Innovation with Purpose: Experian’s Abigail Lovell On The World’s Most Exciting Emerging Purpose…

Innovation with Purpose: Experian’s Abigail Lovell On The World’s Most Exciting Emerging Purpose Driven Business Models

Prioritize. Of course, there can be many elements that drive success. Focus on what is central and relevant to your business. If the environment is primary to your business strategy, that should be your #1 focus. If it’s not, it can be an area that has your attention, but you need to identify what is the most crucial to create growth and purpose inside your business.

In today’s business landscape, companies that integrate purpose into their core strategy are gaining significant traction. These businesses go beyond profit to create positive social and environmental impact, proving that doing good and doing well can go hand in hand. What are the key elements of these successful purpose-driven business models, and what can other companies learn from them? I had the pleasure of interviewing Abigail Lovell, chief sustainability officer for Experian.

As Chief Sustainability Officer for Experian, Abigail Lovell develops and leads a multi-disciplinary approach to sustainability and oversees the Environmental, Social and Governance programme for the organization. She leads climate change initiatives such as the transition to Net Zero, social impact and the development of a global social impact framework. In her 28-year tenure, Lovell has held several roles across North America including Senior Vice President of Shared Marketing, Vice President of Corporate Marketing and Director of Marketing for Consumer Information Services and Business Information Services. She launched Experian’s first Consumer Advisory Board with key influencers across North America and a Consumer Experience Programme that influenced and strengthened Experian’s relationship with consumers. Sustainability Magazine has recognized Abigail as a top 100 Global Leader.

Can you share a bit about your background and what has led you to this moment in your career?

I’ve been with the company for 28 years. I started in product marketing roles and have led different functions during my tenure, including Corporate Communications, Marketing Communications and North America Corporate Social Responsibility. Four years ago, we strengthened our sustainability efforts across the board, from tackling climate change to increasing our focus on financial health. I stepped into the global Chief Sustainability Officer role at this time.

It’s a huge privilege to be part of Experian. This may sound trite, but I love everything that we do to help people, their families, and loved ones around the globe. We’ve accomplished so much as a team and across the business. But there is a lot more to do.

Can you share a pivotal moment in your career that inspired you to integrate a sense of purpose into your professional journey?

It is astounding to me that only a third of adults globally are financially literate.

That came into clear focus for me several years ago when I visited Brazil. I met a woman named Lydia who stood in line at one of our consumer fairs. Lydia was a single mom, and she was there to re-negotiate her debt using a free service offered through Serasa Experian called Limpa Nome (“Clean Name” in English). The debt’s burden made it a challenge for her to be able to feed her two children. With our help, she was able to renegotiate what she owed. Lydia is one of millions of people who are desperate to dig out of debt, and that made me realize that we have so much work to do to help people like Lydia all around the world.

Can you describe your company’s mission? What societal problems are you solving? What customer problems are you solving?

Experian’s goal is to bring financial power to all. We create social innovation products and initiatives that make a positive impact in communities and people’s lives. Our innovations are fueled by our commitment to diversity, equity, and inclusion. We leverage technology and use analytics, software, and unique data sets to solve a wide range of challenges for clients and consumers across industries, across the world. Most know us as a credit bureau, but we are so much more.

We have more than 22,000 employees who come to work every day with the goal of helping people thrive in their financial lives. Roughly 57% of people in the U.S. are financially illiterate and 28 million are credit invisible. That means many people don’t know the basics of budgeting, saving, and investing, and millions do not have a credit history, which can be a barrier to life goals such as higher education, a home, a vehicle, and building generational wealth.

Experian provides solutions in a variety of ways. Products like Experian Boost and Experian Go can facilitate consumers’ equitable access to financial resources. We work with our clients to prevent fraud and identity theft. More than 65% of U.S. health care providers manage their revenue cycle in a simpler way by leveraging Experian’s technology and data sources to streamline payments and other core aspects of the administrative journey of care. Clear and accurate billing helps ensure a smooth process, reducing stress for the patients and minimizing delays for providers.

Do you have a big hairy audacious goal for your organization and its impact on the planet?

Absolutely. We published our positive social impact framework this past year, Helping People Thrive on their Financial Journey. I’m incredibly excited about this new ambition. The reality is that financial health is embedded in our DNA, and we now have it as our global ambition as a company. It’s embedded in our innovation, strategic planning, employee hackathons, and more.

We look forward to sharing how we are measuring our positive framework and communicating that in the future.

Can you please describe some of your successes to date?

Our commitment to inclusion and belonging in our workforce fuels our innovations. We celebrate our colleagues’ perspectives, ideas, backgrounds, and experiences that lead to the products and services we bring to market. Our Social Innovation fund provides the support for many of these organically created and grown ideas that end up making a big impact for consumers and clients.

