Industries

Electric vehicle (EV) registrations are re-gaining momentum as a wave of more affordable models hit the market, pushing more consumers than ever to make the transition. According to Experian’s State of the Automotive Finance Market Report: Q3 2024, EVs made up 10.1% of new vehicle financing this quarter, increasing more than 30% from last year. Furthermore, 45% of EV consumers leased their vehicle in Q3 2024—resulting in EVs accounting for 17.3% of all new vehicle leasing. Of the top five transacted EV models this quarter, Tesla accounted for three—with the Tesla Model Y leading at 31.8%, followed by the Tesla Model 3 (14.3%) and Tesla Cybertruck (4.9%). Rounding out the top five were the Ford Mustang Mach-E (3.9%) and Hyundai IONIQ 5 (3.7%). Interestingly, data in the third quarter of 2024 found that consumers’ financing decisions vary based on the EV model they’re looking at. For example, 76.5% of consumers purchased the Tesla Model Y with a loan and 13.1% opted for a lease; on the other hand, only 8.5% of consumers bought the Hyundai IONIQ 5 with a loan and 78.7% chose to lease. Despite the rising interest in leasing as more incentives and rebate programs roll out, some consumers still prefer to purchase their EV with a loan. Understanding financing patterns based on different models is key for professionals as they cater to the diverse preferences and determine the long-term viability of certain EVs and their potential for leasing renewals. Snapshot of the overall vehicle finance market As the finance market continues to stabilize, it’s notable that the average interest rate for a new vehicle fell year-over-year, going from 7.1% to 6.6%, respectively. However, average new vehicle loan amounts increased $736 from last year, reaching $41,068 in Q3 2024, and average monthly payments went from $732 to $737 in the same time frame. On the used side, average interest rates saw a slight uptick to 11.7% in Q3 2024, from 11.6% last year. Meanwhile, the average loan amount dropped from $1,195 over the last year to $26,091 this quarter and the average monthly payment declined from $538 to $520 year-over-year. With the overall market shifting and EVs re-sparking interest, automotive professionals should leverage how consumers are purchasing their vehicles based on average payments and the fuel type as more incentives are being offered. Monitoring these insights can unlock opportunities for tailored financing solutions that meet the needs of consumers as preferences continue to evolve. To learn more about automotive finance trends, view the full State of the Automotive Finance Market: Q3 2024 presentation on demand.

Generative AI (GenAI) is transforming the financial services industry, driving innovation, efficiency and cost savings across various domains. By integrating GenAI into their operations, financial institutions can better respond to rapidly changing environments. GenAI is reshaping financial services from customer engagement to compliance, leading to streamlined operations and enhanced decision-making. The strategic role of GenAI in financial services Adopting GenAI in financial services is now a strategic imperative. A 2024 McKinsey report (The State of AI in 2024) notes more than a 10% revenue increase for companies using GenAI. As institutions strive to stay competitive, GenAI provides powerful tools to enhance customer experiences, optimize operations, accelerate regulatory compliance, and expedite coding and software development. Key areas where GenAI is making an impact Enhanced customer engagement Financial institutions use GenAI to offer personalized products and services. By analyzing real-time customer data, GenAI enables tailored recommendations, boosting satisfaction and retention. Streamlining and optimizing operations GenAI automates tasks like data entry and transaction monitoring, freeing up resources for strategic activities. This accelerates workflows and reduces errors. Further, GenAI-driven efficiency directly cuts costs. By automating processes and optimizing resources, institutions can lower overhead and invest more in innovation. Deloitte’s Q2 2024 study found AI automation reduced processing times by up to 60% and operational costs by 25%. Accelerating regulatory compliance GenAI simplifies compliance by automating data collection, analysis and reporting. This ensures regulatory adherence while minimizing risks and penalties. According to a 2024 Thomson Reuters survey, AI-driven compliance reduced reporting times by 40% and costs by 15%. Developer coding support for efficiencies GenAI is an invaluable tool for programmers. It aids in code generation, task automation and debugging, boosting development speed and allowing focus on innovation. Gartner’s 2024 research highlights a 30% improvement in coding efficiency and a 25% reduction in development timeframes due to GenAI. Accelerating credit analytics with Experian Assistant Within the credit risk management space, GenAI offers a powerful solution that addresses some known pain points. These relate to mining vast amounts of data for insight generation and coding support for attribute selection and creation, model development, and expedited deployment. Experian Assistant is a game-changer in modernizing analytics workflows across the data science lifecycle. Integrated into the Experian Ascend™ platform, it’s specifically designed for analytics and data science teams to tackle the challenges of data analysis, model deployment and operational efficiency head-on. Capabilities and skills of Experian Assistant Data tutor: Offers comprehensive insights into Experian’s data assets, enabling users to make informed decisions and optimize workflows Analytics expert: Provides tailored recommendations for various use cases, helping users identify the most predictive metrics and enhance model accuracy Code advisor (data prep): Automatically generates code for tasks like data merging and sampling, streamlining the data preparation process Code advisor (analysis): Generates code for risk analytics and modeling tasks, including scorecard development and regulatory analyses Tech specialist: Facilitates model deployment and documentation, minimizing delays and ensuring a seamless transition from development to production Driving more-informed decisions Adopting GenAI will be key to maintaining competitiveness as the financial services industry evolves. With projections showing significant growth in GenAI investments by 2025, the potential for enhanced efficiencies, streamlined operations and cost savings is immense. Experian Assistant is at the forefront of this transformation, addressing the bottlenecks that slow down analytical processes and enabling financial institutions to move faster, more informed and with greater precision. By integrating the capabilities of the Experian Assistant, financial institutions can leverage GenAI in credit risk management, automate data processes, and develop customized analytics for business decision-making. This alignment with GenAI’s broader benefits—like operational streamlining and improved customer experience—ensures better risk identification, workflow optimization, and more informed decisions. To learn more about how Experian Assistant can transform your data analytics capabilities, watch our recent tech showcase and book a demo with your local Experian sales team. Watch tech showcase Learn more

