Data and Tech Lead the Way for British Businesses Amid Economic Challenges

Data and Tech Lead the Way for British Businesses Amid Economic Challenges

(IN BRIEF) New research released during Credit Awareness Week reveals that British businesses face significant challenges from rising costs and economic uncertainty, with many turning to data and technology to enhance customer experience, streamline operations, and drive financial inclusion. The study shows a strong focus on consolidating data, adopting advanced tech solutions, and improving processes in areas like debt consolidation and fraud prevention. Experian UK&I’s David Bates emphasized that integrating comprehensive data with innovative technology is key to better decision-making and more resilient business practices, aligning with the U.K. Government’s push for a National Financial Inclusion Strategy.

(PRESS RELEASE) DUBLIN, 26-Apr-2023 — /EuropaWire/ — Experian (LON: EXPN), an Anglo-Irish multinational consumer credit reporting company, announces a new research released during Credit Awareness Week shines a light on how British businesses are leaning into data and technology to fuel growth despite the dual pressures of rising costs and economic uncertainty. The study reveals that 61% of companies view increasing expenses as a major hurdle, while 58% point to the unpredictability of the economy as a critical challenge. Other obstacles include wavering consumer confidence, evolving regulatory landscapes, and mounting cybersecurity threats.

To tackle these issues, businesses are setting their sights on improving customer experience and personalization (49%), rolling out advanced technology solutions (48%), and establishing robust data governance frameworks (28%) as their top priorities for the next five years. The findings further indicate that 70% of organizations are already harnessing a diverse range of trusted data, with 65% consolidating this information into a central repository. Notably, nearly 73% of respondents acknowledge that seamlessly integrating data with appropriate technology platforms is essential not only for driving growth but also for advancing financial inclusion.

In alignment with the U.K. Government’s recent pledge to roll out a National Financial Inclusion Strategy—aimed at broadening access to finance—the research underscores the pivotal role that data-driven approaches play in strengthening the financial services sector. The study also highlights several specific areas where targeted data and technology strategies could boost performance. For instance, in debt consolidation, one in four financial services professionals seek solutions to mitigate issues like double counting, which undermines affordability. In the realm of verification, businesses are calling for enhanced accuracy, greater automation, and quicker turnaround times for income, employment, and credit assessments. Moreover, only 23% of companies feel adequately prepared to counter emerging threats such as GenAI-driven fraud, deep fakes, synthetic identity fraud, and biometric scams.

David Bates, Managing Director of Credit and Verification Services at Experian UK&I, commented on the research: “In these turbulent economic times, leveraging comprehensive and varied data sets is crucial for gaining deeper insights that drive informed decision-making. Combining this data with innovative technology enables businesses to react swiftly and build resilient practices that deliver better outcomes for consumers. For the credit and financial services industry, these insights and tools not only enhance customer understanding but also make financial services more accessible and tailored to individual needs.”

Now in its ninth year, Credit Awareness Week—an annual campaign in partnership with Credit Strategy—continues to promote financial empowerment among consumers and businesses alike, while fostering collaboration across 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.

SOURCE: Experian