Industries
As we enter the holiday season, headlines abound around the shifts and trends in retail. Here from retail expert John Squire on the latest evolutions in the space.
Consumers swipe their credit cards at staggering rates, but drilling into how each individual uses their card can reveal telling details about their lifestyle and spend.
Creating a customer journey map, and seeing it through from acquisitions to collections, can help you better define messaging and channels to best reach your audience.
Direct mail is dead. It’s so 90s. Digital is the way to reach consumers. Marketers have heard this time and again, but is it true?
As more collectors transition from "dialing for dollars" to digital solutions, they are seeing early results and success with virtual negotiation tools.
All communities are impacted by the contributions of Hispanics, and now is the time for FIs to reflect upon their largest growth opportunity.
APIs--Application Programming Interfaces--are the hidden backbone of our modern world which allow software programs to communicate with one another.
In Experian’s latest State of Student Lending report, we dive into how the $1.4 trillion in student loan debt for Americans is impacting all generations in regards to credit scores, debt load and delinquencies.
Many institutions take a “leap of faith” when it comes to developing prospecting strategies as it pertains to credit marketing. How can a data-driven approach help?
Mandatory updates to data reporting and collections procedures have been announced and implemented. Have you made the required changes?
Financial health means more than just having a great credit score or money in a savings account.
The first wave of Gen Z are coming onto the credit file. Here is a first look at how they are behaving, and what this means for businesses and finance companies.
New CFPB study demonstrates the importance of moving forward with inclusion of new sources of high-quality financial data — like on-time payment data from rent, utility and telecommunications providers — into a consumer’s credit file.
Experian took a deep dive into the data and performance surrounding the credit union universe in their first-ever “State of Credit Unions” report, featuring insights utilizing data from both 2015 and 2017.
Weekend getaways, beach vacations and summer camp are all part of the beauty of summer. But they can come with a hefty price tag, and many consumers delay payment by placing summer fun costs on a credit card. In a recent study by Experian and Edelman Berland, travelers rely heavily on credit for vacation purchases and unexpected costs, and many charge more than half of their vacation this summer. A whopping 86 percent spent money on a summer vacation in 2016—an average of $2,275 per person with $1,308 of that amount on credit card spending. And 35 percent of those surveyed had not saved in advance. Even consumers who budgeted for vacation typically accrue unexpected costs. Sixty-one percent of those who set a budget ended up spending more than they planned. Accumulated debt doesn’t bode well for consumers. In the first quarter of 2016, consumers had an average of $3,910 in credit card debt, according to Experian data. That's $44 less than in the fourth quarter of 2015, but up $142 year over year. Overspending on vacation puts consumers in a more hazardous position to rack up debt during the holiday season and carry even higher balances into 2017 and beyond. Many consumers who are overspending consolidate summer debt, and proactive lenders can take advantage of that activity by making timely offers to consumers in need. At the same time, reactive lenders may feel the pain as balances transfer out of their portfolio. By identifying consumers who are likely to engage in card-to-card balance transfers, lenders can prepare for these consumer bankcard trends. Insights can then be used to acquire new customers and balances through prescreen campaigns, while protecting existing balances before they can transfer out of an existing loan portfolio. Lenders can also use tools to estimate a consumer’s spend on all general purpose credit and charge cards over the past year, and then target high-spending consumers with customized offers. With Memorial Day and the end-of-the-school-year fast approaching, card balances are likely already on the rise. Now is the time for lenders to prepare.