Equifax Inc. (EFX) Earnings Call Transcript & Summary

Good morning, everybody. Let's get started with the presentations for day 2 then. And we're pleased to kick it off today with Equifax's CEO, Mark Begor. So Mark, firstly, thank you for being with us here at our third annual ESG summit. We're very pleased to get Equifax involved with the summit for the first time this year. And as we noted earlier, the theme of the day is social progress. And while not the first name that might come to people's minds, we do believe that Equifax does fit in perfectly.

So maybe with that as a setup, perhaps you could help us appreciate why Equifax does fit in social progress today.

Yes, I'm happy to, and thanks for including us. We're really pleased to be here and it's important priority for Equifax more broadly, our ESG initiatives. I think you know, Manav, that in the last 12 months, we've really expanded our commitment broadly to ESG, whether it's around the environment, social issues, diversity, security and, of course, the role we play in our communities, which is really around access to credit and education around credit. I think on the environment, as you know, we made a net 0 commitment last fall by 2040, so a big deal there. We've expanded diversity of my leadership team, of our Board across Equifax. So that's another big priority. I mentioned around our security goals, very big as a part of our ESG commitment. And then really at the heart of Equifax is our purpose. About 2.5 years ago, we rolled out a purpose of helping people live their financial best. And it really centers around the broad role we play in every community we operate in, whether it's here in the states or the 25 countries around the globe where we operate. And we're just so intertwined in people's financial lives, which has really drove that purpose of ours around helping people live their financial best. And whether you're a consumer in the United States here that's applying for a mortgage or a home equity loan, over 20 million consumers will benefit from Equifax data in either buying that first home or buying that second home or third, a credit card, their first credit card, their second credit card, a personal loan, an auto loan, a school loan for your child, buying a refrigerator on credit. Of course, we're involved in helping people get their next job with the data we provide to the background screening space. We're very involved, as you know, in people's lives when they have to access social services when they need that kind of support here in the states. So that intertwining in people's lives is just so important to us around making it easier to apply for credit, helping people access credit through our alternative data or all the other verticals where our data is used.

Got it. 20 million consumers. That's obviously a very important and big number and highlights, I think, the fundamental advantages of having consumer credit bureaus. But let me ask you to just take it a step further and talk about kind of this larger theme that we're trying to focus on, which is financial inclusion or help -- the people who don't have a credit history. Can you maybe just start off by setting the stage on what that target market looks like for you and why it's important?

Yes. Let me say it's important to us, but as importantly or even more importantly, it's important to our customers, the financial institutions, the fintechs. It's important to our regulators, the CFPB. It's important to politicians. I'll use the U.S. market. And I think as you know, there's a very large portion of the U.S. population -- literally 1 in 5 or 60 million U.S. consumers are either thinly banked or unbanked. And unbanked meaning is they don't have a formal financial product. Thin banked means that they may have access to it but not full access. And what that means for those consumers is they are paying higher interest rates. They're going to payday lenders. They're going to rent-to-own companies. They're going to check cashing operations. And we really believe a big part of our ESG priorities, a big part of how we're trying to help access to credit is using our differentiated data, the alternative data we have at Equifax to really move people from the unbanked or thinly banked portion of the population into the formal financial environment. We know we can do that with the alternative data we have, which is a very powerful benefit to so many consumers in the U.S.

Got it. So I guess that's a nice segue into the next question, which is there's a lot that Equifax has in the form of data, technology. Basically, there's a lot that you can do to help this credit-invisible population. So maybe just walk us through some of the high-level big items that Equifax is doing to appreciate this journey.

Well, I think it starts with our differentiated data. We believe and I'll give you a couple of examples that we have data at scale that our competitors don't have. That allows us to really combine that with the credit file data that we do have on the consumer, combine these other alternative data assets and increase their credit score, increase their access to credit. And it's all enabled by our cloud initiative that we launched 4 years ago. As you know, we're going cloud native with our $1.5 billion investment in cloud technology. We're also going to that Single Data Fabric. We're going to move all of our siloed data asset into a single keyed and linked set of data around every consumer. And some of the data assets we have are really quite sizeable around consumers that are additive to the credit file that helps us score or improve the credit score on some of those thin file or no credit file consumers, the 60 million that don't have access to credit. One is our NC+. We call it cellphone utility database, where we have payment records for virtually every American's cellphone utility records. So you've got most Americans have a cellphone, and we have the payment records. And if consumers pay that bill on time every month but they don't have a credit file, that can be added to their credit file and help score that consumer. You can add to that rental payment data that we're starting to build out. We've also made 2 acquisitions in the last 3 years around large-scale data sets that are outside the credit file: a company called DataX, as you remember, we bought in 2018; and then last year, we bought from CoreLogic, Teletrack. And combining those 2 data assets, we now have close to 80 million records on consumers from outside the formal financial environment. So payment records around subprime auto lenders, sales finance furniture companies, from rent-to-own companies, all those kind of data assets. And the last one I'd spike out that's very valuable is income and employment data. I think you know our twin income and employment data adds to that thin credit file and has the payroll records, meaning how much does someone make, how long have they been working, which enhances their credit file. And we see meaningful lifts of where we can move unscoreables, meaning they have no credit score, or those that have credit scores increased their credit score by adding this data together. And it really drives down that social purpose, that ESG priority we have, to expand access to credit.