In the ever-evolving landscape of mortgage lending, efficiency and responsiveness are paramount. Greg Holmes, Chief Revenue Officer at Xactus, shares his insights on how their partnership with Experian has significantly enhanced their operations and client satisfaction. He highlights the dual nature of their relationship with Experian, describing it as strategic and tactical. This multifaceted partnership allows Xactus to swiftly address day-to-day business issues while focusing on long-term strategic goals. Experian’s willingness to listen and incorporate feedback has been a cornerstone of this successful collaboration. Holmes said, "Their willingness to listen to us and take feedback that we've been able to provide has really helped separate them." Commitment to mortgage lending According to Holmes, one of the standout aspects of Experian's service is its unwavering commitment to the mortgage lending process. This dedication is evident in their continuous investment in the sector, which has enabled faster and more accurate loan closures. He also notes, "You can truly see the investment that Experian has put into our space, which has enabled homeowners to close loans faster and more accurately for lenders." Technological advancements and automation Experian's technological advancements have played a crucial role in enhancing Xactus's operations. The integration of Experian Verify, particularly in the verification of income and employment data, has streamlined the process, contributing to the goal of achieving a digital mortgage. This automation speeds up loan origination and closure and ensures greater accuracy and efficiency. Cost control and flexibility Another key benefit of partnering with Experian is the cost control and flexibility it offers. The single price point for orders and the robust integrations with loan-origination software companies have been particularly beneficial. These integrations allow Xactus to leverage Experian's data effectively, providing a seamless experience for lenders and borrowers alike. Greg emphasizes, "They love the fact that it helps with cost control. That single price point with orders has been extremely important." The testimonial from Xactus’ Greg Holmes clearly shows how Experian's proactive approach, technological innovations, and commitment to the mortgage lending industry have made a tangible difference. According to Holmes, by listening to client feedback and continuously investing in their services, Experian has positioned itself as a vital partner in the quest for optimal efficiency in mortgage lending. Learn more about Verify

This series will explore our monthly State of the Economy report, which provides a snapshot of the top monthly economic and credit data for financial service professionals to proactively shape their business strategies. The U.S. economy remains on solid footing, as GDP grew at a healthy 2.8% rate in Q3, driven by consumer spending. Alongside growth, inflation ticked up, while the labor market eased across several measures. In response to these developments, the Federal Reserve announced a quarter-point cut in November, with another cut penciled in for December. The November State of the Economy report fills in the rest of the macroeconomic story. This month’s highlights include: Annual headline inflation ticked up from 2.4% to 2.6%. 12,000 jobs were added in October, amid hurricane and strike impacts. Retail sales increased by 0.4% in October. Check out the full report for a detailed analysis of the rest of this month’s data, including the latest trends in originations, job openings, and growth. Download November's report As our economy continues to fluctuate, it’s critical to stay updated on the latest developments. Subscribe to our new series, The Macro Moment, for economic commentary from Experian NA’s Chief Economist, Joseph Mayans, with additional economic resources, including our new Election Eve’s Scenario Forecasts report. For more economic trends and market insights, visit Experian Edge.

