Global financial information services firm Experian is expanding its innovation facility in Singapore, Experian X Labs, by making additional investments in order to address the pressing economic and societal issues in India, like financial inclusion. The facility serves as Experian’s first incubator and collaboration center for cutting-edge solutions, aimed at addressing pressing economic and societal issues in India, like financial inclusion. The team at the innovation center leverages alternative data, advanced analytics and partnerships with industry organizations to develop technology solutions. The recently expanded Experian DataLabs plays an integral role in the facility, providing a compliant and secure environment for experimentation with data and collaborative research. Mohan Jayaraman, regional managing director, Decision Analytics and Business Information Services at Experian Asia Pacific, said matching major societal issues with localized solutions, the data science and technology experts at Experian X Labs are tapping on data generated from alternative sources to provide valuable insights into a person’s credit worthiness. Data generated through the region’s rapidly growing internet penetration and mobile usage rates, for example, can help build financial identities for Asia’s unbanked. In the Indian context, this also translates into harnessing various initiatives in the India tech stack and the vibrant data economy to look at opportunities for boosting financial inclusion, he added. Solutions that are currently in development at Experian X Labs include Experian X Score, a credit-scoring system based on alternative data, aimed at helping the new-to-credit population in India strengthen their financial identities and progressively gain access to a wider set of financial services.