Got it. Can you also talk about the other initiatives? I think you introduced another -- the U.S. credit report in Spanish, for example. But also, even more sophisticated than that, perhaps just what you're doing around the buy-now-pay-later market, which is obviously in the papers quite often.

Yes, I did say great initiatives on our part, and I'm pleased that you're aware of them. First are the Spanish language credit files. You know there's a very large Spanish and Hispanic population in the United States. We saw it as a priority to have a fully translated credit file. So now if you come to Equifax, you can obviously get a credit report in English like our competitors. We've all had that for quite some time. We're the only one that has a Spanish language credit file. We think that's really important around access to credit and was totally aligned with our view of supporting consumers and around our ESG priority. As you pointed out, we're also collecting data now from BNPL participants. That adds more data and enriches that data file, and there'll be a lot of these 60 million consumers that are either underbanked or thinly banked that will have access to that. So that's another approach that we've had about just expanding the alternative data and using our cloud abilities to deliver that to our customers, so they can expand off the products that they offer. So give a consumer a larger loan through the alternative data, give them a lower interest rate. Or more importantly, get some of these 60 million consumers that don't have access to formal financial products. With this additional set of data, it gives our customers the ability to underwrite them and bring them into the formal financial environment, which we think is good for our country. It's good for the consumers that it benefits.

Got it. That's quite an impressive list of initiatives and capabilities you listed out. And I wanted to -- we'll be hearing from Experian shortly too. But I think we've all seen Equifax, Experian and TransUnion have come together during the last couple of years during the pandemic. So perhaps maybe just talk about the power of that.

Yes, I think it's really important that we work together as an industry. And we have close collaboration with both TU and Experian. Obviously, we compete with them. But there's things that we can and should do together. And I have a regular dialogue with the other 2 CEOs. We get together once a quarter, maybe even more frequently, where we're talking about what are things we should do together to really support consumers in our -- in the markets that we operate in. And I think, as you know, during the COVID pandemic, the 3 credit bureaus came together and offered free credit reports to consumers, which we typically wouldn't do. As they're stressed during the COVID pandemic, we extended that through 2022. So that was one important initiative. Most recently, we came together as an industry and proactively said we're going to stop adding medical debt under $500 to the credit file. And that's one where those inadvertent payments that aren't made by a consumer can have an impact on the credit file. And we knew that, that was something that would help consumers, that they can deal with resolving that issue, but not have it impact their credit scores and their credit file. And it was also something that our customers, we collaborated with them on. They were very supportive of that change to the data that goes into the credit file. And it's also something that was a priority for our regulator, the CFPB, and for most politicians to make sure that we're supporting consumers. So that was another example, and there'll be more. We're constantly looking at that industry about how we can work together to do things that benefit the consumer because we're all aligned around this priority around supporting consumers as a part of our social justice, social support as well as our ESG priorities.

Got it. That's good to hear. Just one other element I wanted to tie in with respect to Equifax. We spoke with Bryson, your CTO, recently. And clearly, it sounds like your tech transformation can play a massive role in aiding these initiatives. So what do you think about the power of that now?