We are squarely in the holiday shopping season. From the flurry of promotional emails to the endless shopping lists, there are many to-dos and even more opportunities for financial institutions at this time of year. The holiday shopping season is not just a peak period for consumer spending; it’s also a critical time for financial institutions to strategize, innovate, and drive value. According to the National Retail Federation, U.S. holiday retail sales are projected to approach $1 trillion in 2024, , and with an ever-evolving consumer behavior landscape, financial institutions need actionable strategies to stand out, secure loyalty, and drive growth during this period of heightened spending. Download our playbook: "How to prepare for the Holiday Shopping Season" Here’s how financial institutions can capitalize on the holiday shopping season, including key insights, actionable strategies, and data-backed trends. 1. Understand the holiday shopping landscape Key stats to consider: U.S. consumers spent $210 billion online during the 2022 holiday season, according to Adobe Analytics, marking a 3.5% increase from 2021. Experian data reveals that 31% of all holiday purchases in 2022 occurred in October, highlighting the extended shopping season. Cyber Week accounted for just 8% of total holiday spending, according to Experian’s Holiday Spending Trends and Insights Report, emphasizing the importance of a broad, season-long strategy. What this means for financial institutions: Timing is crucial. Your campaigns are already underway if you get an early start, and it’s critical to sustain them through December. Focus beyond Cyber Week. Develop long-term engagement strategies to capture spending throughout the season. 2. Leverage Gen Z’s growing spending power With an estimated $360 billion in disposable income, according to Bloomberg, Gen Z is a powerful force in the holiday market​. This generation values personalized, seamless experiences and is highly active online. Strategies to capture Gen Z: Offer digital-first solutions that enhance the holiday shopping journey, such as interactive portals or AI-powered customer support. Provide loyalty incentives tailored to this demographic, like cash-back rewards or exclusive access to services. Learn more about Gen Z in our State of Gen Z Report. To learn more about all generations' projected consumer spending, read new insights from Experian here, including 45% of Gen X and 52% of Boomers expect their spending to remain consistent with last year. 3. Optimize pre-holiday strategies Portfolio Review: Assess consumer behavior trends and adjust risk models to align with changing economic conditions. Identify opportunities to engage dormant accounts or offer tailored credit lines to existing customers. Actionable tactics: Expand offerings. Position your products and services with promotional campaigns targeting high-value segments. Personalize experiences. Use advanced analytics to segment clients and craft offers that resonate with their holiday needs or anticipate their possible post-holiday needs. 4. Ensure top-of-mind awareness During the holiday shopping season, competition to be the “top of wallet” is fierce. Experian’s data shows that 58% of high spenders shop evenly across the season, while 31% of average spenders do most of their shopping in December​. Strategies for success: Early engagement: Launch educational campaigns to empower credit education and identity protection during this period of increased transactions. Loyalty programs: Offer incentives, such as discounts or rewards, that encourage repeat engagement during the season. Omnichannel presence: Utilize digital, email, and event marketing to maintain visibility across platforms. 5. Combat fraud with multi-layered strategies The holiday shopping season sees an increase in fraud, with card testing being the number one attack vector in the U.S. according to Experian’s 2024 Identity and Fraud Study. Fraudulent activity such as identity theft and synthetic IDs can also escalate​. Fight tomorrow’s fraud today: Identity verification: Use advanced fraud detection tools, like Experian’s Ascend Fraud Sandbox, to validate accounts in real-time. Monitor dormant accounts: Watch these accounts with caution and assess for potential fraud risk. Strengthen cybersecurity: Implement multi-layered strategies, including behavioral analytics and artificial intelligence (AI), to reduce vulnerabilities. 6. Post-holiday follow-up: retain and manage risk Once the holiday rush is over, the focus shifts to managing potential payment stress and fostering long-term relationships. Post-holiday strategies: Debt monitoring: Keep an eye on debt-to-income and debt-to-limit ratios to identify clients at risk of defaulting. Customer support: Offer tailored assistance programs for clients showing signs of financial stress, preserving goodwill and loyalty. Fraud checks: Watch for first-party fraud and unusual return patterns, which can spike in January. 7. Anticipate consumer trends in the New Year The aftermath of the holidays often reveals deeper insights into consumer health: Rising credit balances: January often sees an uptick in outstanding balances, highlighting the need for proactive credit management. Shifts in spending behavior: According to McKinsey, consumers are increasingly cautious post-holiday, favoring savings and value-based spending. What this means for financial institutions: Align with clients’ needs for financial flexibility. The holiday shopping season is a time that demands precise planning and execution. Financial institutions can maximize their impact during this critical period by starting early, leveraging advanced analytics, and maintaining a strong focus on fraud prevention. And remember, success in the holiday season extends beyond December. Building strong relationships and managing risk ensures a smooth transition into the new year, setting the stage for continued growth. Ready to optimize your strategy? Contact us for tailored recommendations during the holiday season and beyond. Download the Holiday Shopping Season Playbook

 Technology has dramatically transformed the financial services landscape, fostering innovation and enhancing operational efficiency. In an interview at this year’s Money20/20 conference, Scott Brown, Group President of Financial and Marketing Services for Experian, sat down with Fintech Futures’ North America Correspondent Heather Sugg to share how Experian is leveraging data, analytics, and artificial intelligence (AI) to modernize the financial services industry. During the discussion, Scott highlighted the recent launch of Experian Assistant — our newest generative AI tool designed to accelerate the modeling lifecycle, resulting in greater productivity, improved data visibility, and reduced delays and expenses. While Experian Assistant is a business-to-business solution built alongside our clients, Scott also noted its broader impact — helping increase credit access for underserved consumers. “At Experian, we’re really focused on addressing the underserved community who doesn’t have access to credit,” said Scott. “And we think that this tool helps lenders reach those customers in an easier way.”  Learn more about Experian Assistant and watch our tech showcase to see the solution in action. Learn more Watch tech showcase

