Driving Corporate Innovations for Experian UK&I

Driving corporate innovations for Experian UK&I

We helped Experian UK&I quickly respond to a market that opened due to a legislation change.

Executive summary

Enabled our client to swiftly respond to a new market opportunity arising from legislative changes;
Delivered a high-fidelity prototype in less than 4 weeks;
Embraced the Design Thinking methodology to quickly iterate and refine solutions;
The prototype has generated over 10 promising business opportunities for our client.

About the client

Experian is the world’s leading global information services company. Experian collects and aggregates information on over 1.5 billion people and 200 million businesses worldwide. The company empowers consumers and clients to manage their data with confidence during life’s pivotal moments. It enables individuals to take control of their data and access financial services, assists businesses in making informed decisions and supports lenders in responsible lending, and helps organisations prevent identity fraud and crime. With a workforce of 22,400 across 32 countries, Experian invests daily in new technologies, talented personnel, and innovation to maximise opportunities for all clients. Experian is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 Index.

Location:

United Kingdom

Domain:

Fintech, Data Technology

Content

01Challenges
02Our Approach
03Value Delivered
04Clients Feedback

Challenges

Experian UK&I Director of Innovation engaged us, as seasoned fintech product development experts, to help them respond to a new market opportunity opened by legislation change. We needed to develop a completely new product from scratch to capture the market. The challenge wasn't just being innovative; speed was crucial for staying on top of the market's changes. Our goal was to transform the initial high-level idea into the product concept and create a high-fidelity clickable prototype to present the concept to potential users - the largest UK banks and financial institutions, gather feedback and get initial customers on board as early adopters and focus group members. We can't disclose the product idea so far, but in general, it's an industry-wide initiative aimed at strengthening the sector's ability to counter the global threat of financial crime.

Our Approach

The client approached us just 2 months before their flagship yearly conference, where they'd like to showcase the new product, so we faced the challenge of developing a concept and clickable prototype within this tight timeframe, all without compromising the quality. To tackle this challenge effectively, we employed the Design Thinking approach incorporating the iterative prototyping strategy. Our focus was on understanding the needs of our client's target audience and developing solutions that would resonate with them. When handling this kind of project, working closely with the customer as a unified team is paramount. Our goal was to foster a partnership mindset to ensure the project's success. We kickstarted the process by bringing together a diverse team of experts led by Experian UK&I Director of Innovation, Yaro Zozylya. Joining from the DeepInspire side were DeepInspire's CEO, Pavlo Terletsky, serving as a fintech expert and tech advisor, along with Lead UX Architect, Galyna Roman, Chief Design Officer, Yuliya Kartashova, and UI Designer, Yuriy Sporniak. We spent time engaging with the Director of Innovation to grasp their insights, goals, and vision for the project. Our goal was to sync our creative process with the client's corporate innovation strategy, making sure our ideas aligned. We don't just work for the client; we work with them. Let’s explore the process in more detail:

Ideation and brainstorming
Our first step was to deeply research the domain and the new legislation, explore the opportunity and find value. We studied market trends, customer needs, and the latest technologies to get a clear picture of what the industry needs. The team led by Yaro Zozulya, Experian UK&I Director of Innovation, took a preliminary high-level idea, refined, and reshaped it. We delved into a multitude of ideas and possibilities, pinpointed new opportunities, expanded upon the original notion, and curated a pool of potential product concepts. We weren't just addressing current market gaps but also looking ahead. Our goal was to come up with ideas that could meet future needs in the industry, supporting our client in positioning themselves as a forward-thinking leader.
Defining the concept
This phase was a journey of transformation – turning a multitude of ideas into a clear, defined concept. The goal was to sort through options and pinpoint those with the greatest potential for success and innovation. Having gathered a wealth of creative ideas, in this phase we had to move from imagination to clarity. Our focus was to refine and define the most promising concepts, shaping them into a fully-fledged product. We'd like to highlight that in our conceptualisation process, we extended well beyond the initial idea, adding significant value to the product. The team worked collaboratively with Experian UK&I top executives, using their expertise to align the product with company goals, continuously enhancing it through insightful feedback loops with industry experts and potential users.
Prototyping
No matter how brilliant the idea or thorough the discussions, it all comes down to effective demonstration. When complex concepts are transformed into simple, tangible forms. So we moved from product conceptualisation to creating a prototype. The goal was to turn our ideas into something real that visualises the product and demonstrates its feasibility and potential value. Our team developed a high-fidelity clickable prototype, crucial for showcasing the product at the annual customer conference attended by representatives from the largest UK banks. The prototyping process was iterative, incorporating feedback from Experian UK&I executives and potential end-users to ensure alignment with company goals and user expectations.

Value Delivered

We helped our client quickly respond to a market opportunity that opened due to a legislation change. In our collaboration with Experian UK&I, we assisted them in driving enterprise innovation through product concept development and prototyping initiatives.

Agile market response
By embracing the Design Thinking approach, we enabled our client to swiftly respond to a new market opportunity arising from legislative changes. The entire process, from identifying the opportunity to creating a fully-fledged product concept and prototype, was completed in less than 2 months.
Evolution from idea to fully-fledged product concept
In close collaboration with Experian UK&I Director of Innovation, we transformed a raw general idea into a refined, well-defined product that exceeded the original concept.
Exploring opportunities and adding value
DeepInspire helped Experian UK&I explore the market opportunity, identify potential value, and strategically position the product. We extended well beyond the initial idea, adding significant value to the product.
Shiny prototype for Experian UK&I annual conference
DeepInspire delivered a high-fidelity clickable prototype, timed perfectly for presentation at annual customer conference, showcasing the innovation to a target audience.
Efficient top management involvement
Experian UK&I top management played a crucial role as part of the team, using their expertise effectively to guide the innovation process and align the product with corporate goals. At the same time, DeepInspire minimised the time top management needed to invest, allowing executives to focus on strategic priorities.
Great success at the conference
With pride, we're excited to share that the product has taken centre stage at the annual customer conference and the roundtable with global banks representatives. It was presented in front of 350 strategic Experian UK&I clients and sparked significant interest, resulting in over 10 valuable business opportunities for our client.

Our product concept was a huge success, and it is currently progressing through the following stages of development, where we are actively involved. We can't wait to be able to disclose more exciting details as the project moves forward.

Client’s feedback

The prototype has generated over 10 business client opportunities that we are pursuing.

DeepInspire team managed to deliver a high-fidelity prototype in less than 4 weeks, on time to present in front of our 350 strategic clients, at our annual flagship customer conference. The feedback that we have received has been phenomenal and we were able to validate product/market fit instantly using design thinking methodology.

The prototype has generated over 10 business client opportunities that we are pursuing. We are already working with the team to flash out several other innovative concepts that will help us drive business revenue from brand-new product ideas.

Yaro Zozulya

Director of Innovation, Identity & Fraud at Experian UK&I

We helped Experian UK&I swiftly respond to a new market opportunity arising from legislative changes.

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