“Disruption has caused enormous amounts of innovation,” said Jennifer Schulz, CEO of Experian, North America. “We must continue to be the disruptors in our industry which takes effort, data, technology, bright minds and vision for what the future will be.” Schulz kicked off the 39th Vision conference with a future-focused keynote delivered to a crowd of more than 400 attendees. Alex Lintner, Group President, Experian Consumer Information Services, talked about the next phase of great, highlighting the digital transformation that has taken place in the generations of the past and the disruption and innovation happening today and in the future. Keynote speaker: Dr. Mohamed A. El-Erian Dr. Mohamed A. El-Erian, renowned economist and author, President of Queens’ College, Cambridge, Chief Economic Advisor at Allianz, Chair of President Obama’s Global Development Council and Former CEO and Co-Chief Investment Officer of PIMCO, spoke about the Fed, inflation, negative interest rates and the labor market, as well as the importance of inclusion. El-Erian, who said he reads the Financial Times religiously, acknowledged that we will make mistakes on the journey as we work to be even more inclusive. To navigate what’s ahead, he said we will need resilience, optionality and agility. “It’s important to connect with information, acknowledge the insecurity, in a language people understand, in order to connect,” he said.     Session highlights – day 1 The conference hall was buzzing with conversations, discussions and thought leadership. Buy Now Pay Later A large audience was in attendance for a session that introduced Experian’s Buy Now Pay Later Bureau™ and explored how it’s the first and only solution of its kind — serving consumers, BNPL providers, financial institutions and regulators. Identity Identity is constantly evolving, and while biometrics and authentication may have become ubiquitous, there is much activity around the concepts of eIDs, identity wallets and identity networks. Experian is making identities personal and helping businesses to recognize, manage and connect customer identities in new ways using data, analytics and technology. Marketing In today’s hypercompetitive world, businesses need to engage the freshest data and increase velocity when it comes to time to market. An average of 120 days won’t cut it. Ascend Marketing speeds time to market and helps achieve higher ROI. Regulatory Landscape With so much happening at Capitol Hill, a panel of experts from DC discussed a number of topics and proposals (and their impacts), including the defense for risk-based pricing, the impact of suppressing negative data, and trending topics like Buy Now Pay Later and data portability. All the while, the tech showcase had a constant flow of attendees with demos ranging from data and decisioning to financial inclusion and technology. This is just the beginning. And as Schulz said, “There’s more to do.” More insights from Vision to come. Follow @ExperianVision to see more of the action.

Rewards are among the most appealing features of any credit card. While upfront benefits, like sign-up bonuses and cashback, are most influential in card acquisition, ancillary benefits, like fraud and identity protection, can amplify a card’s overall value.1 Credit card fraud ranked as the second most common form of identity theft in 2021,2 and is expected to become even more frequent as consumers continue to bank and shop online.3 42% of consumers are concerned for the safety of their banking and shopping transactions. With digital identity theft and fraud on the rise, it’s no surprise that safety measures are “very” or “extremely” important to consumers when deciding between different credit cards.4 In response, many card issuers have started to market their security and protection-related benefits more frequently to better capitalize on their cards’ value to consumers. The ways they’ve highlighted these benefits include: A fraud protection campaign From spotlighting their fraud protection benefits in card welcome kits to providing privacy tips on social media, credit card issuers have crafted compelling campaigns to demonstrate their commitment to protecting their customers from fraud and identity theft. In turn, issuers can differentiate their cards from the competition and improve response rates. Reminders about their fraud prevention efforts Issuers have also sent out ongoing reminders outlining the protections their credit cards offer, such as credit monitoring services 5 that notify cardholders of suspicious activity on their credit report. By consistently promoting their efforts to keep their customers’ accounts and data safe, issuers can earn their cardholders’ trust, build loyalty and drive card usage. While benefits like cashback and travel points can help with card acquisition, fraud and identity protection benefits can help drive long-term customer relationships, especially now that card fraud is becoming a growing concern.6 To learn more about how businesses have worked to meet the consumer demand for secure interactions, check out our 2021 Global Identity and Fraud Report. Learn more 1Jonathan O'Connor. "Most Consumers Aren't Aware of Their Credit Cards' Ancillary Benefits. How Does This Impact Card Acquisition and Usage?" TSYS, January 2019 2FTC. "Consumer Sentinel Network" Data Book, 2021 3April Berthene. "Coronavirus pandemic adds $219 billion to US ecommerce sales in 2020-2021" Digital Commerce 360, March 2022 4"Consumers Consider as Many as Six Factors When Choosing Credit Card" PYMTS.com, December 2021 5David McMillin. "Identity theft is a major problem, but these 5 credit card protection programs can help keep you safe" Business Insider, June 2021 6"New FICO Survey Finds Overconfidence Could Put US Consumers at Risk From Scams" Business Wire, February 2022

While crisis communication can be fairly reactive, it helps to have a crisis response notification plan in place to make the process easier.