Do you know where your customers stand? Not literally, of course, but do you know how recent macroeconomic changes and their personal circumstances are currently affecting your portfolio? While refreshing your customers’ credit data quarterly works for some aspects of portfolio management, you need more frequent access to fresh data to quickly respond to risky customer behavior and new credit needs before your portfolio takes a hit. Use triggers to improve portfolio management Event-based credit triggers provide daily or real-time alerts about important changes in your customers’ financial situations. You can use these to manage risk by promptly responding to signs of changing creditworthiness or to prevent attrition by proactively reaching out to customers who are shopping for credit. Risk Triggers℠ and Retention Triggers℠ offer a real-time solution that can be customized to fit your needs for daily portfolio management. What are Risk Triggers? Experian’s Risk Triggers alert you of notable information, such as unfavorable utilization rate changes, delinquencies with other lenders and recent activity with high-interest, short-term loan products. This solution allows you to monitor how your customers manage accounts with other lenders to get ahead of potential risk on your book. You can use Risk Triggers to get daily insights into your customers’ activity — allowing you to quickly identify potentially risky behavior and take appropriate action to limit your exposure and losses. Types of Risk Triggers Choose from a defined Risk Triggers package that could help you identify high-risk customers, including: New trades Increasing credit utilization or balances over limit New collection accounts An account is charged-off A credit grantor closes an account New delinquency statuses (30 to 180 days past due) Consumers seeking access to short-term, high-risk financing options Bankruptcy and deceased events How to use Risk Triggers You can use the daily alerts from Risk Triggers to help inform your account management strategy. Depending on the circumstances, you might: Decrease credit limits Close or freeze accounts Accelerate payment requests Continue monitoring accounts for other signs of risk Spotlight on Experian’s Clarity Services events Included in Risk Triggers are events from Experian’s Clarity Services, which draw on expanded FCRA-regulated data* from a leading source of alternative financial credit data.  For example, you could get an alert when someone has a new inquiry from non-traditional loans. These triggers provide a broader view of the customer – offering added protection against risky behavior. What are Retention Triggers? Experian’s Retention Triggers can alert you when a customer improves their creditworthiness, is shopping for new credit, opens a new tradeline or lists property. Proactively responding to these daily alerts can help you retain and strengthen relationships with your customers — which is often less expensive than acquiring new customers. Types of Retention Triggers Choose from over 100 Retention Triggers to bundle, including: New trades New inquiries Credit line increases Property listing statuses Improving delinquency status Past-due accounts are brought current or paid off How to use Retention Triggers You can use Retention Triggers to increase lifetime customer value by proactively responding to your customers’ needs and wants. You might: Increase credit limits Offer promotional financing, such as balance transfers Introduce perks or rewards to strengthen the relationship Append attributes for improved decisioning  By appending credit attributes to Risk and Retention Trigger outputs, you can gain greater insight into your accounts.  Premier AttributesSM is Experian's core set of 2,100-plus attributes. These can quickly summarize data from consumers' credit reports, allowing you to more easily segment accounts to make more strategic decisions across your portfolio.  Trended 3DTM attributes can help you spot and understand patterns in a customer's behavior over time. Integrating trended attributes into a triggers program can help you identify risk and determine the next best action. Trended 3D includes more than 2,000 attributes and provides insights into industries such as bankcard, mortgage, student loans, personal loans, collections and much more.  By working with both triggers and attributes, you'll proactively review an account, so you can then take the next best action to improve your portfolio's profits. Customize your trigger strategy When you partner with Experian, you can bundle and choose from hundreds of Risk and Retention Triggers to focus on risk, customer retention or both. Additionally, you can work with Experian’s experts to customize your trigger strategy to minimize costs and filter out repetitive or unneeded triggers: Use cool-off periods Set triggering thresholds Choose which triggers to monitor Establish hierarchies for which triggers to prioritize Create different strategies for segments of your portfolio Learn more about Risk and Retention Triggers. Learn more *Disclaimer: “Alternative Financial Credit Data” refers to the use of alternative data and its appropriate use in consumer credit lending decisions, as regulated by the Fair Credit Reporting Act. Hence, the term “Expanded FCRA-Regulated Data” may also apply in this instance, and both can be used interchangeably.

In the latest episode of “The Chrisman Commentary” podcast, Experian experts Joy Mina, Director of Product Commercialization, and Ivan Ahmed, Senior Director of Product Management, explore how lenders can navigate a tight mortgage market, from rates to equity. “Current rates exceed their locked in rates,” said Ivan. “Homeowners are choosing options as alternatives to selling with the refinancing for cash outs and HELOC." Listen to the full episode for all the details and check out the previous episode to learn how mortgage companies can optimize their business expenses and protect prospects. Listen to podcast

