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of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum
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Time – it’s the only resource we can’t get more of, which is why we tend to obsess over saving it. Despite this obsession, it can be hard for us to identify time-wasting activities. From morning habits to credit decisioning, processes and routines that seem, well, routine, can get in the way of maximizing how we use our time. Identifying the Problem Every morning, I used to turn on my coffee maker, walk to the bathroom to take my multivitamin, then walk back into the kitchen to finish making my coffee. This required maybe twenty steps to the bathroom and twenty steps back, and while this isn’t a huge amount of time—half a minute at best—it’s not insignificant, especially in the morning when time feels particularly precious. One day, I realized I could eliminate the waste by moving my multivitamin to the cabinet above my coffeemaker. What if we could all make minor changes to enhance our efficiency both at home and at work? Imagine how much time we could save by cutting out unnecessary steps. And how saving that time could help drive significant revenue increases. Time Equals Money When businesses waste time with unnecessary steps, that’s money from their bottom line, and out of the pockets of people who are connected to them. Over the last several years, a new time saver has emerged – Application Programming Interface (API). APIs allow application programs to communicate with other operating systems or control programs through a series of server requests or API calls, enabling seamless interaction, data sharing and decisioning. Experian’s partners utilize our ever-growing suite of APIs to quickly access better data, making existing processes more effective and routines more efficient. In the past, banks and other partners had to send files back and forth to Experian when they needed decisioning on a customer’s credit-worthiness prior to approving a new loan or extending a credit limit increase. Now, partners can have their origination system call an Experian API and send their data through that. Our system processes it and sends it back in milliseconds, giving the lenders real-time decisioning rather than shuttling information back and forth unnecessarily. Instead of effectively walking away from one process (assisting the customer/making coffee) to start another (retrieving credit info/walking down the hall to take the multivitamin), our partners are able to link these processes up and save time, allowing them to capitalize on the presence and interest of their customer. The Proof When Washington State Employees Credit Union, the second-largest credit union in the state, realized they needed to make a change to keep pace with increasing competition, they turned to Experian. With our solution, the credit union is now able to provide its members with instant credit decisioning through their online banking platform. This real-time decisioning at the point of member-initiated contact increased the credit union’s loan and credit applications by 25%. Additionally, member satisfaction increased, with 90% of members finding the simplified prequalification process to be more efficient. By accessing Experian’s decisioning services through your existing connection, lenders can to save time and match consumers with the products that match their credit profile before they apply – increasing approval rates once the application is submitted. Best of all, the entire process with the consumers is completed within seconds. Find out how Experian’s solutions can help you improve your existing processes and cut out unnecessary steps. Get started
AI, machine learning, and Big Data – these are no longer just buzzwords. The advanced analytics techniques and analytics-based tools that are available to financial institutions today are powerful but underutilized. And the 30% of banks, credit unions and fintechs successfully deploying them are driving better data-driven decisions, more positive customer experiences and stronger profitability. As the opportunities surrounding advanced analytics continue to grow, more lenders are eager to adopt these capabilities to make the most of their datasets. And it’s understandable that financial institution are excited at the possibilities and insights that advanced analytics can bring to their business. However, there are some key considerations to keep in mind as you begin this important digital transformation. Here are three things you should do as your financial institution begins its advanced analytics journey. Ensure consistent and clean data quality Companies have a plethora of data and information on their customers. The main hurdles that many organizations face is being able to turn this information into a clean and cohesive dataset and formulating an effective and long-term data management strategy. Trying to implement advanced analytic capabilities while lacking an effective data governance strategy is like building a house on a poor foundation – likely to fail. Data quality issues, such as inconsistent data, data gaps, and incomplete and duplicated data, also haunt many organizations, making it