Tag: analytics

Earlier this month, Experian joined FinovateSpring in San Francisco, CA to demonstrate innovations impacting financial health to over 1,000 attendees. The Finovate conference promotes real-world solutions while highlighting short-form demos and key insights from thought-leaders on digital lending, banking, payments, artificial intelligence and the customer experience. With more than 100 million Americans lacking fair access to credit, it's more important than ever for companies to work to improve the financial health of consumers. In addition to the show's abundance of fintech-centered content, Experian hosted an exclusive, cutting-edge breakout series demonstrating innovations that are positively impacting the financial health of consumers across the nation. Finovate Day One Overview While fintechs, banks, venture capitalist, entrepreneurs and industry analysts ascended on the general conference floor for a fast-paced day of demos, a select subset gathered for a luncheon presented by Experian North America CEO, Craig Boundy, and Group President, Alex Lintner. Attendees were given an in-depth look at new, alternative credit data streams and tools that are helping to increase financial access. Demos included: Experian Boost™: a free, groundbreaking online platform that allows consumers to instantly boost their credit scores by adding telecommunications and utility bill payments to their credit file. More than half a million consumers have leveraged Experian Boost, increasing their score by an average of 13 points. Cumulatively, Experian Boost has helped add more than 2.8 million points to consumers’ credit scores. Ascend Analytical Sandbox™: A first-of-its-kind data and analytics platform that gives companies instant access to more than 17 years of depersonalized credit data on more than 220 million U.S. consumers. It has been the most successful product launch in Experian’s history and recently earned the title of “Best Overall Analytics Platform” at this year’s Fintech Breakthrough Awards. Alternative Credit Data: Comprised of data from alternative credit sources, this data helps lenders make smarter and more informed lending decisions. Additionally, Experian’s Clear Data Platform is next-level credit data that adds supplemental FCRA-compliant credit data to enrich decisions across the entire credit spectrum. This new platform features alternative credit data, rental data, public records, consumer-permissioned data and more Upon conclusion of the luncheon, Alpa Lally, Experian’s Vice President of Data Business at Consumer Information Services, was interviewed for the HousingWire Podcast with Jacob Gaffney, HousingWire Editor in Chief, to discuss how new forms of data streams are helping improve consumers’ access to credit by giving lenders a clearer picture of their creditworthiness and risk. “Alternative credit data is different than traditional credit data and helps us paint a fuller picture of the consumer in terms of their ability to pay, willingness to pay and stability. It helps consumers get better access overall to the credit they deserve so that they can actively participate in the economy,” said Lally. Finovate Day Two Overview On the last day of the conference, expert speakers took to the main stage to analyze the latest fintech trends, opportunities and challenges. Alex Lintner and Sandeep Bhandari, Chief Strategy Officer and Chief Risk Officer at Affirm, participated in a fireside chat titled “Improving the Financial Health of America’s 100 Million Credit Underserved Consumers.” Moderated by David Penn, Finovate Analyst, the session explored the latest innovations, trends and technologies – from machine learning to alternative data – that are making a difference in positively impacting the financial health of Americans and expanding financial opportunities for underserved consumers. The panel discussed the efforts made to put financial health at the center of their business and the impact it’s had on their organizations. Following the fireside chat, Experian hosted a second lunch briefing, presented by Vijay Mehta, Chief Innovation Officer, and Greg Wright, EVP Chief Product Officer. The lunch included exclusive table discussions and open conversations to help attendees leave with a better understanding of the importance of prioritizing financial health to build trust, reach new customers and ultimately grow their business. "We are actively seeking out unresolved problems and creating products and technologies that will help transform the way businesses operate and consumers thrive in our society. But we know we can't do it alone," Experian North American CEO, Craig Boundy said in a recent blog post on Experian's fintech partnerships and Finovate participation. "That's why over the last year, we have built out an entire time of account executives and other support staff that are fully dedicated to developing and supporting partnerships with leading fintech companies. We've made significant strides that will help us pave the way for the next generation of lending while improving the financial health of more people around the world." For more information on how Experian is partnering with fintechs, visit experian.com/fintech or read our recent blog article on consumer-permissioned data for an in-depth discussion on Experian BoostTM.