For businesses across all sectors solutions that improve productivity are more important than ever. As technology advances, organizations across industries are looking to capitalize by investing in artificial intelligence (AI) solutions. Studies have recently shown that productivity is a leading measure of how well these AI tools are performing. About 60% of organizations surveyed are using “improved productivity” as a metric to measure the success of implementing AI solutions.[1] Experian research shows it takes an average of 15 months to build a model and put it into production. This can hinder productivity and the ability to quickly go to market. Without a deep understanding of key data points, organizations may also have difficulty realizing time to value efficiently. To improve upon the modeling lifecycle, businesses must examine the challenges involved in the process. The challenges of model building One of the most significant challenges of the modeling lifecycle is speed. Slow modeling processes can cause delays and missed opportunities for businesses which they may have otherwise capitalized on. Another difficulty organizations face is having limited access to high-quality data to build more efficient models. Without the right data, businesses can miss out on actionable insights that could give them a competitive edge. In addition, when organizations have inefficient resources, expenses can skyrocket due to the need for experts to intervene and address ongoing issues. This can result in a steep learning curve as new tools and platforms are adopted, making it difficult for organizations to operate efficiently without outside help. Businesses can combat these challenges by implementing tools such as artificial intelligence (AI) to drive efficiency and productivity. The AI journey While generative AI and large language models are becoming more prevalent in everyday life, the path to incorporating a fully functional AI tool into an organization’s business operations involves multiple steps. Beginning with a proof of concept, many organizations start their AI journey with building ideas and use cases, experimentation, and identifying and mitigating potential pitfalls, such as inaccurate or irrelevant information. Once a proof of concept reaches an acceptable state of validity, organizations can move on to production and value at scale. During this phase, organizations will select specific use cases to move into production and measure their performance. Analyzing the results can help businesses glean valuable information about which techniques work most effectively, so they can apply those techniques to new use cases. Following successful iterations of an efficiently functioning AI, the organization can then implement that AI as a part of their business by working the technology into everyday operations. This can help organizations drive productivity at scale across various business processes. Experian’s AI journey has been ongoing, with years of expertise in implementing AI into various products and services. With a goal of providing greater insights to both businesses and consumers while adhering to proper consumer data privacy and compliance, Experian is committed to responsibly using AI to combat fraud and foster greater financial access and inclusion. Our most recent AI innovation, Experian Assistant, is redefining how financial organizations improve productivity with data-driven insights. Introducing Experian Assistant Experian Assistant, a new GenAI tool announced in October at Money20/20 in Las Vegas, is helping organizations take their productivity to the next level by drastically speeding up the modeling lifecycle. To drive automation and greater intelligence for Experian partners, Experian Assistant enables users to interact with a virtual assistant in real time and offers customized guidance and code generation for our suite of software solutions. Our experts – Senior Director of Product Management Ankit Sinha and Director of Analyst Relations Erin Haselkorn – recently revealed the details of how Experian Assistant can cut down model-development timelines from months to days, and in some cases even hours. The webinar, which took place on November 7th, covered a wide range of features and benefits of the new tool, including:  Spending less time writing code  Enhancing understanding of data and attributes Accelerating time to value Improving regulatory compliance A case study in building models faster Continental Finance Company, LLC’s Chief Data Scientist shared their experience using Experian Assistant and how it has improved their organization’s modeling capabilities: “With Experian Assistant, there is a lot of efficiency and improvement in productivity. We have reduced the time spent on data building by almost 75%, so we can build a model much quicker, and the code being generated by Experian Assistant is very high quality, enabling us to move forward much faster.” For businesses looking to accelerate their modeling lifecycle and move more quickly with less effort, Experian Assistant provides a unique opportunity to significantly improve productivity and efficiency. Experian Assistant tech showcase Did you miss the Experian Assistant Tech Showcase webinar? Watch it on demand here and visit our website to learn more. Visit our website [1] Forrester’s Q2 AI Pulse Survey, 2024

By Erik Hjermstad, VP of Product Management for Experian Automotive In today's digital landscape, where consumers increasingly turn to connected TV and addressable TV for entertainment, precision targeting has become more critical than ever for automotive advertisers. By delivering highly relevant ads to the most likely potential customers, advertisers can maximize campaign effectiveness, increase conversion rates, and ultimately drive a better return on investment (ROI). The following is a summary from a recent article I wrote for Ad Age. The Power of Precision Targeting Precision targeting allows advertisers to focus their efforts on the right people with the right message at the right time. This targeted approach helps minimize wasted ad spend and ensures that every dollar invested makes a meaningful impact. By understanding an audience's demographics, interests, and behaviors, automotive marketers can tailor their messaging to resonate with specific consumer segments and pointedly reach those ready to purchase. Leveraging Data Intelligence for Competitive Advantage To stay competitive, automotive marketers must stay on top of the latest data intelligence. Agencies and marketers have turned to data-driven strategies to set their campaigns apart and increase the likelihood of a consumer purchasing a vehicle. When choosing their consumer audiences, automotive marketers turn to companies like Experian Automotive for data like license, registration, and title. They utilize models based on actual vehicle sales and ownership to target the right audience and measure effectiveness more accurately. Measuring Success: Key Metrics and Omnichannel Measurement To ensure that advertising campaigns deliver results, automotive marketers must have a robust measurement strategy. This involves tracking key metrics such as: Sales: Did the buyer purchase a vehicle? Impressions: The number of times an ad is seen. Clicks: The number of times an ad is clicked on. Conversions: The number of people who take a desired action, such as purchasing. Cost per acquisition (CPA): The cost of acquiring a new customer. Return on ad spend (ROAS): The revenue generated by an ad campaign divided by the cost of the campaign. Experian Automotive offers advertisers a robust measurement solution that provides omnichannel measurement, connecting website visitation and ad exposures to automotive sales. Analysis includes make, model, and vehicle class reporting, competitive analysis, and 30-, 60-, and 90-day vehicle sales projections. The Importance of Omnichannel Measurement In today's interconnected world, automotive consumers interact with brands across multiple channels, including TV, digital, social media, and in-store. Advertisers must adopt an omnichannel measurement approach to truly understand their audience and measure the effectiveness of their campaigns. By tracking consumer behavior across all channels, advertisers can gain a more complete picture of the customer journey and identify opportunities for optimization. Omnichannel measurement integrates data from various sources, such as website analytics, social media metrics, and point-of-sale data. This allows advertisers to understand how consumers interact with their brand at different stages of the buying process and attribute conversions to specific channels and touchpoints. By leveraging omnichannel measurement, advertisers can make more informed decisions about their marketing investments and deliver a more cohesive and personalized customer experience. Measurement is critical to advertising success for several reasons: Optimization: By tracking key metrics, advertisers can identify what is working versus what is not and make necessary adjustments to improve campaign performance. Attribution: Measurement helps determine which marketing channels and tactics drive the most conversions. ROI analysis: By measuring the ROI of their campaigns, advertisers can justify their marketing investments and demonstrate the value they bring to the business. Navigating the Challenges of the Streaming Era While precision targeting and measurement are essential in the streaming era, advertisers face unique challenges. The fragmented nature of the streaming landscape, with its multiple platforms and devices, can make it challenging to track consumer behavior and measure campaign effectiveness. However, advancements in data technology and measurement tools provide advertisers with many new opportunities to overcome these challenges. By leveraging data intelligence, using deterministic data models to understand their audience, and tracking key metrics, advertisers can deliver highly relevant ads that drive results and maximize their ROI.

