By: Lloyd Parker
There aren’t many things that energize me more than seeing our clients arrive for the Experian Vision 2013 Conference. Industry leaders from all over the world have joined us in Southern California to kick-off a full day of insightful topics. This year’s event sold out in record time and we have many first time attendees taking advantage of the opportunities to network and learn from industry peers.
Today began with a welcome from Steve Wagner, President of Consumer Information Services followed by Victor Nichols, Chief Executive Officer, Experian North America and myself, Lloyd Parker, Group President Credit Services. We launched our key theme of Real Strategies, Real Growth, Real Opportunities, discussing the concept of “reality checks.”
Reality check #1: Micro-targeting is required
- Identify market differences
- Understand your customer segments
- Adapt to specific needs of your empowered consumers
Reality check #2: Managing risk
- Protect against risks that follow success
- Keep your door open for good business
- Focus on operational efficiencies
Reality check #3: Optimizing engagement
- Utilize all the data of each customer
- Understand all of your customer touch points
- Manage customer strategies holistically
A key theme of the day was the economic, regulatory and political changes impacting our economy and your customers. We had a conversation with Timothy F. Geithner, 75th U.S. Secretary of the Treasury, who shared his experiences as the principal architect of the President’s strategy to avert economic collapse and to reform the financial system. He also discussed international economic challenges and gave us his personal outlook on the economy.
The afternoon featured many great speakers and industry experts across many topics that included hearing from many of our regulators on the topic of banking regulations; experts in the area of mobile payments and banking; along with many of our clients who shared their successful programs and experiences working across consumer and commercial portfolios and the customer lifecycle.
Other highlights from the day
Things overheard at the Roundtable Sessions:
“You don’t need extensive touches for small loans, but let go of Excel,”
Community bank topics
“Loans are milk, deposits are steak,”
Issues and opportunities within commercial risk management roles topic
“Pent up demand will lead to overall positive auto market conditions near term,”
Automotive hot topics
“Keeping various systems in synch; Spend time early on implementation to define biz requirements,”
Overcoming system operation challenges topic
“Marketing to the underserved remains a challenge,”
Issues and opportunities in consumer risk management roles topic
“Using mobile to go paperless in commercial lending to improve convenience,”
Mobile tools for business lending topic
Top tweets:
#vision2013 “Be relentlessly skeptical. Be humble about what you don’t know.” Former Secretary Timothy Geithner.
— Martha Staten (@Sauconyandsuds) May 6, 2013
Experian CEO to Us bankers on current reg environment. “we have to get in compliance. We have to grow in compliance”.#vision2013
— eric haller (@erichaller2) May 6, 2013
Great description of the current environment – “Economic Pinball” Victor Nichols #vision2013 #finserv
— Patricia Hines (@PJHines) May 6, 2013
#vision2013.@experiancredit data lab is the “most unique initiative in the industry”. The lab lets you #engage w/ untraditional data.
— Mike Horrocks (@mikehorrocks) May 6, 2013
Only take risks you can understand, measure, and monitor. CRO round table. #vision2013
— alissa (@adh314) May 6, 2013
The phone is the new wallet. Apps are the new cards. #engage #vision2013
— Andrew Beddoes (@beddoesa712) May 6, 2013
