Experian is delighted to reveal its 7th place ranking in the 2024 IDC FinTech Rankings, marking its position among the top 10 providers for the third consecutive year. The IDC FinTech Rankings evaluate the top 100 financial technology providers based on revenue generated during the 2023 calendar year from the financial services and FinTech sectors. This recognition underscores Experian’s consistent performance and commitment to delivering exceptional technological solutions to the financial industry.
Recognition for Bank Deposit Transformation
In a related achievement, Experian has also received the prestigious IDC Real Results Award, clinching the top position in the category of Bank Deposit Transformation. The Real Results Awards honour IT providers that facilitate meaningful, measurable, and forward-thinking changes at financial institutions, including banks, capital markets firms, and insurers within the global financial services landscape. The accolade for Bank Deposit Transformation was awarded based on customer data utilisation through the innovative Experian Ascend Fraud Sandbox.
Impact of the Ascend Fraud Sandbox
Securing the top position for Bank Deposit Transformation underscores how our groundbreaking fraud solution enables clients to adopt state-of-the-art fraud prevention and identity protection technologies, remarked Alex Lintner, Chief Executive Officer of Experian Software Solutions. This progress greatly enhances approval rates for online deposit accounts, leading to improved financial outcomes while simultaneously decreasing fraud-related losses. These accolades reaffirm our commitment to providing sophisticated modelling and comprehensive data insights that enhance our clients’ operations and facilitate superior financial outcomes compared to traditional methods. Furthermore, we mitigate risks posed by the increasing sophistication of AI-driven fraud attempts by malicious actors.”
The Ascend Fraud Sandbox provides a robust analytical platform that allows users to investigate vast amounts of data, uncover new fraud trends, and develop, test, and deploy new models in days rather than months. This environment integrates an organisation’s proprietary data with distinctive cross-industry identity and fraud data resources, leveraging over 10 billion identity and fraud events, which encompass applications, login activities, and transactions. The system is continuously enhanced by the addition of tens of millions of new events daily, thereby ensuring its effectiveness in combatting evolving fraud tactics.
Experian’s Standing in the FinTech Sector
In the 2024 IDC FinTech Rankings programme, Experian is recognised as the 7th largest global provider of technology solutions in the financial services sector, while also receiving its first IDC Real Results Winner Award for Bank Deposit Transformation, stated Marc DeCastro, Research Director at IDC. Experian delivers the data, technology, and scalable solutions necessary for financial institutions to make informed business decisions swiftly, enabling them to maintain a competitive edge in an ever-evolving marketplace. This impressive performance demonstrates our leadership in delivering impactful solutions that address the complex challenges faced by financial institutions today.
Conclusion
Now in its 21st year, the IDC FinTech Rankings categorise and evaluate technology providers based solely on the previous calendar year’s revenues derived from financial institutions, including banking, insurance, and capital markets, or directly to fintech solution providers for hardware, software, and/or services. Experian’s strong position within this framework not only reflects its successful business model but also its unwavering dedication to innovation and customer satisfaction in the fast-paced world of financial technology.