The advent of artificial intelligence (AI) is significantly transforming the landscape of real estate fraud, enabling criminals to execute complex schemes like deed theft with greater ease. A notable case involves Spelling Manor, a $137.5 million mansion in Los Angeles, where the owner alleges they are entangled in deed fraud. Scammers reportedly filed fraudulent documents that have prevented the owner from selling the estate, thwarting offers from buyers, including former Google CEO Eric Schmidt. Understanding deed/title fraud Deed fraud, also known as title or property fraud, occurs when someone illegally transfers ownership of a property without the owner’s knowledge or consent. Typically, fraudsters create fake documents or forge the owner’s signature on a deed to make it look like the property has been legally transferred to them. Once the title is in their name, they may try to sell or mortgage the property, leaving the original owner unaware until it’s too late. How deed fraud works Identify a target: Fraudsters often look for properties that appear vulnerable, such as vacant land, unoccupied homes, or properties owned by elderly individuals who may not check their records frequently. Forge documentation: Using fake IDs and forged signatures, scammers create documents that appear to show a legitimate transfer of ownership. With modern technology, these documents can look highly convincing. Record the fake deed: Fraudsters then file these documents with the local county clerk or recorder’s office. This officially changes the ownership records, making it seem as if the scammer is the legitimate owner. Exploit the ownership: Once listed as the owner, the fraudster may sell the property to an unsuspecting buyer, take out loans against it, or even rent it out. The impact on victims In the summer of 2024, Elvis Presley’s family got confronted to a forged deed scam. A fake firm, Naussany Investments, falsely claimed Lisa Marie Presley owed millions and used Graceland as collateral. They placed a foreclosure notice and attempted to auction the estate. Riley Keough filed a lawsuit, exposing the firm as fraudulent and halting the foreclosure through a judge’s injunction. Lisa Jeanine Findley, who forged documents and posed as firm employees, was arrested and charged with deed forgery fraud and identity theft. She faces up to 22 years in prison if convicted.  The FBI's Internet Crime Complaint Center does not specifically monitor deed fraud. However, in 2023, it processed a total of 9,521 real estate-related complaints defined as the loss of funds from a real estate investment, resulting in more than $145 million in losses. Victims of deed fraud can face severe financial and legal issues. They may discover the fraud only when trying to sell, refinance, or even pay taxes on the property. Reversing deed fraud typically requires a costly and time-consuming legal process, as courts must determine that the transfer was fraudulent and restore the original owner’s rights. Prevention and safeguards There are several preventive measures and fraud prevention solutions that can be established to help mitigate the risks associated with deed/title fraud. These include: For lending institutions: Enhanced ID verification: Implement multi-factor identity checks at the loan approval stage. Regular portfolio audits: Conduct periodic audits to detect unusual property transfers and title changes in their loan portfolios. For title companies: AI-driven document verification tools: Use machine learning algorithms to identify inconsistencies in deed and ownership documents. Real-time fraud monitoring: Employ analytics to track suspicious behavior patterns, such as rapid ownership changes. Seller authentication: Require biometric or multi-step identity verification for anyone claiming ownership or initiating sales. For realtors: Training and awareness: Educate realtors on how to spot warning signs of fraudulent listings and seller impersonations. Pre-transaction verification: Collaborate with title companies to validate ownership early in the listing process. Acting with the right solution Mortgage fraud is a constant threat that demands ongoing vigilance and adaptability. As fraudsters evolve their tactics, the mortgage industry must stay one step ahead to safeguard homeowners and lenders alike. With concerns over deed/title-related fraud rising, it is vital to raise awareness, strengthen preventive measures, and foster collaboration to protect the integrity of the mortgage market. By staying informed and implementing robust safeguards, we can collectively combat and prevent mortgage fraud from disrupting the financial security of individuals and the industry. Experian mortgage powers advanced capabilities across the mortgage lifecycle by gaining market intelligence, enhancing customer experience to remove friction and tapping into industry leading data sources to gain a complete view of borrower behavior. Visit our website to see how these solutions can help your business prevent deed fraud. Learn more

