Tag: alternative credit data
Experian and Plaid are teaming up to power smarter, faster, and more inclusive lending — fueled by real-time cashflow insights.
To authenticate identities and combat fraud within the Gen Z population, financial organizations need to implement comprehensive strategies.
The morning kicked off with the buzz of innovation. Shri Santhanam, Financial Services and Data General Managers Platforms and Software, and leaders from Experian debuted the latest enhancements for the Experian Ascend Technology PlatformTM. The demo touted faster automation, seamless data integration, security and compliance, and simplified experience. Resiliency, security and gen AI capabilities are all core components and outputs of the new platform. Keynote speakers: Steffi Graf and Andre AgassiTennis icons Steffi Graf and Andre Agassi captivated the audience with stories of their memorable matches, how they met and their foray into pickleball. From notorious rivals to the pivotal moments that were part of their weeks at seeding in the number 1 position – 377 weeks and 101 weeks respectively. Keynote speaker: Jason SudeikisEmmy-award winning actor, comedian, writer and producer – and also known as the affable Ted Lasso – Jason Sudeikis had the crowd laughing reminiscing his favorite skits from his time at Saturday Night Live and outtakes from his numerous films. He talked about the impact of Ted Lasso and the origin of the “Believe” sign, as well as what’s ahead. Sessions – Day 2 highlights The conference hall was buzzing with conversations, discussions and thought leadership. Some themes definitely rose to the top — the increasing proliferation of fraud and how to combat it without diminishing the customer experience, leveraging AI and transformative technology in decisioning and how Experian is pioneering the GenAI era in finance and technology. Alternative dataAlternative data can be used to holistically measure a consumer's creditworthiness. Property data to banking insights to consumer-permissioned data and more can be a critical part of your strategies to segment, analyze and underwrite unbanked and new-to-credit consumers. EngagementEconomic headwinds and fierce competition in the banking industry have acquisition costs soaring, making it more important than ever to be critical of your organization’s advertising spend. Meanwhile, consumers are trending back toward the convenience of banking bundles, and they expect their financial institutions to help them improve their financial health. These conditions create a unique opportunity to extract value from digital experiences. CollectionsData, advanced analytics and machine learning are transforming all aspects of collections during a time when consumer debt pressure is building. Organizations can harness the power of data-driven insights, predictive modeling, enhanced segmentation and optimized decisions to ensure they have the strongest contact data and best collections strategy to reduce delinquencies and boost recovery rates. See you next year for Vision 2025!
Open banking is revolutionizing the financial services industry. But what is open banking and how can you adapt to this new landscape?
Using alternative data for credit underwriting is a modern and efficent approach to a risk-based credit approval strategy Read more!
Our State of Alternative Data Report provides insight into the alternative lending market, new data sources and growth opportunities.
A data-driven credit customer experience offers personalization and low friction — it's a win-win for consumers and businesses.
Learn how you can grow your portfolio and minimize risk by leveraging industry-leading alternative credit scoring models. Read more!
Today's lenders are using traditional and alternative credit data, including consumer permissioned data, to enhance their credit decisioning.
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
With the pandemic waning, now is the time for financial institutions to take action on financial inclusion. Read on to learn more!
These days, the call for financial inclusion is being answered by a disruptive force of new financial products and services. Read more!
As card issuers go head-to-head in the battle to reach and connect with new consumers, they must implement more inclusive lending strategies.
Many financial institutions have made inclusion a strategic priority to expand their reach and help more U.S. consumers access affordable financial services. To drive deeper understanding, Experian commissioned Forrester to do new research to identify key focal points for firms and how they are moving the needle. The study found that more than two-thirds of institutions had a strategy created and implemented while one-quarter reported they are already up and running with their inclusion plans.1 Tapping into the underserved The research examines the importance of engaging new audiences such as those that are new to credit, lower-income, thin file, unbanked and underbanked as well as small businesses. To tap into these areas, the study outlines the need to develop new products and services, adopt willingness to change policies and processes, and use more data to drive better decisions and reach.2 Expanded data for improved risk decisioning The research underlines the use of alternative data and emerging technologies to expand reach to new audiences and assist many who have been underserved. In fact, sixty-two percent of financial institutions surveyed reported they currently use or are planning to use expanded data to improve risk profiling and credit decisions, with focus on: Banking data Cash flow data Employment verification data Asset, investments, and wealth management data Alternative financial services data Telcom and utility data3 Join us to learn more at our free webinar “Reaching New Heights Together with Financial Inclusion” where detailed research and related tools will be shared featuring Forrester’s principal analyst on Tuesday, May 24 from 10 – 11 a.m. PT. Register here for more information. Find more financial inclusion resources at www.experian.com/inclusionforward. Register for webinar Visit us 1 Based on Forrester research 2 Ibid. 3 Ibid.
What goals should you set to make financial inclusion a reality? How can success be quantified? This checklist can help you become more inclusive.