difficult to complete their analytics objectives. Ensuring that issues in data quality are managed is the key to gaining the correct insights for your business. Establish and maintain a single view of customers The power of advanced analytics can only be as strong as the data provided. Unfortunately, many companies don’t realize that advanced analytics is much more powerful when companies are able to establish a single view of their customers. Companies need to establish and maintain a single view of customers in order to begin implementing advanced analytic capabilities. According to Experian research, a single customer view is a consistent, accurate and holistic view of your organization’s customers, prospects, and their data. Having full visibility and a 360 view into your customers paves the way for companies to make personalized, relevant, timely and precise decisions. But as many companies have begun to realize, getting this single view of customers is easier said than done. Organizations need to make sure that data should always be up-to-date, unique and available in order to begin a complete digital transformation. Ensure the right resources and commitment for your advanced analytics initiative It’s important to have the top-down commitment within your organization for advanced analytics. From the C-suite down, everyone should be on the same page as to the value analytics will bring and the investment the project might require. Organizations that want to move forward with implementing advanced analytic capabilities need to make sure to set aside the right financial and human resources that will be needed for the journey. This may seem daunting, but it doesn’t have to be. A common myth is that the costs of new hardware, new hires and the costs required to maintain, configure, and set up new technology will make advanced analytics implementation far too expensive and difficult to maintain. However, many organizations don’t realize that it’s not necessary to allocate large capital expenses to implement advanced analytics. All it takes is finding the right-sized solution with configurations to fit the team size and skill level in your organization. Moreover, finding the right partner and team (whether internal or external) can be an efficient way to fill temporary skills gaps on your team. No digital transformation initiative is without its challenges. However, beginning your advanced analytics journey on the right footing can deliver unparalleled growth, profitability and opportunities. Still not sure where to begin? At Experian, we offer a wide range of solutions to help you harness the full power and potential of data and analytics. Our consultants and development teams have been a game-changer for financial institutions, helping them get more value, insight and profitability out of their data and modeling than ever before. Learn More
Fintech is quickly changing. The word itself is synonymous with constant innovation, agile technology structures and being on the cusp of the future of finance. The rapid rate at which fintech challengers are becoming established, is in turn, allowing for greater consumer awareness and adoption of fintech platforms. It would be easy to assume that fintech adoption is predominately driven by millennials. However, according to a recent market trend analysis by Experian, adoption is happening across multiple generational segments. That said, it’s important to note the generational segments that represent the largest adoption rates and growth opportunities for fintechs. Here are a few key stats: Members of Gen Y (between 24-37 years old) account for 34.9% of all fintech personal loans, compared to just 24.9% for traditional financial institutions. A similar trend is seen for Gen Z (between 18-23 years old). This group accounts for 5% of all fintech personal loans as compared to 3.1% for traditional Let’s take a closer look at these generational segments… Gen Y represents approximately 19% of the U.S. population. These consumers, often referred to as “millennials,” can be described as digital-centric, raised on the web and luxury shoppers. In total, millennials spend about $600 billion a year. This group has shown a strong desire to improve their credit standing and are continuously increasing their credit utilization. Gen Z represents approximately 26% of the U.S. population. These consumers can be described as digital centric, raised on the social web and frugal. The Gen Z credit universe is growing, presenting a large opportunity to lenders, as the youngest Gen Zers become credit eligible and the oldest start to enter homeownership. What about the underbanked as a fintech opportunity? The CFPB estimates that up to 45 million people, or 24.2 million households, are “thin-filed” or underbanked, meaning they manage their finances through cash transactions and not through financial services such as checking and savings accounts, credit cards or loans. According to Angela Strange, a general partner at Andreessen Horowitz, traditional financial institutions have done a poor job at serving underbanked consumers affordable products. This has, in turn, created a trillion-dollar market opportunity for fintechs offering low-cost, high-tech financial services. Why does all this matter? Fintechs have a unique opportunity to engage, nurture and grow these market segments early on. As the fintech marketplace heats up and the overall economy begins to soften, diversifying revenue streams, building loyalty and tapping into new markets is a strategic move. But what are the best practices for fintechs looking to build trust, engage and retain these unique consumer groups? Join us for a live webinar on November 12 at 10:00 a.m. PST to hear Experian experts discuss financial inclusion trends shaping the fintech industry and tactical tips to create, convert and extend the value of your ideal customers. Register now
