In review: Consumer Experience Summit 2019

Satty Saha announces the launch of TrueVision

TransUnion customers enjoyed a day of inspiration, innovation and insight at our Consumer Experience Summit at Tobacco Dock, London yesterday.

CEO of TransUnion in the UK, Satrajit “Satty” Saha addressed the four key trends that are transforming the way we do business: big data, consumer first, digitisation and increasingly sophisticated fraud, and also announced the launch of TrueVision, TransUnion’s trended credit data product which has now been introduced in the UK.

Guest speakers at the event included author and expert in web psychology, Natalie Nahai, who explored the acquisition stage of the customer journey and the importance of seeking to understand consumers in terms of what matters to them and how to appeal to them.

Author Jamie Bartlett examines the dark side of digital

Jamie Bartlett, bestselling author of The Dark Net, examined the dark side of digital and looked at how we can keep employees and customers happy and safe in the future. His fascinating presentation looked at the risks throughout the customer journey and lifecycle and what businesses should be doing to protect themselves and consumers.

TransUnion’s consumer first approach was at the heart of the event, and Melanie Zimmerman, our senior vice president of International Markets explored seamless consumer experiences in her keynote speech; identifying the key drivers for success. This is a theme we examine further in our latest white paper, CX and ROI which was previewed at the Summit.

Brendan Le Grange, Kelli Fielding and Melanie Zimmerman

Additionally, our research expert Brendan Le Grange looked at trends, behaviour and predictions in consumer spending; sharing some exclusive insights and looking at the wider economics at play in terms of attracting and keeping new customers and how this should inform customer experience strategies.

In our Consumer stream in the afternoon, guest speaker Guilherme Valério, head of product at MoneySuperMarket talked about how the customer experience today matters more than ever before.

MoneySuperMarket’s Guilherme Valério shares his insights

With more choice at their fingertips, and high demands and expectations from digital experiences, consumers fundamentally only care about the outcomes they get from using your products, he said. So brands need to figure out what their companies want to be known for, draw insights from available data, talk to customers themselves and close the gap between expectations and delivery.

Amongst the topics in our Credit Risk stream was Open Banking and Affordability, with David Firth, head of product for TransUnion Open Banking, looking at the realities of what Open banking can deliver to participating companies and, more importantly, the consumer.

David Firth looks at what Open Banking can deliver

He illustrated his points with examples we’ve seen and driven here at TransUnion, showing how decisions on customer account sign-ups can move from two days to two hours, how granular detail can augment traditional data sets, and how improving customer experience means an improvement in genuine competitive difference. Ultimately, the audience was left in no doubt that customer approval relied on service, which relied on the best use of data. Open Banking provides this ability to serve and differentiate, and as it evolves it’s up to innovative companies to take advantage of it.

Finally, in our Fraud and Identity sessions, our own team of experts were joined by author and commentator on digital financial services, David Birch – a previous guest at our Fraud Summits.

David Birch examines the challenges in identity verification and authentication

As ever, Birch’s metaphors and analogies drew laughs from the audience. However, amongst the humour, he also addressed the prevalent issues and challenges in identity verification and authentication.

“Digital identity does not equate to digitising identity. It is the link between the physical and virtual worlds,” he said, explaining that it enables trust and permits transactions between unknown personas. This conundrum poses as many risks as it does opportunities. However, the one certain dynamic is that as technology takes an increasingly tighter grip on our day-to-day lives, proving your identity online is becoming ever more difficult but never more important.