Well, we think it's going to be transformational for Equifax. You've heard us talk about it quite a bit in your conference last week or a few weeks ago, we talked about it. We think the cloud is really instrumental. To be a data analytics company, you have to have great technology. And we think the best technology is going to be cloud native. It's going to allow us to be always on to deliver nine nines of stability, deliver speed of data transmission to our customers. But most importantly, for this priority, it allows us to ingest more data so we can bring more data in whether it's rental payment data, whether it's some of this alternative data. And then in our Single Data Fabric where we've got it keyed and linked, every data element on Mark Begor in our data set, we tie together versus sitting in siloed data assets in our old legacy environment. That allows us to bring those data elements forward to our customers so they can decision off that. And we both know that as you add more data elements together, you drive the predictability of the decision, meaning you can have higher approval rates, offer larger loans at lower interest rates and lower loss rates that are really going to be beneficial for our customers because they're going to be able to expand their business. But most importantly, they'll be beneficial to the consumers that can really need that help, in particular, that 60 million of underbanked or thinly banked consumers that are across the United States.

Got it. That makes sense. Lastly, Mark, and this will be a nice transition into our next 3 speakers. But you've obviously got a lot of capabilities and functionality. But is partnering with the large and growing fintech ecosystem important as well for your financial inclusion initiatives?

Very much because they're really focused on it. First off, I'd say all our customers are, big or small. But the fintechs are very innovative around technology. They're very innovative around alternative data, meaning using alternative data that we described. And they have a real focus around financial inclusion also just like we do. And so partnering with the fintechs around data coming in, whether it's BNPL players or others, but also the alternative data we have, the scale of unique data that Equifax has, bringing it to them is a big part of our strategy. So we've, as you know, expanded in the last couple of years the resources we have supporting the fintechs. We have close relationships with the BNPL players and the more traditional fintechs to try to help them access our differentiated and alternative scaled data to help grow their business so they can expand their capabilities to all customers. But they have a real focus on the near-prime -- subprime consumers is an area of focus for many of our fintech partners.

Got it. And so just as we transition over to the next 2 presenters, maybe just a brief word on Joy and the 2 partners that we'd be hearing from.

Yes. We're really excited to have 2 of our partners join the conversation with Joy Wilder Lybeer. Joy is our Chief Commercial Officer for our USIS business, so very involved with our bigger FIs but also very close to our fintechs. And we have 2 of our really key partners. One is the Chief Risk Officer from SoFi, Aaron Webster, also a good friend of mine. We worked together at GE in an earlier life. And then Patrick Kirscht, who's the Chief Credit Officer for Oportun. So 2 great partners that are leveraging our differentiated data. And I know that Joy and Aaron and Patrick will have a great conversation about how they're working together to really expand access to credit using their data as well as Equifax's differentiated data.

Great. That's -- looking forward to that. So Mark, thank you so much for your time. And let's transition now and bring in Joy to move into those discussions with us.

Thanks so much for having me.

Okay. Joy, thank you for being here. I'm going to hand this over to you and ask you to perhaps start by briefly introducing yourself and your role at Equifax and then take it away into the panel discussions with Oportun and SoFi.

Fantastic. Thank you, Manav. I am thrilled to be here today to talk about a very important topic, helping to enable access to credit across the entire U.S. ecosystem. I'm Joy Wilder Lybeer, and I serve as the Chief Revenue Officer for the U.S. business at Equifax. And joining me today is Pat Kirscht, who serves as the Chief Credit Officer at Oportun. Oportun and Equifax are great partners, and we together are working diligently to ensure financial inclusion in the marketplace. So thanks, Pat, for joining.

Yes. Thanks, Joy. Yes, we'll talk a little bit about how Oportun has been expanding credit. Really, Oportun has been expanding credit since inception of the company and has been certified by the U.S. Treasury Department as a community development financial institution since 2009, otherwise called a CDFI. The U.S. Department of Treasury provides a certification to financial institutions that have a mission to provide fair, responsible credit to communities that mainstream lenders do not traditionally serve well. Oportun has dispersed over $13 billion to underserved and low-to-moderate income communities. This is something that we're really proud of here of Oportun. Many of these individuals did not have a credit score when they first came to Oportun for a loan. And through the process of reporting payment behavior to the credit bureaus and through the -- we've been able to help establish 1 million credit scores for these individuals. In addition, many of these consumers that come to Oportun have inquiries from high-cost lenders such as payday lenders. Oportun only offers loans that are priced below 36%. And since Oportun is affordable and competing products are over 5x more expensive on average, Oportun has saved our members more than $2 billion in interest and fees based on a study prepared by the Financial Health Network.

Wow, that's incredible. Your track record is tremendous. And one of the things that I love about this topic is that the ecosystem, the industry is not doing it alone. We are relying on partnerships and working together to ensure financial inclusion. And I know partnerships is an important topic at Equifax but equally important to Oportun. Can you talk about a couple of the partnerships that are -- you believe are pivotal to your success in the area of access to credit?