Summary:  Gen Z, Millennials, Gen X, and Boomers each have unique automotive buying preferences and your strategies to reach each generation should reflect these preferences. The automotive landscape is shaped by the distinct preferences of different generations. From Gen Z to Boomers, each generation brings unique buying habits that automotive marketers must understand to stay competitive. Below is a brief overview of the key insights from the latest reports on Gen Z, Millennials, Gen X, and Boomers. To learn more about how to market to each generation, download the respective playbook. Gen Z (Born 1996–2015) Gen Z buyers are digital natives who prefer compact vehicles. The Honda Civic leads in market share for this group, showcasing their preference for smaller, fuel-efficient cars. They rely heavily on digital platforms for their research, with 73% of impressions delivered through Connected TV (CTV). Millennials (Born 1981–1995) Millennials value technology and eco-friendly options. Crossovers (CUVs) are their top choice, making up 50.2% of new vehicle registrations. Electric and hybrid vehicles are also popular, reflecting their environmental consciousness. Popular models include the Honda Civic and Toyota RAV4. Gen X (Born 1965–1980) Gen X buyers favor practicality and reliability, gravitating toward SUVs and trucks. The Ford F-150 is the top model among this group, and they are more likely to invest in luxury or exotic vehicles than younger generations. Boomers (Born 1946–1964) Boomers remain loyal to traditional brands, with a strong preference for non-luxury and luxury cars, such as the Honda CR-V and Ford F-150. They also favor gas-powered vehicles over electric, though hybrid options are gaining ground. Summary Understanding generational differences is crucial to developing effective marketing strategies that resonate with each group’s unique preferences. For a more detailed generational analysis, download the full report. Experian Automotive is here to help you with your marketing needs. If you’d like to learn more about our solutions and how we can support you, contact us below.

The open banking revolution is transforming the financial services landscape, offering banks and financial institutions unprecedented access to consumer-permissioned data. However, during our recent webinar, “Navigating Open Banking: Strategies for Banks and Financial Institutions,” over 78% of attendees stated that they do not currently have an open banking strategy in place. This highlights a significant gap in the industry. By tapping into consumer-permissioned data, you can develop more personalized products, streamline credit decisioning, and improve overall customer engagement. With the right strategies, open banking offers a pathway to growth, innovation, and enhanced customer experiences. Here’s a snippet from the webinar’s Q&A session with Ashley Knight, Senior Vice President of Product Management, who shared her perspective on open banking trends and opportunities. Q: What specific analytic skill is the most important when working on open banking data?A: The ability to parse and transform raw data, a deep understanding of data mining, experience in credit risk, and general modeling skills to improve underwriting. Q: What lessons did the U.S. learn from the experience of other countries that implemented open banking? A: The use cases are common globally; typical uses of open banking data include second-chance underwriting to help score more consumers and customer management, which involves assessing cashflow data to leverage on an existing portfolio (first-party data). This can be used in various ways, such as cross-sell, up-sell, credit line increase, and growing/retaining deposits. Q: Does Experian have access to all a consumer’s bank accounts in cases where the consumer has multiple accounts?A: Data access is always driven by consumer permission unless the organization owns this data (i.e., first-party data). Where first-party data is unavailable, we collect it through clients or lenders who send it to us directly, having gained the proper consent. Yes, we can intake data from multiple accounts and provide a categorization and attribute calculation. Q: Where does the cashflow data come from? Is it only credit card spending?A: It includes all spending data from bank accounts, checking accounts, credit cards, savings, debit cards, etc. All of this can be categorized, and we can calculate attributes and/or scores based on that data. Q: What is the coverage of Experian’s cashflow data, and how is it distributed across risk bands?A: Cashflow data moves through Experian directly from consumer permissioning for B2B use cases or from institutions with first-party data. We perform analytics and calculate attributes on that portfolio. Don’t miss the chance to learn from our industry leaders on how to navigate the complexities of open banking. Whether you are a seasoned professional or just starting to explore its potential, this webinar will equip you with the knowledge you need to stay ahead. Watch on-demand recording Learn more Meet our expert Ashley Knight, Senior VP of Product Management, Experian Ashley leads our product management team focusing on alternative data, scores, and open banking. She fosters innovation and drives financial inclusion by using new data, such as cash flow, analytics, and Experian’s deep expertise in credit.