Meeting consumers where they are in their financial health journey is critical to our work. That’s why we launched our United for Financial Health initiative to help underserved consumers as we emerged from the COVID-19 pandemic. We provide financial support and resources to nonprofit organizations across the globe such as Operation HOPE and the Singleton Foundation in the U.S. and the National Numeracy Trust in the UK. And to modernize conversations around money and credit, we also partner with influential voices such as Jake Wesley Rogers, Lecrae and Prince Royce to share information about financial literacy.

How would you describe your business model? How is impact engrained in the business model?

At Experian, we believe that data has the power to transform lives. Our business model is built around leveraging data, technology, and analytics to empower individuals and businesses with financial insights.

At Experian, we are a global technology and data company that’s much more than a credit bureau — we’re a force for financial empowerment. By using data for good, we’re helping individuals, businesses, and entire economies thrive.

Financial Inclusion as a Priority — We believe credit should be a gateway, not a barrier. Through innovations like Experian Boost, consumers can improve their credit scores using alternative data sources such as utility and rent payments, helping millions qualify for better financial opportunities.
Fighting Fraud & Protecting Consumers — In an increasingly digital world, security is paramount. We develop cutting-edge fraud detection and cybersecurity solutions to protect individuals and businesses from financial threats.

Can you share an example of an innovative solution your company developed that aligns with your core purpose?

Experian Boost is a first-of-its-kind service designed to help consumers improve their credit profile and thrive financially. Nearly 15 million people have connected to the feature to report their utility, telecom, and video streaming service payments. The service tackles inequity and exclusion from the credit economy by enabling consumers to add positive payment history that reinforces their personal financial reliability directly into their Experian credit file, which can potentially boost their FICO Score instantly.

Many purpose-driven businesses have struggled to achieve growth. What are some of the biggest mistake’s purpose-driven businesses make in their business model and approach to selling to customers?

That’s an important question. I think it’s one that businesses should consider on a regular basis. There has to be balance in the approach. And I believe that you can achieve social impact in product innovation and have commercial impact. As an example, we recently launched Support Hub in the UK. Support Hub provides a ‘one stop shop’ solution for consumers who want to share their support needs with the brands they have relationships with. Regulators understandably expect banks, telcos, insurance providers and other consumer brands to recognize any form of vulnerability and adapt to support their customers accordingly. We simply provide a single solution that saves consumers time and helps brands to know how they can best help individual consumer needs.

With the design of your business model, what has allowed your organization to achieve growth and deliver on impact?

Experian aims to bring financial power to all. Our commitment to inclusion fuels our innovations that provide equitable access to financial tools, especially for underrepresented communities. Whether it’s being able to continue your education, feed your family, buy a car or a home, we aim to be the positive change in people’s lives.

What are your “5 Things You Need To Create a Successful Purpose Driven Business Model”? If you can, please share a story or example for each.

1. Collaborate and scale. It’s not enough to be a leader with a big idea. It’s only when you can work with others on the goal and execution that a big idea becomes a mission that everyone supports.

2. Make sure your plan has exposure to leadership at the highest levels. At Experian, that means our Group Operating Committee and our Board. It’s not just for visibility; I want their feedback and insights.

3. You can’t operate on an island. When I started my role leading sustainability, it sat outside the business, on its own island, so to speak. Slowly but surely, we’re now integrated fully into the business and operations. That’s where a purpose-driven model works the best and syncs with the business strategy.

4. Prioritize. Of course, there can be many elements that drive success. Focus on what is central and relevant to your business. If the environment is primary to your business strategy, that should be your #1 focus. If it’s not, it can be an area that has your attention, but you need to identify what is the most crucial to create growth and purpose inside your business.

5. Empower your employees to be your biggest champions and advocates. Experian’s goal is to create a better tomorrow, and especially when it comes to corporate social responsibility, our teammates are a big reason for our positive impact. Involve your employees in every aspect of strategy. Support their volunteerism. Donate products to community led organizations or encourage employees to donate their own time. Make them a part of your strategy and get them engaged in telling friends, loved ones, and family what you do for society.

What do you envision for the future of purpose-driven businesses, and how do you see your company contributing to this vision?

I envision a future where purpose-driven businesses like Experian become the norm rather than the exception. These companies innovate not just for profit but to address pressing domestic and global issues, such as access to finance for the underserved, climate change, and our youth getting a strong footing in their financial lives through financial literacy and education. Also, emerging technologies are poised to play a pivotal role in facilitating the shift towards purpose-driven businesses, such as data transparency, sustainable innovation, and impact measurement. These areas represent opportunities for Experian and other businesses to achieve their commercial and social impact ambitions.

How can our readers further follow your work or your company online?

This was great. Thanks for taking time for us to learn more about you and your business. We wish you continued success!

Innovation with Purpose: Experian’s Abigail Lovell On The World’s Most Exciting Emerging Purpose… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.