Yes, partnerships is something that we've really been focused on over the last few years. We've been really focused on growing our lending as a service, which has been expanding access to credit for our partners' customers. Oportun currently has partnerships with 2 different types of partners, partners with physical locations and then partners that are fully digital that do not have a physical location. We currently have 2 partnerships with 2 money service businesses where the partners offer Oportun loans within their retail locations, leveraging Oportun's AI-driven lending platform. Oportun loans are currently being offered in 284 partner locations, and we expect to expand this to 500 locations by the end of 2022. So something that we're really excited about, a big growth area for Oportun has started in there.

Yes. No, no problem. So it sounds like expanding reach has everything to do with what you first started talking about, ensuring that your data and analytics is encouraging that access. But also, physical presence, digital presence and your partnerships are helping to expand your reach.

Yes. I focused on the partnerships that have a physical location. We also have partnerships that are fully digital. Oportun previously announced a partnership with Sezzle, a leading mission-driven buy-now-pay-later solution, where through the partnership, provide consumers more choice when financing higher-value purchases at many of Sezzle's 47,000 online merchant partners. Through the partnership, consumers choosing to purchase higher-value items, including electronics and other home goods, will have the option to check out then finance their purchase through Oportun, leveraging Oportun's AI-driven lending platform. This partnership is on track to launch in the second half of 2022. Once the Sezzle partnership has launched and up and running, we plan to offer this solution to other digital partners. So we're also really excited about this partnership and the potential of offering Oportun products in digital channels with partners.

Yes. That's great. I think the point-of-sale financing element that you raised is quite important to financial inclusion. Having access to credit may not mean I'm walking into a physical location, so thanks for raising that. And that brings me to our next topic relative to technology. Of course, technology and data are key to all of our businesses. And specifically, at Equifax, we've invested heavily in new data sources and access to credit that enables access to credit for over 60 million U.S. consumers who are either unbanked, underbanked and typically not represented in the traditional credit file. Two of those recent investments came through acquisitions at Equifax, DataX and Teletrack specifically. And I know that in our partnership, Pat, you are leveraging those alternative assets and using your AI capabilities to really help expand credit access. Can you share a little bit more about that initiative and how the alternative data that you're using with Equifax is making a difference?

Yes. Here, obviously, we're big users of alternative data. It helps us serve our customers. Teletrack is one of the 20-plus alternative data sources that Oportun uses in its proprietary risk engine that is used to manage credit risk, pricing, fraud and the overall profitability of Oportun's free lending products, which is installment loans, credit cards and secured personal loans. Our machine learning models were built from 16 years of proprietary customer insights and billions of unique data points. The nice thing about leveraging alternative data is it allows us -- in our machine learning models, it allows us to score 100% of customers. Even customers that have no hits, that means there's no information at the traditional credit bureaus or they may be at the credit bureaus but they are nonscoreable, meaning they don't have a traditional credit score. Using the combination of alternative data, cash flow data from bank transactions, traditional credit bureau data, along with their proprietary ability-to-pay score, enables Oportun's risk engine to make highly granular decisions, driving competitive advantage and managing risk for individuals who often do not -- who are often not served well by other financial institutions. With the acquisition of Digit and the expansion of lending as a service, we are now using our competitive advantage in managing risk for a broader set of consumers, including consumers that may have a prime credit score. So we're excited about those growth areas as we talked about earlier.

Yes. That's fascinating. And I'm excited about Digit and what it's going to do across a variety of lending platforms. That's fantastic. Pat, I think the audience would love to learn more about your recent acquisition of Digit. I know that has a lot to do with expanding credit access.

Yes. And it's something we're very excited about. We closed that transaction in December 21. And Digit is a digital banking platform focused on making financial health effortless for everyone. Once fully integrated, Oportun will provide an unmatched digital banking platform, offering a full suite of products designed to meet the everyday needs of hard-working people, including Oportun's free lending products. So we're really excited about that, providing access to those consumers that are using that platform.

So we'll wrap up our conversation today. I'd love to ask you, Pat, to just in a couple of sentences what you think is top of mind for Oportun and for you as their Chief Risk Officer as we move over the next 12 to 18 months. What should we all be doing as it relates to ensuring credit access for the U.S. consumer?