This series will explore our monthly State of the Economy report, which provides a snapshot of the top monthly economic and credit data for financial service professionals to proactively shape their business strategies. After the Federal Reserve announced its first cut since 2020 in September, several pieces of economic data have surpassed expectations. Job creation was almost double economists’ estimates, unemployment ticked down, and personal incomes were revised up. Alongside these areas of strength, inflation continued to prove stubborn. The October State of the Economy report fills in the rest of the developing macroeconomic story. This month’s highlights include:  Unemployment decreased for the second month in a row, down to 4.1%. Core inflation increased from 3.2% to 3.3%, driven by shelter and service costs. Negative rental payment activity has declined 1.9% over the past year. Check out our report for a detailed analysis of the rest of this month’s data, including the latest trends in originations, retail sales, and consumer sentiment. Download October's report As our economy continues to fluctuate, it's critical to stay updated on the latest developments. Subscribe to our new series, The Macro Moment, for economic commentary from Experian NA’s Chief Economist, Joseph Mayans, with additional economic resources, including our new Lending Conditions Chartbook and our new Labor Market Monitor. For more economic trends and market insights, visit Experian Edge.

The Fed finally made their long-awaited rate cut. Hooray! The industry is saved! Brush off the dust everyone, it’s time to start originating mortgages like it’s 2006 again! Not so fast. While it's true that there are opportunities to take advantage of now that rates have declined, there remain open questions: How much further will rates decline? So far, only this single drop has been signaled. How many customers will realize benefit from a rate & term refinance offer given the rate drop(s)? What does this rate drop mean for the purchase market given that home prices remain at all-time highs? To put it simply, there are lending opportunities for home lenders (mortgage and home equity), but only for those with the ability to effectively leverage data and analytical strategies to identify and execute on the pockets of opportunity. By “pockets of opportunity,” we mean the following categories of consumers will benefit from specific mortgage or home equity offers. Rate & term refi: According to Experian research, over 83% of mortgages have an interest rate below 6.5%. This means that only the loans originated in the past couple of years (including one held by your author) will be eligible for a rate & term refi. The dollar amount on these loans will be high along with the interest rates, so even a minor savings on the interest rate will translate to potentially hundreds of thousands of dollars in lifetime interest savings for the borrowers. Being able to accurately identify which borrowers have an interest rate that is higher than the rate you can offer them is key to efficiently targeting and originating rate & term refinances. Cashout refi: Equity levels exploded over the past several years for homeowners. Home prices show no sign of slowing down and home equity continues to be a significant, and in many cases untapped, financial resource for borrowers. A cashout refi is an excellent option for those consumers with high amounts of available equity in their homes. Some borrowers may choose to originate a cashout refinance loan even if the interest rate is similar to their existing rate, such is the value of partially liquidating their equity position. Having the consumer-level data to identify what equity positions are and the current interest rate is crucial to crafting personalized, effective marketing offers. The ability to target qualified customers with a personalized offer is critical given that in August 2024, over 2.9 million cashout direct mail offers were mailed to consumers.1 Streamlined refi: The VA and FHA have streamlined refinance programs that minimize the consumer lift to refinance their loan. Additionally, there are also non-VA and FHA loans that could benefit from what is called an “Express Title,” which removes the need for a full title workup and expedites the originations process. Borrowers that meet the criteria for these streamlined refinance offers can be identified using credit data. Since these refinances are easier for consumers, they will be more likely to respond and book a refinance offer, which means more ROI for your marketing spend. Home equity lines/loans: Similar to cashout refi, home equity products are an option for consumers to access the equity they have in their price-appreciated homes. Although this is no mystery to most lenders, many lenders do not leverage adequate data or analytics to identify the needle in the haystack of customers that still remain to be targeted. Experian data shows over $25B in monthly HELOC originations as of August 2024. Understanding which consumers have a second lien position available, how much equity they have by leveraging trade-level mortgage data and Automated Valuation Model (AVM) data, and other methods can help your home equity products stand out from the sea of offers in the mail and online. At Experian, we help our clients target and originate all four categories of borrowers: rate & term refinancers, cashout refinancers, streamlined refinancers, and home equity borrowers. Crafting a marketing strategy with the accurate data to precisely identify which consumers qualify for which product is crucial to making the most of your marketing spend. Without the guidance of such data and the personalized offers they enable, your marketing message is liable to be lost among all of the other direct mail and email blasts. Market with confidence Crafting an effective holistic marketing strategy across these segments is crucial to campaign success. Consider these borrower situations and prepare to respond with confidence: Does the consumer have a high interest rate? Would the consumer benefit from a quick rate & term refi? If yes, ship the offer out. Does the consumer have a significant equity position and outstanding revolving debt balances, but not qualify for a rate & term due to a relatively low rate? If yes, ship them a cashout refi offer with language about using their equity to pay off revolving debt. Does the consumer meet the criteria for a streamlined refi, and would they benefit financially from such an offer? If yes, ship them a VA IRRRL (Interest Rate Reduction Refinance Loan), FHA streamline, or an offer to cover their refi title expenses if they qualify for an express title. Does the consumer have an open second lien on their primary residence, but not qualify for either kind of refi? If yes, ship them a home equity offer. By creating this kind of specialized marketing waterfall, lenders can ensure they have valuable offers for all borrowers, not just for a specialized market. Such strategies allow you to target your existing portfolio or a prospect population to facilitate portfolio growth and prevent portfolio attrition. Be sure to join our upcoming webinar, "Return of the Refi: Top Lending Strategies for Becoming a Refi Master." Register now and learn more about how Experian can help you win more mortgage and home equity customers in this declining rate environment. Register now Learn more 1 Mintel data