Data & Analytics
With an ever-present need for efficiency, security, and seamless citizen services, many agencies are looking at the benefits of a data-driven government. Last year, the federal government kicked off a unified effort to enable data-driven decision making. The goal at that level – and across all agencies – is to serve citizens more efficiently and effectively. By embracing the power of data and analytics, agencies of all sizes can set themselves up to better serve their citizens. What is a data-driven government? Agencies collect citizen data from a variety of service-based sources, including the Postal Service, Census Bureau, social welfare departments, and agencies that issue government IDs. When properly leveraged, this data holds many possibilities. However, many agencies face challenges when it comes to efficient collection, sharing, usage, integrity, and accessibility. Due to the amount of data collected and the potential lack of consistency in the collection and storage techniques, the data may not be usable. Without proper management and analysis, there’s little government agencies can do with their data to improve their processes. A data-driven government has well-managed data and uses that data to drive their decisions as they relate to citizen requests for benefits, tax collection, elections, and more. What are the benefits of data-driven decision making? Data management and government data analytics enable agencies to react quickly to citizen demands and concerns and proactively anticipate an issue before it becomes a crisis. With the right tools, agencies can gain a holistic view of their citizens, communicate effectively internally, provide digitally-driven services and improve overall efficiency through government-wide data integration and management. These changes have a wide range of benefits, including reduction of cost, fraud, waste and abuse, the automation of manual processes, and better service delivery. Why is a data-driven strategy required? In addition to the benefits listed above, a data-driven strategy also helps agencies align with published NIST guidelines and the need to monitor, evaluate, and maintain digital identity systems. Proper use of data-driven digital identity strategies will enhance equity and the usability of the solutions agencies provide to their citizens. Building an effective data-driven strategy The right strategy starts with ensuring that all departments about the need for proper data management and analytics and the guidelines that will govern it, such as maintaining up-to-date data, removing silos, and leveraging the right tools. The next step is finding the right partner. An effective partner can help agencies develop and maintain data management systems and implement the right tools and analytics – things like machine learning in government – to help each agency function efficiently and safeguard the data of its citizens. To learn how Experian can help your agency improve its use of data, visit us or request a call. Visit us
Business intelligence analytics can help financial institutions optimize their decisioning and uncover safe growth opportunities.
Jennifer Schulz, CEO of Experian, North America kicked off Experian’s annual Vision conference Tuesday morning pointing to data, analytics, technology and collective curiosity as the drivers for change and a more impactful tomorrow to more than 700 attendees. Keynote speaker: Jennifer Bailey Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, spoke about the customer experience “ethos.” She explained how Apple takes a long-term view and values the single most important performance metric as customer experience. She said creating a seamless customer experience comes down to making things simple and understandable, and asking, “Are we solving a customer problem?” and “How are we making it easier for customers to enjoy and liver their lives. Bailey, who said of all apps she uses the weather app the most, also talked about innovation, and that both intent and making mistakes are important parts of the process. Apple’s products are known for their user-friendliness, and design is part of that. She encouraged the audience to give design teams room to create without bottom line pressures and not to be afraid to take well-considered risks. Keynote Speaker: Gary Cohn Gary Cohn, Vice Chairman of IBM, talked about the current economic climate, and while it’s a natural viewpoint to look to the past for guidance, the current environment is unlike any before. Cohn discussed regulatory compliance in the banking industry and prioritizing safety and soundness. While AI is topical and in numerous headlines recently, Cohn reminded the conference goers that AI isn’t new. He said what is new and important is that you can now teach models to find the information needed rather than having to feed all the information yourself. He believes AI is not the end of employment, but rather helps boost productivity, efficiency, and job satisfaction and provides organizations more data. As for advice for the audience, Cohn shared opportunities are in the uncomfortable zones and you have to be willing to fail in order to succeed. Session highlights – Day 1 The conference hall was buzzing with conversations, discussions and thought leadership. Overall themes that were frequently part of the conversation included seamless customer experiences, agility in face of economic changes and leveraging AI/ML into strategies. Fraud automation and preventing commercial fraud More businesses are opening than ever before and lenders and service providers need a way to determine risk from businesses who are less than a year old. There is no one-size-fits-all approach to fraud. A layered solution assesses risk and applies the correct friction to resolve the risk and pass or refer the applicant. Identity Today’s consumer wants a personalized experience and is privacy conscious. Additionally, regulators are also pushing for greater privacy. Clean rooms allow you and a partner to add data to a safe space and learn more about consumers without exposing data. The right data improves acquisition rates, identity verification and allows you to anticipate customer needs. Advanced scoring Data, models and strategy are the levers institutions are using to leverage responsible analytics to meet their objectives like safely growing existing portfolios, managing the “right” level of risk, and providing a seamless digital experience. However, the total value of a decisioning system is almost always constrained by its most rudimentary component. The panel of experts discussed their uses and goals for leveraging models and customer experience was at the top of their priorities. Recession preparedness Delinquency is on the rise and lending offers made continue to drop. Changes in the economic climate require frequent monitoring of portfolio and decisions, benchmarking against peers, updating credit models and decision strategies, and stress testing portfolio and models. Trends in credit risk management While AI at the hands of everyone is topical today, it ranked lowest on the list of trends attendees believed were impacting their business. At the top of the list? The growing demand for simpler, faster and seamless experiences. More insights from Vision to come. Follow @ExperianVision and @ExperianInsights to see more of the action.
