Nilay Patel

whether or not they think they're going to get paid back.

Being able to do that at scale and saying all of these should be centralized stores of information and not more local, right?

It's my local bank and my local community that needs to evaluate my risk profile.

There's something about that scale that feels different.

And obviously Experian enables massive scale.

Do you think your responsibility is different with scale?

It's definitely worked to make the cost of capital come down in various ways, although who knows what's going on right now.

Every day could be different.

But I think my question is very – That's predictable.

But I wonder if the tradeoff is a feeling of disempowerment for the actual consumer.

And that's one of those tradeoffs that it's hard to – yes, there are some privacy laws in the United States.

There are not very many.

Yes, there are some recourse against a financial institution or if there's a data breach, but there's not many.

And so I'm just interested in that tradeoff, in your perspective in that tradeoff.

I will say that you have perfectly teed up the decoder questions as you describe the structure of multinational banks because experience org chart to me from the outside is bananas.

straightforwardly.

There's Brian Kasson, who is the CEO of Experian.

Then there are CEOs of regions.

So there's a CEO of Latin America, from North America.

And then there's you, and you were the CEO of technology and software.