SELECTED PROJECT:
Data Passport
@ Equifax UK | 2022
Creating and validating a novel vision for consumer and commercial data.
The Need
Equifax UK wanted to explore a product concept and determine if there was good product-market fit for the idea; and if so, which market(s) should be targeted. The value proposition we explored was:
The Data Passport of the twenty-first century:
The standard bearer of consumer control and Privacy, the Equifax Data Passport will be the unifying platform for all consumer and commercial data sources.
Imagine being able to view all of your customers’ data, with a single API call, all while providing complete privacy and control to consumers.
The Work.
Through three months of work, the team did heavy primary research with internal stakeholders and others in the industry involved in Advanced Digital Identification. The team was able to identify the bulk of the ADI market would be based in the US by 2030 and would be a $995 B market opportunity for a product like Data Passport. The team identified a further four main pillars of growth:
Expanded possibilities for ID verification
Fraud reduction
Time & Cost Savings
Increased access to financial services
The team also engaged in secondary research across available market data, industry reporting and other sources to analyze and assess the product-market fit and value proposition for a product such as Data Passport.
Methods & Activities
Each interview or group activity was 1 hr length
Competitor and Market/Industry secondary research
Interviews were moderated by the Strategy team
1:1 & group, semi-structured interviews, anchored by an approved discussion guide
The Outcome.
Based on learnings from the interviews and research synthesis, the Strategy team identified four key opportunities for Equifax UK and the Data Passport product. We also provided a strategic roadmap showing the actionable steps to move them toward reaching these opportunities.
A Single source of truth unburdens clients and unlocks potential for consumers.
Eliminate the need for clients to repeatedly compile consumer data, correlate multiple reports, and check for accuracy.
Ensure consumers are consistently represented.
Win consumers by getting data and privacy control right.
Help people understand what they can get in exchange for their data.
Equifax offers free products and services, but few consumers use them relative to the number of profiles Equifax keeps.
Provide additional value to consumers far beyond credit monitoring and fraud detection with the Equifax Passport.
Save time and money by increasing data accuracy.
Connect disconnected data to get fast, accurate approvals
Reduce financial risk for clients by having a complete picture of consumers via connecting previously unavailable data
Build consumer loyalty by increasing favorable outcomes: Industries such as BNPL recognize this need and are bypassing traditional credit altogether and capitalizing on consumer demand of instant, point-of-purchase agreements.
Leverage Data Passport to increase access to financial services.
Eliminate the barrier to entry caused by thin credit files and extend financial services to the underserved and credit invisible
Create credit scores for the previously unscorable
Increase access to government programmes and aide
Increase home mortgage attainability