Financial institutions of all sizes increasingly rely on quantitative analytics and modeling for a wide array of financial decision making, including, but not limited to, the underwriting of loans; measuring risk, including enterprise-wide risk measurement; and determining capital and reserve adequacy.

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Looking ahead, all signs point to 2014 being a critical year for companies to become better prepared and have the swift ability to respond to data breaches. To accomplish this goal, it is imperative that companies understand the evolving data breach environment. Based on our experience, there are six key predictions companies should monitor in 2014.

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To offset economic pressures and generate returns required to drive greater earnings, which will fuel future loan growth, portfolio managers are aggressively expanding their policies and practices to drill more deeply and frequently into their portfolios by identifying those members where relationships can be expanded and conversely identify those which are accelerating debt and stress.

To do that, a growing number of lenders are finding that it pays to look not only at a score or snapshot of a consumer profile, but take into consideration the magnitude and direction of change as well as frequency of review on all obligations and beyond the obligations they manage.

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Jim Rohn once said, “Your life does not get better by chance, it gets better by change.”

According to recent market intelligence, retail spend continues to trend up, translating into increased balance growth on new bankcard and retail card originations.

Retail spend continues to trend up from a year ago driven by continued demand for autos in addition to growth in clothing store and restaurant sales. Translating into increased balance growth on new bankcard and retail card originations, particularly seen in the super prime and prime consumer risk segments, where balance growth and origination volumes had been down a year ago given relatively cautious sentiment. This is an encouraging sign in consumer confidence given the overall economic trends in unemployment and downward pressure on home prices.

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A record 12,788 lawsuits were filed in 2011 against accounts receivable management companies for regulatory violations, with the majority related to the Fair Debt Collection Practices Act. This year began with increased concern from the collection industry as the Consumer Financial Protection Bureau (CFPB) shows heightened interest in debt collectors.

With this increased scrutiny, collection companies are under the microscope even more than before. Companies face potential litigation, fines and negative publicity if they attempt to collect on past-due consumers without proper handling. It’s now critical to identify accounts with a protected status before making collection efforts, in order to minimize legal risk and optimize your resources.

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