Experian's annual State of Credit Report includes consumer credit data trends and a 10 year look back to when America started to enter the recession.

Day 2 of the annual conference covered topics ranging from alternative credit data and regulatory compliance to marketing analytics and fraud.

Experian wins for a second year in a row at coveted Fintech Breakthrough Award program, which received more than 3,500 nominations from across the globe.

Given the option between offshore and onshore data science resources, how do you decide? Let’s discuss a few things to consider.

An analytics environment can have enterprise-wide impact. Instant access to customer data, actionable analytics and intelligence tools drive the most value.

Gavin Harding, Senior Business Consultant, continues in this Q&A with insight that spans across all lenders and their use of alternative data.

In banking, as in baseball, data and analytics are key to making informed, data-driven decisions for your team and your business.

Any analytical environment is only as good as the data you put into it. Check these four key features when choosing the right one for your organization.

There are a lot of people talking about big data who are not fully leveraging the value of their data. How do you use data to innovate and stay competitive?

At their heart, car dealers have always been marketers. It's part of learning the trade and understanding the business to gain natural insight into modern marketing and advertising practices. One could even argue that the experience gained through knowledge passed down, trial and error, and exposure to the automotive game itself can yield better strategies than a marketing degree. With all that said, it's still important to have the right data to guide the decisions as well as the tools necessary to decipher the data. Although we have a vast amount of information at our fingertips, it's very possible to truly build on "actionable data" and allow it to define the parameters for a dealership's marketing strategy. One of the most important things to consider when you're building and enhancing your strategies is that the data allows for decision making on the macro and micro levels. We see trend reports, analytics, and test cases that can influence decisions on both sides of the spectrum. Making decisions on the macro level means wholesale changes or additions. For example, the overall effectiveness of a particular classified advertising website can be broken down to determine whether or not it's making the right type of impact. Dealers have so many options today to advertise both online and offline, so making sure that any particular venue is effective is key to success. On the micro level, decisions can be made about how to position the dealership within the individual venues. You may be a big believer in search pay-per-click advertising, for example, and data can help to guide you or your vendor partners to position the dealership properly on search. Knowing which messages about individual cars are effective can be a guide. Then, understanding what zip codes have the highest opportunity level for the individual model can mold your PPC spend, while demographic data can drive effective messaging and help you optimize campaign creative and landing pages. Having access to the data is only the first step. Looking at the data appropriately is an important second step that many dealers are missing. Putting it all together into a decision-driving model is the step that almost every dealer should embrace to allow them to make the best decisions, macro or micro.

  The auto industry has been riding a wave of prosperity for the past seven years, bouncing back nicely from the 2008 market collapse. But, it looks like rising sales of the past 10 years, are, well...a thing of the past. According to Alix Partners, 2016 sales of 17.5 million units might be the high-water sales mark, at least through 2022. Alix Partners says the next five years sales will range between 15.6 million to 16.8 million annually. Suddenly, it will be challenging for dealers to stay in strong growth mode. How can dealers best react to the tightening market? The Experian white paper “Data Tools Evolve to Give Dealers an Edge in a Tight Sales Market” takes a look at how new and improved data and analytic tools can provide deeper insights to help automotive retailers unlock sales. The paper reviews current market sales statistics, historical sales trends and how dealers reacted during similar market conditions in the past. In addition, the paper provides a look at the challenges faced by automotive retailers, in terms of shrinking gross profit, higher advertising expenses and increased competition. Automotive retailers also will find information on the importance of customer conquesting and a look at technology tools to help provide a deeper understanding and actionable intelligence about local markets. Data and analytics are no longer the private purview of large mega-dealers. The Experian white paper outlines today’s data tools that can be implemented quickly and cost effectively by dealers of any size. To learn more about these trends, download the paper here: https://www.experian.com/automotive/dealerwhitepaper.html

Many clients use the same debt collection strategy they’ve used for years never considering the customer experience for the debtor

Fraud Solutions Made Easy — solving new fraud problems by Adapting Legacy Solutions 

Who sports higher scores, less debt and more on-time payments? According to Experian’s latest analysis, women take the credit title.