New Leadership Change Leads To Out-of-the-Box Thinking At Equifax
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With new leadership changes comes uncertainty, ambiguity, and questions. Will the new regime carry on the same principles as the old guard? Will they place emphasis on the same values that both employees and customers know and love? These are all considerations that Equifax, a leading provider of financial insights, experienced when it recently underwent a leadership change.
This change for Equifax also came with a challenge: how to think outside the box to better support customers. The company has been known for supporting the financial future of individuals and organizations around the world with unique, trusted data and innovative analytics. So how was it going to move its legacy and reputation forward in this new leadership era?
After trying numerous tools that were hard to manage, learn, and create appealing data visualizations, the company looked to TIBCO Spotfire® analytics for its ability to make impactful visualizations that customers and employees alike could easily understand and touch. Implementing a data visualization tool enabled Equifax to transform in three ways: build new products to deliver insights, demonstrate value to potential clients, and report transparently on operations and finances.
As a result, Equifax saw a 75 percent time-to-market improvement rate, 20-30 requests per week for Spotfire® access, and steady annual revenue growth. In addition to these positive business outcomes, Equifax was able to provide more dynamic insights, which changed customer perceptions and supported the vision of being a trusted, customer-centric partner.
What’s more, teams within the company are now able to build customized visualizations of a client’s portfolio, showing their return on investment and the value they can expect in a way that is easy to consume and understand. Lastly, Equifax is able to use the massive amounts of data it collects for good, making it more accessible and understandable in order to help the credit invisible population–consumers with no credit data. Banks can now access alternative data other than credit to make lending decisions to those who need it.
Equifax’s new leadership team was successful in thinking outside of the box to innovate in order to help the credit invisible population while continuing its legacy of being a trusted, customer-centric partner.
Learn more about how Equifax transformed into a leading provider of insights for customers with the help of data visualization in our full success story.