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With the National Automobile Dealers Association (NADA) Show set to kickoff later this week, it seemed fitting to explore how the shifting dynamics of the used vehicle market might impact dealers and buyers over the coming year. Shedding light on some of the registration and finance trends, as well as purchasing behaviors, can help dealers and manufacturers stay ahead of the curve. And just like that, the Special Report: Automotive Consumer Trends Report was born. As I was sifting through the data, one of the trends that stood out to me was the neck-and-neck race between Millennials and Gen X for supremacy in the used vehicle market. Five years ago, in 2019, Millennials were responsible for 33.3% of used retail registrations, followed by Gen X (29.5%) and Baby Boomers (26.8%). Since then, Baby Boomers have gradually fallen off, and Gen X continues to close the already minuscule gap. Through October 2024, Millennials accounted for 31.6%, while Gen X accounted for 30.4%. But trends can turn on a dime if the last year offers any indication. Over the last rolling 12 months (October 2023-October 2024), Gen X (31.4%) accounted for the majority of used vehicle registrations compared to Millennials (30.9%). Of course, the data is still close, and what 2025 holds is anyone’s guess, but understanding even the smallest changes in market share and consumer purchasing behaviors can help dealers and manufacturers adapt and navigate the road ahead. Although there are similarities between Millennials and Gen X, there are drastic differences, including motivations and preferences. Dealers and manufacturers should engage them on a generational level. What are they buying? Some of the data might not come as a surprise but it’s a good reminder that consumers are in different phases of life, meaning priorities change. Over the last rolling 12 months, Millennials over-indexed on used vans, accounting for more than one-third of registrations. Meanwhile, Gen X over-indexed on used trucks, making up nearly one-third of registrations, and Gen Z over-indexed on cars (accounting for 17.1% of used car registrations compared to 14.6% of overall used vehicle registrations). This isn’t surprising. Many Millennials have young families and may need extra space and functionality, while Gen Xers might prefer the versatility of the pickup truck—the ability to use it for work and personal use. On the other hand, Gen Zers are still early in their careers and gravitate towards the affordability and efficiency of smaller cars. Interestingly, although used electric vehicles only make up a small portion of used retail registrations (less than 1%), Millennials made up nearly 40% over the last rolling 12 months, followed by Gen X (32.2%) and Baby Boomers (15.8%). The market at a bird’s eye view Pulling back a bit on the used vehicle landscape, over the last rolling 12 months, CUVs/SUVs (38.9%) and cars (36.6%) accounted for the majority of used retail registrations. And nearly nine-in-ten used registrations were non-luxury vehicles. What’s more, ICE vehicles made up 88.5% of used retail registrations over the same period, while alternative-fuel vehicles (not including BEVs) made up 10.7% and electric vehicles made up 0.8%. At the finance level, we’re seeing the market shift ever so slightly. Since the beginning of the pandemic, one of the constant narratives in the industry has been the rising cost of owning a vehicle, both new and used. And while the average loan amount for a used non-luxury vehicle has gone up over the past five years, we’re seeing a gradual decline since 2022. In 2019, the average loan amount was $22,636 and spiked $29,983 in 2022. In 2024, the average loan amount reached $28,895. Much of the decline in average loan amounts can be attributed to the resurgence of new vehicle inventory, which has resulted in lower used values. With new leasing climbing over the past several quarters, we may see more late-model used inventory hit the market in the next few years, which will most certainly impact used financing. The used market moving forward Relying on historical data and trends can help dealers and manufacturers prepare and navigate the road ahead. Used vehicles will always fit the need for shoppers looking for their next vehicle; understanding some market trends will help ensure dealers and manufacturers can be at the forefront of helping those shoppers. For more information on the Special Report: Automotive Consumer Trends Report, visit Experian booth #627 at the NADA Show in New Orleans, January 23-26.
