New Experian report conducted by Forrester Consulting surveys over 1200 senior decision-makers and leaders across EMEA and APAC75% of business leaders agree that their competitive advantage is dependent on making the best use of AI; analysing alternative data sources emerged as the top GenAI use caseBusiness leaders seek a more agile approach to analytics, as 76% of respondents believe that it takes them too long to develop and deploy AI/ML modelsDespite challenging economic conditions such as volatile interest rates and the growing urgency to prioritise sustainability initiatives, business leaders are optimistic about the future and investing in digital transformation

MUMBAI, India, Oct. 10, 2024 /PRNewswire/ — Experian’s latest research report investigates different perspectives from senior decision-makers in four key areas: strategic priorities, data and analytics, technology, and risk. Conducted by Forrester Consulting, the research surveyed 1320 Financial Services and Telco C-suite and Director level leaders across ten countries in the EMEA and APAC regions, including India, Australia, Denmark, Germany, Italy, New Zealand, Norway, South Africa, Spain, and the Netherlands. The report reveals how business leaders are utilising Generative AI (GenAI), consolidating datasets to improve decisioning models, and focusing on customer experience to better prepare for a future shaped by challenging economic conditions, technological disruption, and evolving customer expectations.

The race to harness the potential of Generative AI is well underway

Business leaders identified technological disruption as the top external factor impacting their business in the coming two years, putting emphasis on the race toward AI supremacy to improve business efficiencies and reduce costs. Seventy-five percent of surveyed participants believe that competitive advantage in their industry will be dependent on who can make the best use of AI, and three-quarters, i.e.75% of the surveyed technology leaders are exploring GenAI use cases with a view to implement them within the next year.

Seventy-five percent of senior leaders agree that GenAI will significantly improve the way they assess risk. Analysing alternative data sources using GenAI emerged as the top use case, i.e. 78%, highlighting its ability to unlock valuable insights from non-traditional datasets, supporting the creation of better decisioning models and a more holistic picture of the customer.

Technological disruption is a catalyst for improving customer experience

Access to a centralised cloud-based platform for data, analytics and software was identified by survey respondents as a notable factor to improve risk strategy. Nearly half (41%) of respondents agree that over the next 12 months, they will see additional credit stress with more missed repayments and delinquencies – with that same percentage 42% tightening their lending criteria in the past year. 50% of risk leaders also indicated that the top risk priority is to improve the ability to identify financially vulnerable customers. Better integration between data sources, model development tools, ops deployment and decisioning software – coupled with harnessing the power of AI – allows lenders to have a more holistic view of borrowers and to fast-track the data-to-insight-to-action process. Ultimately, this leads to better customer relations and fairer lending practices.

Combining datasets into a single cloud-based platform is key to enhancing analytical capability

Data and analytics leaders are prioritising the move of siloed datasets into a single platform that combines data and analytics, as this better enables AI/ML capability and allows them to push models into production in weeks instead of months. In the current state, more than three-quarter (76%) of respondents believe that it takes them too long to develop and deploy AI/ML models, with 63% stating that they are updating their models more frequently than ever before to adapt to changing consumer credit behaviour.

Alternative data and advanced analytics are critical to helping businesses make more accurate lending decisions, especially as consumer behaviours evolve and external economic factors continue to make an impact. However, a lack of alternative data sources was identified by respondents as a significant challenge limiting the success of analytics programs and modelling development. In a cloud platform, the advanced capabilities of AI can be used to efficiently process and analyse alternative or complex unstructured datasets, extracting valuable insights that were previously inaccessible. Leveraging this technology enhances the accuracy of predictive models and ultimately enables the creation of more comprehensive insights and credit risk profiles.

“This year’s research highlights the importance of two critical factors – first the race for AI superiority, with business leaders believing it to be critical to gain competitive advantage in their sector. And secondly, the clear focus on investment in analytics tools and infrastructure to better harness the power of data, with many businesses still struggling with the time and effort required to develop and deploy models. The findings suggest businesses are increasingly adopting cloud-based services to better connect data, analytics and software,” says Manish Jain, Country Managing Director, Experian India.

“It is encouraging to see that the majority of senior leaders are optimistic about growth in the year ahead, with plans for greater investment in technology as a result. But we are still facing broader macroeconomic challenges, with customer financial hardship highlighted as a significant concern. AI and ML tools present a considerable opportunity to enhance the precision of credit assessment, for new and existing customers, and thus can help safeguard vulnerable customers with proactive engagement,” says Malin Holmberg, CEO, EMEA & APAC, Experian.

To learn more, download the full report here.