Business leaders accross industries are using predictive analytics to make informed decisions.
A data-driven credit customer experience offers personalization and low friction — it's a win-win for consumers and businesses.
With predictive custom machine learning models, lenders can target the right audience, score applicants more accurately, and mitigate credit risk.
To make well-informed leasing decisions, rental operators must gain a more comprehensive understanding of applicants' risk profiles and ability to pay.
With the right technologies and solutions, rental housing operators can manage risk and create better experiences for prospective renters.
Putting customers at the center of your credit marketing strategy is key to achieving higher response rates and building long-term relationships. To do this, financial institutions need fresh and accurate consumer data to inform their decisions. Atlas Credit was looking to achieve higher response rates on its credit marketing campaigns by engaging consumers with timely and personalized offers. The company implemented Experian’s Ascend Marketing, a customer marketing and acquisition engine that provides marketers with accurate and comprehensive consumer credit data to build and deploy intelligent marketing campaigns. With deeper insights into their consumers, Atlas Credit created timely and customized credit offers, resulting in a 185% increase in loan originations within the first year of implementation. Additionally, the company was able to effectively manage and monitor its targeting strategies in one place, leading to improved operational efficiency and lower acquisition costs. To learn more about creating better-targeted marketing campaigns and enhancing your strategies, read the full case study. Download the case study Learn more
Learn how using data-driven customer segmentation to create messages and offers that truly resonates will help your targeting efforts. Read more!
The only thing constant is change. And as 2022 wraps up and businesses and consumers look toward 2023, the need for insights and data is at an all-time high to help forge the path ahead. With recent slowing economic growth, and uncertain macroeconomic and geopolitical climates, leading organizations are turning to credit, market, and economic trends, to help shape and inform future strategies. The challenge? With so many sources of information, it can be overwhelming to determine which information is relevant. Experian Edge, our new thought leadership hub, compiles proprietary Experian data, and economic, credit and market trends in a single, easy-to-consume place. Covering the automotive, financial services, healthcare, retail and small business sectors, Experian Edge helps businesses navigate tomorrow with today’s insights. Featured Publication: 2022 Experian Edge Chartbook The data stories told during 2022 - particularly credit and economic trends - run the full gamut. From economic growth and the labor market, to consumer health and inflation, there is no shortage of insights to glean. The inaugural 2022 Experian Edge Chartbook compiles those key insights giving a comprehensive look at economic and credit trends and what they could mean for 2023. Download 2022 Experian Edge Chartbook Want more insights? Examples of what else you’ll find on Experian Edge include: State of the Automotive Finance Market Report: Exclusive quarterly report on the latest trends and analysis of the U.S. automotive finance market. State of Alternative Credit Data Report: A deep dive into the uses of alternative data in consumer and small business lending. State of Claims: 200 executive healthcare professionals shed light on the current claims environment. Holiday Retail Guide 2022: Learn what types of behaviors you can expect to see from consumers this holiday shopping season. Beyond the Trends Report: Quarterly insights and commentary on economic conditions and future small business performance. Visit and bookmark Experian Edge for the latest intel you need to propel your business forward. Visit Experian Edge
Today’s changing economy is directly impacting consumers’ financial behaviors, with some individuals doing well and some showing signs of payment stress. And while these trends may pose challenges to financial institutions, such as how to expand their customer base without taking on additional risk, the right credit attributes can help them drive smarter and more profitable lending decisions. With Experian’s industry-leading credit attributes, organizations can develop precise and explainable acquisition models and strategies. As a result, they can: Expand into new segments: By gaining deeper insights into consumer trends and behaviors, organizations can better assess an individual’s creditworthiness and approve populations who might have been overlooked due to limited or no credit