Today Experian and Moody's Analytics released the Q3 2018 Main Street Report. The report brings deep insight into the overall financial well-being of the small-business landscape, as well as providing commentary around what certain trends mean for credit grantors and the small-business community.
It's International Fraud Awareness Week and Experian would like you to know how big the problem is for businesses.
Today we are celebrating Veterans Day in the United States. With deep gratitude for their service and the many sacrifices made for our country, Experian salutes Veterans across the country, and around the world, and we extend our warmest wishes for a Happy Veterans Day.
Experian Business Information Services recently introduced a powerful new marketing platform called Business TargetIQ. Product Manager, Kelly DeBoer answered a few questions about the product and described use cases that promote greater collaboration between credit and marketing departments.
As a Senior Consultant with Experian Advisory Services, Gavin Harding works closely with many of Experian's FinTech and Financial Institution clients to find solutions to complex problems. We sat down recently to talk about bank partnerships, how they come about, what makes them successful, and how Experian supports them.
We sat down with John Krickus, Senior Product Manager for Experian's Scoring solutions to ask about the new Social Media Insight, and how this data and score are being used to help businesses strengthen scoring models, and create opportunities for emerging small businesses with limited credit history but strong social media profiles.
Are the credit models you are using to make lending decisions more than 2 or 3 years old? If so, you are likely making less than optimal credit decisions. You may be turning down a customer who is a good risk — while taking on customers who are more apt to default on their obligations.
For utility companies, the customer onboarding process can sometimes be a complex, time-consuming, and unpleasant experience, especially if a manual credit decisioning process is in play. Every time a customer interacts with your utility company — be it via the website, telephone, in-person service call, mobile app, or social media — their experience sets the tone for the overarching relationship between the customer and your company.
The appetite for businesses incorporating big data is growing significantly as the data universe continues to expand at an astronomical rate. In fact, according to a recent Accenture study, 79% of enterprise executives agree that companies that do not embrace big data will lose their competitive position and could face extinction.
A gastropub restaurant applies for business insurance and is approved. However, social media insights show the restaurant is declining. Even though underwriters usually take a quick look at social media postings, evaluating the trends of the business is not part of the decision process.
When you’re launching a new product, business line, or starting up a business, you’ve got to move fast and break things. This means taking a minimum viable product (MVP) approach, where you’ve got to sacrifice scalability by implementing manual processes to support the early-stage business. Commonly, a manual process will be in place for credit applications and approvals – pulling the credit report, reviewing the data against a scorecard or policy, and then making the decision. Since this likely takes a day — or often longer — the process decreases your customer’s experience, and can hurt your ability to scale and grow revenue the longer you wait to automate.
For credit and risk managers, how effectively you manage your book of business can sometimes be the difference between tirelessly chasing after accounts for collections or proactively growing your portfolio. Though there may be many factors that affect your specific credit risk management process, the underlying goal to reduce and manage your exposure to risk does not change. To help you successfully manage your portfolio, we address 4 common mistakes you need to avoid:
