To create social and economic benefit through our products, services and capabilities, balancing commercial benefit with consumer’s rights and needs.
At Experian we’re privileged to be working in a field that delivers many benefits to society.
While acknowledging this, we would like to do more. In developing our strategy this year we had our products and services in mind when we stated that we aim to:
- Further embed CR principles into normal business processes
- Consider the potential social benefits
- Take account of social risks
- Consider our impact on climate change
We have agreement in principle to include these considerations in our product development processes. This is one of our objectives for the year ahead.
Reviewing our current products against a range of social benefits, many of them fit into the following four categories:
- Facilitating wider and fairer access to finance and reducing fraud
- Simplifying life’s financial decisions for individuals
- Making processes efficient and simple, saving costs and reducing waste
- Creating new insights and connections to solve social problems
This year’s developments included a product aimed at protecting families from the risk of child identity theft and a company report that incorporates both environmental and social performance as well as an economic profile, produced in conjunction with the Global Reporting Index (GRI).
But we are also looking at how we can use our skills and particular knowledge to deliver projects of major and lasting social impact. Our CR strategy states our intention to look at future trends and examine social risks and opportunities. We intend to:
- Use CR to help us infuse the business with a spirit of creativity and enthusiasm for causes of social importance
- Provide a catalyst for entrepreneurial ‘big ideas’ that can
have a major social impact and produce life-changing results
We are exploring several ‘big ideas’ including a project to work with microfinance institutions and will report progress in next year’s report.