history. Improve the customer experience: Having a wider view of consumer credit behavior and patterns allows organizations to apply the best treatment at the right time based on each consumer’s specific needs. Save time and resources: With an ongoing managed set of base attributes, organizations don’t have to invest significant resources to develop the attributes themselves. Additionally, existing attributes are regularly updated and new attributes are added to keep pace with industry and regulatory changes. Case study: Enhance decision-making and segmentation strategies A large retail credit card issuer was looking to grow their portfolio by identifying and engaging more consumers who met their credit criteria. To do this, they needed to replace their existing custom acquisition model with one that provided a granular view of consumer behavior. By partnering with Experian, the company was able to implement an advanced custom acquisition model powered by our proprietary Trended 3DTM and Premier AttributesSM. Trended 3D analyzes consumers’ behavior patterns over time, while Premier Attributes aggregates and summarizes findings from credit report data, enabling the company to make faster and more strategic lending decisions. Validations of the new model showed up to 10 percent improvement in performance across all segments, helping the company design more effective segmentation strategies, lower their risk exposure and approve more accounts. To learn how Experian can help your organization make the best data-driven decisions, read the full case study or visit us. Download case study Visit us
Today's lenders are using traditional and alternative credit data, including consumer permissioned data, to enhance their credit decisioning.
When your marketing strategies don’t go as planned, don’t you wish you could have taken a “mulligan?” In today’s marketing world, it’s normal and critical to measure marketing effectiveness.
With consumers having more credit options than ever before, it’s imperative for lenders to get their message in front of ideal customers at the right time and place. But without clear insights into their interests, credit behaviors or financial capacity, you may risk extending preapproved credit offers to individuals who are unqualified or have already committed to another lender. To increase response rates and reduce wasted marketing spend, you must develop an effective customer targeting strategy. What makes an effective customer targeting strategy? A customer targeting strategy is only as good as the data that informs it. To create a strategy that’s truly effective, you’ll need data that’s relevant, regularly updated, and comprehensive. Alternative data and credit-based attributes allow you to identify financially stressed consumers by providing insight into their ability to pay, whether their debt or spending has increased, and their propensity to transfer balances and consolidate loans. With a more granular view of consumers’ credit behaviors over time, you can avoid high-risk accounts and focus only on targeting individuals that meet your credit criteria. While leveraging additional data sources can help you better identify creditworthy consumers, how can you improve the chances of them converting? At the end of the day, it’s also the consumer that’s making the decision to engage, and if you aren’t sending the right offer at the precise moment of interest, you may lose high-value prospects to competitors who will. To effectively target consumers who are most likely to respond to your credit offers, you must take a customer-centric approach by learning about where they’ve been, what their goals are, and how to best cater to their needs and interests. Some types of data that can help make your targeting strategy more customer-centric include: Demographic data like age, gender, occupation and marital status, give you an idea of who your customers are as individuals, allowing you to enhance your segmentation strategies. Lifestyle and interest data allow you to create more personalized credit offers by providing insight into your consumers’ hobbies and pastimes. Life event data, such as new homeowners or new parents, helps you connect with consumers who have experienced a major life event and may be receptive to event-based marketing campaigns during these milestones. Channel preference data enables you to reach consumers with the right message at the right time on their preferred channel. Target high-potential, high-value prospects By using an effective customer targeting strategy, you can identify and engage creditworthy consumers with the greatest propensity to accept your credit offer. To see if your current strategy has what it takes and what Experian can do to help, view this interactive checklist or visit us today. Review your customer targeting strategy Visit us