The automotive industry is constantly changing. Shifting consumer demands and preferences, as well as dynamic economic factors, make the need for data-driven insights more important than ever. As we head into the National Automobile Dealers Association (NADA) Show this week, we wanted to explore some of the trends in the used vehicle market in our Special Report: State of the Automotive Finance Market Report. Packed with valuable insights and the latest trends, we’ll take a deep dive into the multi-faceted used vehicle market and better understand how consumers are financing used vehicles. 9+ model years grow Although late-model vehicles tend to represent much of the used vehicle finance market, we were surprised by the gradual growth of 9+ model year (MY) vehicles. In 2019, 9+MY vehicles accounted for 26.6% of the used vehicle sales. Since then, we’ve seen year-over-year growth, culminating with 9+MY vehicles making up a little more than 30% of used vehicle sales in 2024. Perhaps more interesting though, is who is financing these vehicles. Five years ago, prime and super prime borrowers represented 42.5% of 9+MY vehicles, however, in 2024, those consumers accounted for nearly 54% of 9+MY originations. Among the more popular 9+MY segments, CUVs and SUVs comprised 36.9% of sales in 2024, up from 35.2% in 2023, while cars went from 44.3% to 42.9% year-over-year and pickup trucks decreased from 15.9% to 15.6%. 2024 highlights by used vehicle age group To get a better sense of the overall used market, the segments were broken down into three age groups—9+MY, 4-8MY, and current +3MY—and to no surprise, the finance attributes vary widely. While we’ve seen the return of new vehicle inventory drive used vehicle values lower, it could be a sign that consumers are continuing to seek out affordable options that fit their lifestyle. In fact, the average loan amount for a 9+MY vehicle was $19,376 in 2024, compared to $24,198 for a vehicle between 4-8 years old and $32,381 for +3MY vehicle. Plus, more than 55% of 9+MY vehicles have monthly payments under $400. That’s not an insignificant number for people shopping with the monthly payment in mind. In 2024, the average monthly payment for a used vehicle that falls under current+3MY was $608. Meanwhile, 4-8MY vehicles came in at an average monthly payment of $498, and 9+MY vehicles had a $431 monthly payment. Taking a deeper dive into average loan amounts based on specific vehicle types—as of 2024, current +3MY cars came in at $28,721, followed by CUVs/SUVs ($31,589) and pickup trucks ($40,618). As for 4-8MY vehicles, cars came in with a loan amount of $22,013, CUVs/SUVs were at $23,133, and pickup trucks at $31,114. Used 9+MY cars had a loan amount of $19,506, CUVs/SUVs came in at $17,350, and pickup trucks at $22,369. With interest rates remaining top of mind for most consumers as we’ve seen them increase in recent years, understanding the growth from 2019-2024 can give a holistic picture of how the market has shifted over time. For instance, the average interest rate for a used current+3MY vehicle was 8.0% in 2019 and grew to 10.2% in 2024, the average rate for a 4-8MY vehicle went from 10.3% to 12.9%, and the average rate for a 9+MY vehicle increased from 11.4% to 13.8% in the same time frame. Looking ahead to the used vehicle market It’s important for automotive professionals to understand and leverage the data of the used market as it can provide valuable insights into trending consumer behavior and pricing patterns. While we don’t exactly know where the market will stand in a few years—adapting strategies based on historical data and anticipating shifts can help professionals better prepare for both challenges and opportunities in the future. As used vehicles remain a staple piece of the automotive industry, making informed decisions and optimizing inventory management will ensure agility as the market continues to shift. For more information, visit us at the Experian booth (#627) during the NADA Show in New Orleans from January 23-26.
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typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.