Vehicle History and Automotive Intelligence Engine marketing capabilities.

Experian’s in-person Vision conference returns next Monday, April 11 in Los Angeles, Calif. The event is known for premier thought leadership, net-new insights and the latest and greatest in technology, innovation and data science. This year’s agenda promises to have intentional discussions around tomorrow’s trending topics including financial inclusion, buy now pay later, open banking, the future of fraud, alternative data strategies, and much more. A few spotlight sessions include: Top trends including the future application of the cloud and emerging technologies, emerging regulatory legislation and the broader implications and opportunities of DeFi. A deep dive into strategies around the targeting/marketing revolution and how to deliver in the post-COVID-19 market environments and bolster financial inclusion decisions. An introduction to Experian’s Buy Now Pay Later BureauTM, the industry’s first and only solution designed to address the needs of consumers, BNPL providers, financial institutions and regulators alike. A roundup of sessions addressing innovation in action spanning from real-time verifications, to data-driven automation, and unified platforms from data to deployment to decisioning. Several sessions highlighting future-looking strategies and solutions that leverage alternative data that can increase conversion rates while concurrently reducing risk. Multiple sessions centered on the rapidly changing identity environment and combatting emerging fraud threats. The event will also include a Tech Showcase, where attendees can get a taste of tomorrow today with more than 20 demos and the latest innovations at their fingertips. And, as always, the event features marquee keynote speakers sure to inspire. This year’s featured speakers are Dr. Mohamed A. El-Erian, President of Queens’ College, Cambridge, Chief Economic Advisor at Allianz, and Former CEO and Co-Chief Investment Officer of PIMCO; Allyson Felix, Olympic Gold Medalist, co-founder of Saysh, a footwear and lifestyle brand for women, and Right to Play and Play Works ambassador; and the closing keynote will feature actor, investor, entrepreneur and philanthropist, Ashton Kutcher. Stay tuned for additional highlights and insights on our social media platforms throughout the course of the conference. Follow Experian Insights on Twitter and LinkedIn.  

Learn how expanded FCRA-regulated data can be used to gain a more powerful and complete view of consumers' financial situations. Read more.

The best way to improve your organization’s cybersecurity is by conducting a data breach simulation and testing yourself for vulnerabilities.

With more options available and improved infrastructure, we’re seeing more consumers finance alternative fuel vehicles than previous years. Read more!

Experian’s Ascend Intelligence Service platform has been named “Best Consumer Lending Product” in the sixth annual FinTech Breakthrough Awards.

In today’s evolving and competitive market, the stakes are high to deliver both quantity and quality. That is, to deliver growth goals while increasing customer satisfaction. OneAZ Credit Union is the second largest credit union in Arizona, serving over 157,000 members across 21 branches. Wanting to fund more loans faster and offer a better member experience through their existing loan origination system (LOS), OneAZ looked to improve their decisioning system and long-standing underwriting criteria. They partnered with Experian to create an automated underwriting strategy to meet their aggressive approval rate and loss rate goals. By implementing an integrated decisioning system, OneAZ had flexible access to data credit attributes and scores, resulting in increased automation through their existing LOS – meaning they didn’t have to completely overhaul their decisioning systems. Additionally, they leveraged software that enabled champion/challenger strategies and the flexibility to manage their decision criteria. Within one month of implementation, OneAZ saw a 26% increase in loan funding rates and a 25% decrease in manual reviews. They can now pivot quickly to respond to continuously evolving conditions. “The speed at which we can return a decision and our better understanding of future performance has really propelled us in being able to better serve our members,” said John Schooner, VP Credit Risk Management at OneAZ. Read our case study for more insight on how automation and Experian Decisioning can move the needle for your organization, including: Streamlined strategy development and execution to minimize costly customizations and coding Comprehensive data assets across multiple sources to ensure ID verification and a holistic view of your prospect Proactive monitoring and real-time visibility to challenge and rapidly adjust strategies as needed Download the full case study