Methodology:

Experian’s report is based on a survey of 1320 senior leaders in Financial Services and Telcos across ten countries, including Australia, Denmark, Germany, India, Italy, New Zealand, Norway, South Africa, Spain, and the Netherlands. The research was conducted by Forrester Consulting in August 2024 to understand the collective and individual priorities and challenges across the top level of decision-makers.

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Historic Postal Service Will Prioritise Workforce Wellbeing Through Data-Driven Insights and Personalised Actions

LONDON, Oct. 10, 2024 /PRNewswire/ — Workday Inc. (NASDAQ: WDAY), a leading provider of solutions to help organisations manage their people and money, today announced Royal Mail’s selection of Workday Peakon Employee Voice to drive positive change among its workforce of over 125,000 employees.

Royal Mail, the UK’s designated universal postal service provider, is investing in its people by selecting Workday Peakon Employee Voice as part of ongoing strides to modernise and transform its culture. From its origins in 1615 with the establishment of the ‘Master of the Posts’ under King Henry VIII, Royal Mail has been an integral part of the UK’s fabric, connecting communities and businesses across the nation. Today, as it navigates a period of transformation and growth, the organisation is reaffirming its commitment to fostering a culture of open communication, trust, and collaboration with the help of Workday’s innovative technology.

“At Royal Mail, our people are our greatest asset, and we are committed to creating a workplace where everyone feels valued, heard, and empowered to reach their full potential,” said Rachel Blackett, head of engagement and wellbeing, Royal Mail. “Workday Peakon Employee Voice will play a crucial role in helping us achieve this goal, enabling us to build a stronger, more resilient organisation for the future.”

Workday Peakon Employee Voice will provide Royal Mail with real-time insights into employee sentiment, enabling leaders to make informed, data-driven decisions and take proactive steps to address concerns and build a more engaged workforce. The organisation’s leaders will leverage accurate comparisons, consistent benchmarking and robust analytical models to understand where change is needed. Whether for leadership development, employee wellbeing, diversity, or employee health, Royal Mail will be empowered to drive positive change, as part of its mission to redefine its future.

“The key to any successful organisation is a connected and engaged workforce,” said Daniel Pell, vice president and country manager, UKI, Workday. “With data-driven insights driven by AI capabilities, Workday will provide Royal Mail with the tools and intelligence needed to take action, build trust, and shape the future of the organisation and its continued service to the UK.”

About Workday
Workday is a leading enterprise platform that helps organisations manage their most important assets – their people and money. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 10,500 organisations around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500. For more information about Workday, visit workday.com.

© 2024 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialise, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (“SEC”), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

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LIMASSOL, Cyprus, Oct. 10, 2024 /PRNewswire/ — Schwarzwald Capital, a venture capital firm committed to supporting fintech and creator economy startups, has facilitated a strategic partnership between Cartex, a fintech services marketplace and one of its key investment ventures, and Vesta, a leading real-time payment fraud detection platform. This collaboration is set to address growing concerns around fraud in high-risk payment sectors, including the creator economy, by providing advanced fraud management solutions.

As the digital content creation industry grows, it faces significant challenges due to its unregulated nature. In 2023, the creator economy was valued at an estimated $200 billion, which has attracted numerous scams, including payment fraud through stolen cards, and money laundering. These issues have created barriers to growth, with restrictions and higher transaction costs plaguing the industry.

Vesta, with nearly 30 years of experience protecting industries like telecommunications  and financial services, brings knowledge to the table. Their expertise in reducing fraud risks and maximizing approval rates for merchants, gateways, and acquirers is well-established. In partnership with Cartex, their combined goal is to introduce user-friendly, robust fraud management solutions, ultimately creating a safer ecosystem for all stakeholders.

Cartex, a key project for Schwarzwald Capital, serves as a marketplace uniting different payment solution services, including card issuance, payment gateways, and payout mechanisms for the creator economy. The Schwarzwald Capital plans to continue its efforts to enhance the creator economy by investing in more innovative startups.

“Like any fast-growing field, the creator economy is highly vulnerable to fraud. Vesta is recognized globally for its expertise in delivering tailored fraud prevention solutions across high-risk payment sectors. By collaborating with them, we’re taking steps to create a safer and more trustworthy environment for the startups that Schwarzwald Capital supports,” said Kyrillos Akriditis, Co-Founder and Managing Director of Schwarzwald Capital.

“We are excited to collaborate with Cartex’s leadership team to tackle the payment fraud challenges within the creator economies. By combining our expertise in real-time fraud detection with Cartex’s innovative marketplace solutions, we can help drive higher revenue while ensuring that all participants are protected,” said Paddy Beagan, General Manager of Vesta in Europe.

This partnership sets the stage for a more secure and transparent future in the creator economy and other challenging industries, driving growth while addressing the challenges of a rapidly evolving digital landscape.

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SOURCE Schwarzwald Capital