Yes. I mean we -- the things we continue to do is invest heavily in our AI-driven lending platform, and we continue to plan on doing that, adding additional data sources and making it scalable for these new partnerships we talked about. So we want to be able to really focus on lending as a service and scaling that across multiple partnerships. And I know we talked about a few here today. We're looking to expand that to a few more or several more partners. And then also the Digit platform, really there, we want to make financial health effortless for the Digit customers, the customers on that platform, and be able to offer Digit to our Oportun customers and Oportun lending products to Digit customers. So those are the things that we're really focused on here for the next few months.

I love that. Financial health should be effortless, and we have a responsibility to the U.S. consumer to ensure that they have the access that they need to reasonably priced appropriate credit vehicles. So thank you so much for your partnership with Equifax and what you're doing to ensure a financial inclusion. I'm going to chat now with Aaron Webster, the Chief Risk Officer at SoFi, to continue the dialogue. Wow, so great to see you, Aaron. Thanks for joining me this afternoon.

Hey, Joy. Thanks so much for having me.

Fantastic. Well, we had a great discussion with Pat just now relative to the power of providing access to credit to all consumers. And I'd love to continue that dialogue with you just now and understand SoFi's take on financial inclusion. When you and I were chatting earlier, I was really taken with your notion of consumer journey and how you and SoFi have worked together to ensure financial access across the life stages of a consumer. Can you talk a little bit more about that?

Yes. Absolutely, Joy. Thanks. This is really core to our ethos at SoFi. Our mission is really to help our members achieve financial independence and really achieve their ambitions. And the only way that we do that is that we're with them throughout their financial lives. As they're members, they're our partners. We're not at single points of time or places that other companies may have products. We enable that member experience by being with them in each part of their life and each part of their milestones that they may have throughout their life, whether it's their first major investment like financing or refinancing their education, to their second biggest investment, which is oftentimes buying their home. So I really think of it as members as they continue in their financial lives, they're best positioned to have a partner that can help them borrow, save, spend, invest and protect those assets. And by having the products -- there's a lot of companies that have products. But we're really, I think, differentiated in the fact that SoFi is unlike our digital peer group in that we don't have a single product focused on one thing. We're really equipped to help you solve 3 things, really, what must you do today for your financial health, what should you do and what could you do? And those 3 questions are really essential. What -- they're really the pieces of the ecosystem that help that -- where we differentiate and leverage our ecosystem and our products that really work better together, whether it's using our fee-free Relay personal financial management product or credit score monitoring, you have access to personalized content. You have access to credible advice through certified financial planners and really the opportunity to add additional products with us with really no additional friction. It's all digitally native. And so what I would say, Joy, is it's -- while we originate billions of dollars of loans a year across all of our 5 lending categories, personal loans, home loans, in school or student loan refinances or credit cards, the true value that we have is the ubiquity of being a fully digital bank with a national footprint means we can do just so much more for our members than their lending needs. We actually have the ability to differentiate and be there for our members throughout their financial lives, whether it's meeting them where and when they want to spend, giving them the content and selection that they need and the convenience of anytime and anywhere. So I think that's really how we expand access to not just credit but the overall financial ecosystem. And we do that with really no fees, which is really a competitive differentiator.

Yes. That's so exciting. I've been in the banking business my entire career, too many years to count perhaps. And what you're saying is so logical, but it is, in fact, disruptive that you're there for the consumer across the life cycle, across all needs, not just point-in-time access to credit. Perhaps, financial inclusion is a much bigger concept at SoFi. That's pretty cool. One of the things that I wanted to explore a little bit with you is the power of partnerships. It's my personal passion topic perhaps. And that's the fact that we can be more and have scale and touch more consumers if and when we choose to partner with others. How does that fit into the strategy at SoFi as it relates to financial inclusion?

Yes. I think partnerships are incredibly essential. I think one of the competitive differentiators we have at SoFi is we're so much more than just our iconic consumer-facing brand. We actually operate our business-to-business technology platforms business that enables significant elements of financial inclusion. So Joy, I know that you're familiar with our Galileo financial technology in your platform business. But for those that's not, we power about 80% of the neobanks, emerging fintechs, really across a myriad of use cases, whether it's access to deposit products, whether it's access to buy now, pay later, these are all products that we actually are able to enable through Galileo. And we're in the process of really building out a continuum of credit offering that allows us to serve people that don't have credit, that are new to credit with secured credit offerings. And even some of the other use cases I mentioned like buy now, pay later or graduated credit and things like that. So what I think is really amazing is Galileo's partners and our partners are really allowing us to serve groups that otherwise would be unserved or underserved. And so while I love the fact that one company has an opportunity to have an impact, the beauty of Galileo is that we just have an amplification effect on the industry, meaning we could do so much more using the platform play than just one company serving a bespoke group. So we topped over 100 million accounts on Galileo's platform in Q1 of this year. And we're just getting started. So we've been in the U.S., and we're incredibly excited about the partners that we have here. But we're also moving into Latin America to drive financial inclusion. In those markets, we still see over 50% of the population not having access to the financial system. And our ability to drive meaningful change there is really a pride point for me personally and something that SoFi and Galileo are doing to really change the world. And so that's just so exciting, and it's something that we're doing beyond our shores. And so financial access is much bigger than just thinking about the U.S.