Millions of consumers are excluded from the credit economy, whether it’s because they have limited credit history, dated information within their credit file, or are a part of a historically disadvantaged group. Without credit, it can be difficult for consumers to access the tools and services they need to achieve their financial goals. This February, Experian surveyed over 1,000 consumers across census demographics, including income, ethnicity, and age, to understand the perceptions, needs, and barriers underserved communities face along their credit journey. Our research found that: 75% of consumers with an average household income of less than $50,000 have less than $1,000 in savings. 1 in 5 consumers with an average household income of less than $35,000 say they’re confident in getting approved for credit. 80% of respondents who are not or slightly confident in getting approved for credit were women. When asked why they believed they would not get approved for credit, participants shared common responses, such as having poor payment history, a low credit score, and insufficient income. Given these findings, what can lenders provide to help underserved consumers strengthen their financial profiles and gain access to the credit they need and deserve? The power of credit education While only 20% of respondents were familiar with credit education tools, the majority expressed interest in these offerings. With Experian, lenders can develop and implement credit education programs, tools, and solutions to help consumers understand their credit and the impact certain choices can have on their credit scores. From interactive tools like Score Simulator and Score Planner to real-time alerts from Credit Monitoring, consumers can actively assess their financial health, take steps to improve their creditworthiness, and ultimately become better candidates for credit offers. In turn, consumers can feel more confident and empowered to achieve their financial goals. Credit education tools not only help consumers increase their credit literacy, confidence, and chances of approval, but they also create opportunities for lenders to build lasting customer relationships.  Consumers recognize that healthy credit plays an important role in their financial lives, and by helping them navigate the credit landscape, lenders can increase engagement, build loyalty, and enhance their brand’s reputation as an organization that cares about their customers. Empowering consumers with credit education is also a way for lenders to unlock new revenue streams. By learning to borrow, save, and spend responsibly, consumers can improve their creditworthiness and be in a better position to accept extended credit offerings, driving more cross-sell and upsell opportunities for lenders. More ways experian can help Experian is deeply committed to helping marginalized and low-income communities access the financial resources they need. In addition to our credit education tools, here are a few of our other offerings: Our expanded data helps lenders make better lending decisions by providing greater visibility and transparency around a consumer’s inquiry and payment behaviors. With a holistic view of their current and prospective customers, lenders can more accurately identify creditworthy applicants, uncover new growth opportunities, and expand access to credit for underserved consumers. Experian GoTM is a free, first-of-its-kind program to help credit invisibles and those with limited credit histories begin building credit on their own terms. After authenticating their identities and obtaining an Experian credit report, users will receive ongoing education about how credit works and recommendations to further build their credit history. To learn more about building profitable customer relationships with credit education, check out our credit education solutions and watch our Three Ways to Uncover Financial Growth Opportunities that Benefit Underserved Communities webinar. Learn more Watch webinar

We recently collaborated with our integration partner, TrueCar, to analyze vehicle history data's impact on online listings. We analyzed millions of records over months of data and matched online listings to DMS sales to confirm closing rates. The short story – dealership Vehicle Detail Pages (VDPs) on TrueCar.com that offer consumers a Free Experian AutoCheck vehicle history report had a higher lead conversion rate. We expected the data to confirm that VDPs with a Free VHR would have a higher lead conversion rate. However, we uncovered additional insights that even surprised us! The most common search filter Consumers value transparency from a dealership and expect to be informed if a vehicle they are looking at has been in an accident. We learned from the study that when consumers used vehicle history data to filter their user's search results, the “accident” filter was the most common vehicle history data filter used. More than one-third of consumers using vehicle history data to filter search results use “accident” as a filter criterion. Why is this important? There are over 280 million vehicles in operation, and four out of ten of those vehicles have been in an accident. That means more than 100 million vehicles on the road have been in an accident—and 20% of vehicles on the road have had multiple events. Higher conversion rates (with a twist) Having been in the automotive data and analytics space for years, we were not surprised that the analysis continued to support our previous research that vehicle detail pages with a free vehicle history report have a higher lead conversation rate! Things started to get even more interesting, though: VDPs with a free AutoCheck VHR converted at a 27% higher rate. That holds true if the VDP page had a Free AutoCheck report available to the consumer, but if the consumer clicked on the free AutoCheck vehicle history report to view the details of the information, the lead conversion rate jumped to 318% (no, that’s not a typo). The lead conversion rate increased to 318% if the consumer viewed the AutoCheck vehicle history report!   VDP sale conversion rates And while we all appreciate a good lead conversion success story, we also wanted to analyze sale conversion rates. We learned that TrueCar VDPs that offered consumers a Free AutoCheck vehicle history report on behalf of a dealership had a higher sales conversion rate. Not only is the rate higher—the sale conversion rate is 50% higher for VDPs that offer a free VHR. Here are a few more interesting pieces of information we uncovered with this latest analysis: VDP’S without an accident close at about 200% higher than those with an accident Vehicles without frame damage had a 250% greater close rate Vehicles without a salvage indicator had a 634% greater close rate Consumers want to make informed decisions when purchasing vehicles, and automotive dealerships can help by providing them with a free AutoCheck Vehicle History Report on every Vehicle Detail Page. Help improve lead conversation rates, sale conversation rates, and build customer trust by offering vehicle history transparency. For dealers with an AutoCheck subscription, you can activate your vehicle listings for free on TrueCar by calling AutoCheck Customer Service at 1 888 409 2204. Dealers interested in learning more about the benefits of becoming an AutoCheck subscriber, contact us today!

