In the midst of a challenging period, the global technology industry is embarking on a new phase. The momentous advancements made in science to combat Covid-19, combined with the substantial effort put forth by organizations worldwide to develop and distribute both vaccines and resources necessary to sustain economies amid lockdowns, will have lasting relevance.
However, this era has also seen an acceleration in the move towards digital business, recognition of the significance of local communities and support networks, and a heightened appreciation for new skills required to engage with and leverage the vast potential of the digital world.
Technology can empower individuals, support the vulnerable, aid in rebuilding economies and create innovative concepts and solutions that not only provide answers but also generate new possibilities for people, businesses, and society’s future. The United Kingdom has the means and ability, along with the drive and desire, to be a global leader in this endeavor.
Collaboration between industry and Government can foster an environment of innovation, entrepreneurial spirit, and technological advancement. By addressing gaps in people’s experiences, supporting those facing difficulties or challenges, and creating opportunities, we can work together to overcome obstacles and build a better future.
Experian, a global leader in financial services, has focused on increasing access to financial services, promoting financial literacy, and building consumer confidence worldwide. Its Social Innovation Programme has produced and recognized over 32 products geared towards enhancing the financial health of people throughout the world, having invested over US$9m between 2013 and April 2021. Eighteen of these products have launched, reaching 82 million individuals, with many coming from financially vulnerable backgrounds.
Experian’s latest program is aimed at helping individuals in the UK with little or no credit history, known as ‘credit invisibles,’ construct their credit files quickly and efficiently, all at no charge. Set to be launched later this year, this valuable service is intended to benefit those who have previously struggled to secure mainstream financing and establish their credit files.
With inflation and the cost of living straining a significant portion of people, there is an obligation and an opportunity to utilize every resource available, including technology, to mitigate its impact. This could take many forms, from using machine learning and artificial intelligence to identify and direct needed resources to reducing the number of individuals with no credit history, fighting against loan sharks, preventing fraud, and providing assistance to victims of fraud. Industry leaders can collaborate, creating innovative resolutions to contemporary challenges faced by individuals.
While it may be simple to anticipate the problems ahead, we must take advantage of the chances before us. The resilient, determined, and innovative spirit that enabled us to survive the pandemic remains within us. The tools we developed to combat it are now at our disposal. It’s time to rise to the challenge ahead of us.