U.K.,10 March, 2024 – New research1 released for Credit Awareness Week, reveals rising costs (61%) and economic uncertainty (58%) are the two biggest barriers for British businesses striving for sustainable long-term growth. Additional barriers cited include consumer confidence, regulatory changes and cybersecurity threats.
To combat these challenges, enhancing customer experience and personalisation (49%), implementing technology (48%), and establishing robust data governance (28%) are the top three priorities for businesses over the next five years.
The findings also show businesses are adopting clear data and technology strategies. Seven in 10 are already using a diverse range of trusted data with 65% consolidating data in a single central location. Interestingly, nearly three quarters (73%) said they understand the importance of integrating data with the right technology platforms to drive not just growth but financial inclusion.
The U.K. Government's recent commitment to creating a National Financial Inclusion Strategy which includes innovating access to finance, underscores the crucial role businesses play in integrating more people into mainstream financial services.2
Furthermore, the research identified areas where focusing on data and technology can improve the customer experience and drive growth:
Debt consolidation: One in four of those working in financial services want to resolve the issue of double counting3, which impacts affordability during the debt consolidation process.
Verification assessments: Businesses want better accuracy, increased automation and faster turnaround times in verifying income and employment details for mortgage applications, credit assessments and pre-employment processes.
Fraud and financial crime compliance: Only 23% of businesses feel confident in addressing threats posed by GenAI and deep fakes, closely followed by tackling synthetic ID fraud and biometric fraud.
David Bates, Managing Director of Credit and Verification Services, Experian UK&I, said: "As we navigate turbulent economic times, businesses need to gather and utilise comprehensive and diverse sets of data to get deeper insights for better decision making.
"This data must be combined with technology that enables businesses to act on the deeper insights in a radically accelerated way. This transformation of insight and agility will create successful, resilient business practices that deliver great consumer outcomes.
"For the credit and financial services industry, comprehensive data insights combined with cutting-edge technology help lenders understand customers better, making financial services more accessible and tailored to customer needs.”
Credit Awareness Week, now in its ninth year, is an annual campaign in partnership with the financial services publication Credit Strategy. The week aligns with Experian's commitment to improving financial health for all by promoting financial empowerment amongst consumers and businesses while encouraging collaboration across the industry, Government, regulators and educational institutions.
Find out more about Credit Awareness Week here.
ENDS
Notes to Editor:
1 - Nationally representative online research carried out by YouGov Plc of 505 British businesses in February 2025.
2 – Experian is also actively participating in the HM Treasury Financial Inclusion Committee.
3 – This is when consumers apply for a debt consolidation loan and there is a risk of ‘double counting’ as their original debts are considered part of the affordability assessment along with the new consolidation loan.
Media contact:
Vicki Cook, Head of Corporate and B2B PR, Experian UK&I
Tel: +44 7977 798 173 / Email: vicki.cook@experian.com
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.