Here are five data breach statistics that you should know, along with some tips on how to protect your business.

As credit volumes recover from lows observed in 2021, lenders face new challenges – from increasing demand in customer expectations, to heightened competition, market volatility and a fierce war on talent. Many lenders have incorporated the foundational elements of credit analytics and seen significant initial returns. Now, it’s time for lenders to unlock even greater growth opportunities and operational efficiencies by exploring AI-powered solutions. Experian presented on a recent webinar hosted by Lendit Fintech, where Srikanth Geedipali, Senior Vice President of Global Analytics and AI for Experian, joined a panel of industry experts with representation from OPY and Citibank, to speak on how lenders can differentiate themselves by unlocking the power of advanced technologies such as AI and ML to address these emerging challenges. Watch the full webinar, NextGen Applications of AI in the Credit Lifecycle, and learn more about: Emerging trends in the AI/ML space that will drive innovation and differentiated solutions Use-cases for AI/ML across the lending lifecycle and how to leverage MLOps to industrialize analytics and improve speed and agility of decision-making How advanced technologies have driven impact for lenders of all sizes     This webinar is a part of Lendit Fintech’s webinar series. To learn more about how leveraging AI/ML can help optimize your lending strategies, contact us today. Learn more about Ascend Intelligence Services

The automotive marketing world has benefited from cookie-based information to help identify and reach consumers in the market for a vehicle. Now that cookies will be going away, marketers need to find alternate ways to find in-market consumers. Let’s explore. What are cookies? Created to personalize internet browsing experiences, cookies are small pieces of code placed within a user’s browser whenever someone visits a specific website. Cookies typically track the website’s name and a generated unique user ID. They can capture page clicks, viewed web pages, clicks within a website, and Personally Identifiable Information (PII) such as an address, name, and device IDs. How are cookies used in marketing? Cookie data helps automotive marketers enhance the user experience by better understanding consumer behaviors to deliver targeted, relevant messaging that moves the consumer through the buying funnel. For example, think about when a consumer researches RVs/travel trailers to see if their current vehicle can handle towing a camper or when they search for the best way to hook up a camper. A dealer could use this cookie data to send advertisements for trucks with a towing package that could potentially tow a trailer. Cookie support is ending, so now what? In 2020, Google announced it would end support for cookies in the Chrome browser by early 2022. This timeline was established to allow Google to address the needs of users, publishers, and advertisers to respond and look for workarounds. The revised timeline puts Google’s cookie retirement in 2023. Marketers have been using cookie data in advertising for years, so what are the options when cookie data goes away? Cookie alternatives Automotive marketers can tackle a cookie-less world by using other sources of consumer data insights. For instance, a third-party data aggregator, like Experian, has access to numerous sources, platforms, and websites. Beyond that, we have access to a vast range of specific consumer data insights, including vehicle ownership, registrations, vehicle history data, and lending data. We take all that information and help marketers segment audiences and predict what consumers will do next. (That’s more than the average cookie!) Sample audience segment information: Consumers in market Loan status In positive equity Driving a specific year/make/model 1000+ lifestyle events such as new baby, marriage, new home Geography, demographics, psychographics To take it to the next level, we can use predictive analytics to go beyond what cookie data could provide by predicting who is ready to purchase a vehicle. In our example above, a marketer used cookie data to find buyers who had shown interest in a tow package, but that’s where it ended. By combining audience segmentation with a predictive model, marketers can target and identify consumers in-market and most likely ready to purchase a vehicle with a tow package. In this way, the data-driven insights from a third-party data provider specializing in automotive insights can replace the cookie-driven approach and take it a significant step beyond. Other ways to reach consumers in a cookie-less world Automotive marketers can also use data-driven insights to further explore specific channels where consumers spend their time. Social media, for example, is an effective channel to reach consumers. Marketers can go beyond standard Facebook audiences by utilizing Experian audience segmentation and predictive analytics to highly target consumers on Facebook. So, if you can predict when a consumer will be in-market, and you know in what channel they spend most of their time, you can target them with specific messages about your dealership and your vehicles. With cookies becoming a tool of the past, knowing who is likely to be in-market, what message resonates with them, and the best channel to use allows marketers to move beyond cookie-based strategies effectively. So, let the cookie crumble! For a deeper dive into cookies, watch this recorded webinar from the 2021 Digital Marketing Strategies conference: As the Cookies Crumble, How Will Automotive Digital Marketing Respond? Presented by Experian's Amy Hughes, Sr. Director of Dealer Intelligence. Learn more about Experian’s Automotive Intelligence Engine and how audience segmentation and predictive analytics can drive more in-market buyers to your dealership.