Experian, a financial services heavyweight, recognized the need to innovate smarter in a market that was evolving rapidly. They wanted to identify disruptive opportunities beyond their core business of Credit Expert to drive future growth and ensure their business was future-proofed against new entrants.
Sense Worldwide understood that Experian’s size posed challenges in matching the agility of smaller challengers and disruptors. The strategy focused on leveraging Experian’s strengths and relying on smarts rather than speed. The goal was to develop ideas that would withstand the test of time by engaging with entrepreneurial communities living at the edge of culture.
To tap into the entrepreneurial mindset and create a robust innovation pipeline, we engaged entrepreneurial communities within The Sense Network in both the UK and the USA. These radical thinkers shared valuable insights and techniques, enabling the creation of a process that identified valuable ideas and brought them to a stage where Experian’s in-house innovation team could deliver viable offerings in a timely manner.
The collaboration resulted in the establishment of an open innovation platform, including annual hackathons called Experiance Jam, where breakthrough strategies and market-ready B2C propositions powered by personal data were ideated and tested. Experian continues to conduct these annual Hackathons, taking it online in 2020 during the COVID-19 pandemic. The outcomes have proven to be effective in delivering breakthrough strategies and driving innovation within the organization.
Working with Sense Worldwide is seamless, it’s like having one team.
Managing Director, Strategy & Product Innovation, Experian