, home, and renter’s insurance to potentially find better rates. Switching policies with Experian could save consumers more than $1,100[v] on an auto and home insurance policy bundle, or more than $800[vi] on an automotive insurance policy alone. Subscription Cancellation[vii]: Experian can take the pain out of canceling unwanted subscriptions by handling the process for consumers, potentially putting money back in their pocket.“We’re thrilled to team up with Prince Royce to champion financial literacy and be a part of a relevant event that celebrates talented Hispanic artists,” said Dacy Yee, Chief Marketing Officer for Experian Consumer Services. “Our top priority is empowering all communities with impactful support and valuable financial information to help them achieve financial freedom. We hope that this initiative shows that there are resources available to help everyone take control of their financial futures with Experian as their financial co-pilot.”
For more information about the 2024 Billboard Latin Music Awards, visit Telemundo.com/PremiosBillboard. Follow the coverage on social media and join the excitement of the biggest night in Latin music and Experian’s initiatives with #financialpoweratodos and #Billboards2024:
Experian:
Facebook: @experian X: @experian_us Instagram: @experian TikTok: @experian_usBillboard Latin Music Awards:
Facebook: @PremiosBillboard X: @LatinBillboards Instagram: @LatinBillboards YouTube: @TLMDentretenimiento TikTok: @Telemundo WhatsApp: @TLMDentretenimientoAccess Experian’s resources in Spanish
For tips on how to manage debt, read our blog post here.
Experian offers a credit e-book and consumers can access a full suite of articles at the Ask Experian blog here.
For more information about the debt relief program and to enroll in a free Experian membership, go to www.experian.com/gratis.
Experian delivers Financial Power to All™ by helping consumers achieve their financial goals through establishing and building good credit, providing access to personalized financial products, aiding in taking control of bills and debt, protecting them from identity theft and fraud, and saving them time and money at every stage of their financial journey.
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
[i] Only Experian credit reports are available in Spanish. All other services associated with an Experian membership are available in English only. English fluency is required for full access to Experian’s products.
[ii] Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
[iii] Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost®. Learn more.
[iv] Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
[v] Results will vary and some may not see savings. Average savings of $1,137 per year for customers who switched multiple policies and saved with Experian from Jan. 1, 2022 to Mar. 31, 2024. Savings based on customers’ self-reported prior premium.
[vi] Results will vary and some may not see savings. Average savings of $828 per year for customers who switched and saved with Experian from Jan. 1, 2022 to Mar. 31, 2024. Savings based on customers’ self-reported prior premium. Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc.
[vii] Results will vary. Not all subscriptions are eligible for cancellation, savings are not guaranteed, and some may not see any savings. Available with eligible paid memberships and requires connecting payment account(s) to Experian account.
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