Experian is enhancing its consumer financial guidance with the latest version of its AI-powered virtual assistant, EVA 3.0. This move signifies Experian's strategic shift from credit reporting to becoming a technology-driven services provider.
The upgraded assistant leverages generative AI to offer personalized insights into how daily spending impacts overall finances. It integrates with connected financial accounts and open banking, allowing users to analyze spending, identify recurring subscriptions, and take actions like canceling services or negotiating bills.
Beyond insights, EVA 3.0 can now execute tasks directly, such as initiating a credit freeze with explicit confirmation steps. "EVA can now take actions, not just answer questions," stated Jack Yu, director of product management for generative AI at Experian.
The development of EVA 3.0 began in late 2022, inspired by the mainstream traction of generative AI. Experian previously used a rules-based chatbot, but the new version utilizes large language models for a more interactive consumer experience.
Experian emphasizes built-in protections, designing the system to operate within strict privacy and security regulations. The assistant provides financial guidance, not licensed financial advice, and sensitive data is not stored within AI models. "We explicitly restrict financial advice. We focus on financial guidance," said Debbie Hsu, executive vice president of product at Experian Consumer Services.
The company focused on rigorous governance and internal rules for AI outputs, treating them with the same scrutiny as credit data. "We treat generative AI outputs with the same rigor as credit data. We built governance in from the beginning," Yu added.
Experian sees EVA evolving to offer more personalized assistance, integrating with broader financial services, including its Insurance Marketplace, to help users monitor rates and manage subscriptions. The company maintains that trusted data remains its core differentiator.