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As we look ahead to 2017, big changes are on the horizon. What does it all mean for the financial services space? Here are five trends and twists coming over the next 12 months, ready to push new boundaries and in many cases improve the customer experience as it pertains to the world of credit and finance. 1. President Trump heads to Washington. The 2016 election is a distant memory. The voters have spoken, and policy makers in Washington are coming to grips with the reality that President-elect Trump and the Republicans will control all levers of government beginning mid-January. So what does this news mean for the financial services industry? Obviously, there will be realignment of policy priorities, as reflected in a new approach to regulation and legislation. Federal priorities with respect to taxation and government spending will also be realigned to reflect the economic agenda of President-elect Trump and the Republican Congress. Much of the Administration’s first 100 days is expected to be focused on healthcare reform, tax reform, national security and appointment of a Supreme Court justice. Soon, however, many expect the Trump Administration and Republican controlled Congress to move forward with a deregulatory agenda that will likely include reform of the Dodd-Frank Act and the Consumer Financial Protection Bureau. Will President-elect Trump slow down and roll back regulations relating to arbitration and payday lending, both of which are in the proposed rule stage? Trump is also likely to support efforts by Republicans in Congress to reform the CFPB’s structure, including replacing the single director with a bipartisan commission and placing the CFPB under the Congressional appropriations process. Reform of Dodd-Frank and/or the CFPB will require Republicans to gain some support from Democrats in the Senate given that 60 votes are required to break a filibuster. There may also be a continued focus on what, if any, legislative or regulatory solutions are necessary to ensure a responsible and predictable regulatory environment for the FinTech industry. What key regulations have shaped the financial services industry over the past 8 years? Learn more 2. See the customers, score more customers. Roughly 45 million Americans have either no credit history, or credit history that is too scarce or too stale to generate a credit score. Thus, innovators are seeking to expand responsible access to credit by looking to alternative forms of data and newer methods of analyzing this data to assess an applicant’s creditworthiness. From encouraging the use of rental data to utility and mobile phone payments, part of the solution rests on getting more companies to furnish credit data to the bureaus. With more insights, suddenly an “invisible” consumer becomes “newly visible.” About 80 percent of the newly visible population falls into the younger generation category. The remaining 20 percent are likely immigrants, people where one spouse had all the credit and then added their other spouse later in life, or individuals who used to have credit but have since paid off their multiple lines and gone dark. In 2017, an even greater emphasis will be on scoring more and recognizing these “newly visible.” More testing will be on alternative data sources and assessing how accurate they are in terms of predicting credit worthiness. 3. Pull it together people, the data that is. Facebook, LinkedIn, and Netflix have become essential to modern life, and consumers of all generations expect to have their data connected and aggregated online. With their expectations set by other industries, people want at-your-fingertips access to money management and credit and loan approvals—and seamless experiences. The next generation of innovative financial technology delivers all of those things. Data aggregators entered the financial services scene in the late 90s, with models “scraping” an individual’s financial information from sources such as banks, securities firms, retirement-plan custodians and insurance companies. This made it possible for financial institutions to gain some insight into their customers, but failed to create a complete financial picture. Future aggregators will elevate the game, leveraging credit data and transaction level data to quickly assess ability-to-pay, income and other assets. For example, a consumer’s checking account information will truly become a part of the lending process. This is a win-win for lenders and consumers. It will streamline the lending process, allow for faster transactions, give lenders deeper insights about their customers and potential borrowers, and help some consumers change a thin-file consumer into a thick-file. Imagine a world where income and asset verification happens in real time. No more waiting for consumers to gather and submit their W2s. No more returning to your customers and asking for even more paperwork to support their ability to pay. New income verification technology will grant lenders direct access to a consumer’s income details (as authorized by the consumer), and this will start NOW. 4. Sorry FinTech, you’re not immune to fraud. The post-recession lending environment has brought many good things to the economy. Leading the way is rapid, frictionless underwriting focused on growth and the customer experience. As a result, more online marketplace lenders have emerged with their more “flexible” approach to credit risk assessment. While a lot of good has come from this evolution in financing, new challenges have surfaced – especially as it pertains to fraud prevention and credit risk management. Many online lenders are falling victim to “loan stacking” fraud. This occurs when multiple loans are taken out by borrowers who slide through the automated underwriting process. These loopholes can result in multiple lenders making loans to the same borrowers, often within a short period, without the full picture of their rising obligations and declining ability to pay. The same scenario took place during the past-mortgage crisis as we estimated at the time that First Party fraud may have accounted for more than one-quarter of all consumer credit charge-offs. Fast forward to today and online marketplace loan volumes in the U.S. have doubled every year since 2010 with analysts predicting that volumes could reach $90 billion by 2020. Consumers love the ease of access to these online loans. So do fraudsters. As more consumers and small businesses flock to online marketplace lenders, these lenders have a growing responsibility in doing their part to report credit data to the bureaus, and mitigating fraud. How to safeguard the OML space for fraud? Learn more 5. A firm offer of credit, delivered digitally, just for me? Consumers have received digital offers for ages. Purchase a few items online, opt-in to a few sites, and your email box suddenly feels like the most popular girl in school. But where do we stand with personalized offers, especially in the financial services space? Many lenders continue to rely heavily on direct mail, but for some consumers, those offers will never be seen. Today, the world commands and demands a digital experience. And this applies to offers of credit as well. In 2017, lenders can and should target relevant credit offers to consumers in the spaces and platforms they spend the most time. Email? Yes. Online? Of course. Social media sites? It can be done. On a mobile device? Absolutely. Solutions now exist to help lenders deliver relevant, firm offers of credit to consumers via multiple digital channels, including email, display advertising and social media. In short, they can now engage with consumers in the places and channels where they are consuming media today – giving them personal offers in a sequenced, trackable manner. Bye-bye shredder. How many ways can you deliver a firm offer of credit? Learn more — What are your predictions for 2017 as it pertains to the world of financial services? Only time will tell, but we're certain regulations and the advancements in digital will mean big changes for all over the next 12 months.
As we kick off the new year, let’s take a look at some interesting things we learned about data quality in 2016. Our latest data quality report found some concerning statistics about companies and their data quality: 56% of organizations report losing sales opportunities due to bad data. 79% say data clearly ties directly to business objectives, but only 2% trust their data completely. 83% report that poor data quality impacts their business initiatives. Data is at the heart of your organization, and the quality of that data underpins the success of many of your business initiatives. Implementing a successful data quality program, therefore, is imperative to your organization’s future. Building a business case for data quality
Fraud and cybersecurity are two of the biggest risks challenging organizations and the economy today. Fraud has become its own industry, to the tune of $500 billion in estimated losses annually. To strengthen your fraud risk strategies, you need: A multilayered authentication and risk-based approach to prevent fraud. A comprehensive approach to identity with true customer intelligence. To avoid silos and recognize the value of combining your solutions into one platform. The rapid growth of fraud-related activity only reinforces the need for aggressive fraud prevention strategies and the adoption of new technology to prepare for the latest emerging cybersecurity threats. Want to know more?
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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.