Yes, fantastic point. And I think that leads me to my third question for you, I guess. You mentioned technology as the key to scaling what you're doing much more beyond the doors of SoFi. I think that's also true perhaps with your acquisition of Technisys in the first quarter. Could you tell us more about the end-to-end technology stack you're creating with Technisys and Galileo? You mentioned that. How is Technisys adding to that power, I guess?

Yes. I'm really excited about what Technisys brings us. It's an exciting addition to our technology platform business. It really offers us the most modern digital core banking solution that allows us to power the future of not just SoFi-branded products, which is amazing, but also allows us to integrate Galileo's suite of payment enablement tech and provide really unmatched flexibility to create financial product innovation. So the platform offers what I would call traditional like prebuilt existing products, right, so things that you know and love like deposit accounts or credit cards or personal loans. But it also allows you actually to have primitives that give developers so much more sort of the building blocks, the LEGO blocks, to actually go and innovate and build something new. So rather than just being constrained by you take something off the shelf and that's what you get, we're also really excited about the inflection point in really the legacy banking infrastructure in the country. And thinking about our financial system, it really still runs on legacy mainframe platforms that are really end of life. They lack support. They're increasingly unable to meet modern compliance requirements. And we really think that by offering this cloud-native platform that provides streaming data and high availability and lower total cost of ownership, it really unlocks innovation in ways that benefit financial inclusion. Both at home in the United States and increasingly in Latin America, Technisys is now -- has customers across 15 markets, primarily in Latin America and now North America. And so we're just incredibly excited about also the synergy in bringing us more people and platforms in countries across Latin America.

That's fantastic. What strikes me with your commentary is that technology is economically agnostic. And you are leveraging the power and the scale of technology, as you referenced, to help U.S. citizens have access to not only credit but all financial products and services but even beyond our borders. That is super, super cool. Any last words for our audience today about what's on your frontal lobe to drive more financial inclusion over the next 12 to 18 months?

Yes. We have so much planned. I mean SoFi will continue to lead in market and innovation. We've really been focused on harnessing the power of ONS data. And so as our member ecosystem continues to explode and grow, we're also able to take advantage of all that ONS data to drive better experiences in credit. So our teams of risk data scientists has been spending a ton of time on the future of things like income verification, which we work closely with Equifax on. But also to ensure applicants really have the best chance of managing their debt, and so we're focused on leveraging the strengths of both our strength in technology and analytics to drive meaningfully better outcomes. And that's why we see consistently the durability of our lending products outperform the market. But we're also focused on letting more people have access to those lending products. And so we're leveraging the strength of both our brand as well as distribution to serve more applicants through partnerships. So if you consider that today for a personal loan, SoFi really only approves at 3 out of 10 applicants. And so we have a significant opportunity to further extend the ability of people to use our products and their ability to be, from an eligibility perspective, be served by them. So we're really excited about continuing our path in developing financial access and letting people use our platform in a greater scale.

That's fantastic. Thank you so much for joining me today. And I also want to thank Manav and his colleagues at Barclays for asking us to participate in the summit. I think all of the points that Pat and Aaron have raised, including the importance of innovation and distribution, technology and partnering, are key to all of us making more progress in fulfilling our commitment to the financial health of all consumers. And we do that by being better together. So thank you, Manav, for this opportunity, and I'll turn it back over to you now.

Thank you so much, Joy. That was really good. Clearly, Mark highlighted the power of what Equifax is doing. But I think your passion on these partnerships clearly showed. So Aaron, thank you for being here as well and Pat as well before that. Really appreciate it.

Great.

My pleasure.

Thank you. Yes. And for the audience, please stay tuned. In a couple of minutes, we'll be switching to our next panel, which will be hosted by my colleague, Paul Sullivan, and he'll be talking to Experian's CFO again on this broader topic of global financial health and inclusion. Thank you.