Data, Fraud Prevention, and Financial Inclusion: Lessons from Rodney Hood

“The data we have today, when used strategically, will create some win-win customer experiences,” says Rodney Hood, Former Acting Comptroller of the Currency and Chairman of the National Credit Union Association. 

This is one of the key points Rodney made during his fireside chat with Jane Barratt, MX’s Chief Advocacy Officer and Head of Global Public Policy, to kick off Money Experience Summit 2025 in Park City, Utah.

Here are key lessons from their conversation on the current state of financial services and how providers can leverage data to create better opportunities for consumers:

Preventing Fraud through Data

When consumers opt to share their data with their financial institutions, financial providers can play a more active role in their customers’ finances. Providers can identify fraud before it impacts consumers. And, it’s something consumers expect from financial providers. MX research found that 84% of consumers expect their financial provider to proactively alert them when something looks suspicious. 

Rodney shared how he was targeted for fraud — and was saved by his financial institution. His bank immediately alerted him of an abnormal purchase, giving him an opportunity to challenge the transaction. Without clear, actionable financial data, institutions wouldn’t know their consumers on a personal level, nor be able to identify what’s normal — and use this information to protect their consumers.

Data and Partnerships Create Financial Inclusion

“The reason I take financial inclusion so seriously is because I know what happens when you don’t have access. I know about the 40% of our American households who don’t have access to $400 in an emergency or the 77 million households who are credit invisible,” says Rodney. 

Many consumers are suffering and need their financial providers to partner with them to support their financial endeavors. Working with the right people and bringing about the right information can help financial institutions achieve greater financial inclusion. 

Jane asked Rodney about the role of data within financial inclusion, and Rodney responded by saying that data is a “strategic imperative” to promoting financial inclusion. Data isn’t simply nice to have or helpful. Financial inclusion and financial wellness runs on data. 

With customer analytics data, financial institutions can understand where the cracks may be. Are consumers paying their bills on time? Do they have multiple financial accounts? Are consumers working towards savings goals? Are financial services accessible to all? The right tools can help providers turn those data points into greater opportunities and insights for consumers.

Rodney ended his remarks with some key insights about how data is not just a metric, but an opportunity to fully understand the customer journey.

“I want you to view data not just as a metric, but as a narrative of our lives. Not just looking at the numbers, but looking at the story it tells. Looking at what it tells you about that individual, about that family. And that is how you’re not going to be able just to meet their needs, you’re going to be able to anticipate those needs.”

Watch the full fireside chat for a greater look into the role of data in fraud prevention and financial inclusion here.