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Isis has had a slew of announcements – about an impending national rollout and further assertion by both Amex and Chase of their intent to continue their partnership. Surprisingly (or not) Capital One has stayed mum about its plans, and neither has Barclays or Discover shown any interest. And much ink has been spilled at how resolute (and isolationist) Isis has been – including here on this blog. So does the launch reflect a maturity in the JV to tackle a national rollout, or is it being forced to show its hands? Wait..I have more questions… What about the missing partner? I have no reason to believe that CapitalOne will continue its relationship with Isis – as I doubt they learnt anything new from the Isis pilot – apart from the excruciatingly difficult orchestration required to balance multiple TSMs, Carriers, Handsets and the Secure Element. Further, there are no new FI launch partners – no BofA, no WellsFargo, no Citi – who each are capable of paying the upfront cost to be on Isis. But, even to those who can afford it – the requisite capital and operating expenditures stemming from a national rollout, should give pause when compared against the lift Isis can provide to incremental revenue via Isis wallet consumers. This is the biggest qualm for Issuers today – that Isis has all the capability to drive distribution and do secure provisioning – but none of the capacity to drive incremental card revenue. And Isis opting to profit from simply delivering merchant offers based on store proximity, with no visibility in to past payment behavior and no transactional marketing capabilities – is hardly different or better than what FourSquare already does for Amex, for example. So why bother? *Updated* There is also a total misalignment of objectives between Isis and its Issuing partners around customer acquisition. Isis charges for provisioning credentials to the wallet regardless of how many transactions that may follow. So Isis has an incentive to push its wallet to everyone with a phone even if that person never completes a contactless transaction. Where as its Issuers have an incentive to get most bang for the buck by targeting the folks most likely to use a smartphone to pay after activation. See a problem? *End Update* How much more runway does Isis have? This is the question that has been around most. How much more capital is Isis’s parents willing to plow in to the JV before they come calling? The rumored quarter a billion pot holds enough to power a national rollout, but is it enough to sustain that momentum post-launch? If those $100 Amazon Gift cards they were handing out in Austin/SLC to boost consumer adoption (a final push just prior to reporting overall usage numbers) were any indication, Isis needs to invest in a smarter go-to-market strategy. It wouldn’t be surprising if Isis had to go back to its parents for mo’ money so that it can continue to run – while standing absolutely still. Who has a recognizable brand – Isis or Amex/Chase? Isis once boasted about buying a billion impressions in their pilot markets across various marketing channels. I shudder to see the ROI on that ad spend – especially when all the Ads in the world could not help if a customer still had to get a new phone, or get a new SIM by visiting the carrier store – to do what a plastic card can do effortlessly. It’s FI partners (Chase, Amex and CapitalOne) have so far kept any Isis branding outside of their ads, and I doubt if that would change. After all, why would Amex and Chase who collectively spent about $4.2B in advertising last year care about giving Isis any visibility, when a Chase or an Amex customer still has to fire up an Isis app to use a Chase or an Amex card? Why would Amex and Chase dilute its brand by including Isis messaging – when they themselves are pitted against each other inside the wallet? For some inexplicable reason – Isis made a conscious decision to become a consumer brand instead of a white label identity, provisioning and payment platform. (And for all of the faults attributable to Google – they are a consumer brand and yet – look at all the trouble it had to make its payments efforts scale.) I believe that until Isis displays a willingness to let its Issuing partners play front and center, any support they in turn provide to Isis is bound to be non-committal. Have you counted the Point-of-Sale registers? MCX proved to be the sand in mobile payments gears since the announcement. It has had “quite the intended” effect of killing any kind of forward movement on in-store payment initiatives that required a conventional point-of-sale upgrade. Contactless upgrades at point-of-sale which have long been tied to the EMV roadmap has had a series of setbacks, not the least of which is the continuing ambiguity around Issuer readiness, merchant apathy, and roadblocks such as the recent ruling. More so, the ruling injected more ambiguity in to how proximity payments would function, which payment apps must be supported for the same debit or credit transaction etc. With retailers, Isis brings nothing new that others are unable to claim, and infact it brings even less – as there is no new context outside of store-customer-proximity that it can bring to deliver discounts and coupons to customer prospects. And it’s cringeworthy when someone claims to “help” retailers in driving incremental traffic to stores, simply because they are able to pair context and proximity among other factors. These claims are hugely suspect due to how limited their “contexts” are – and no one can blend intent, past behavior, location and other factors better than Google – and even they churned out an inferior product called Google Offers. Transactional data is uniquely valuable – but Banks have been negligent in their role to do anything meaningful. But I digress. Coming full circle: Will we ever see proximity payments realized in a way that does not include the SE? The UICC based Secure Element model has been the favored approach by Carriers, which allows device portability and to exert control on the proximity payments ecosystem. We have seen deviations from the norm – in the form of Bankinter, and the recent RBC/BellID Secure cloud – which reject the notion of an onboard Secure Element, and opts to replace it with credentials on TEE, in memory or on the cloud. There is much interest around this topic, but predicting which way this will turn out is difficult owing to where the power to effect change resides – in the hands of OEMs, Ecosystem owners, Carriers etc. And don’t forget that Networks need to subscribe to this notion of credentials outside of SE, as well. But what about an Isis wallet that decouples itself from NFC/SE? Google has toyed with such an approach, but it clearly has the assets (Gmail, Android et al) to build itself a long runway. What about an Isis that exists outside of NFC/SE? Well – why do you need Isis then? To be fair, such an approach would pale against MCX or Paydiant or a number of other wallets and offer even less reasons for merchants to adopt. Paydiant offers both a better point-of-sale integration and a quicker QR capture – which Isis will struggle to match. It’s abundantly clear – take away the SE – and just as easily, the Carrier value proposition collapses on its own like a pack of cards. That’s one risky bet. What are your thoughts about the future of Isis? I am on Twitter here, if you wish to connect. And you can find me on LinkedIn here. This is a re-post from Cherian's original blog post "Isis: A JV at odds."
According to the Q2 2013 Experian Automotive State of the Automotive Finance Market report, vehicle repossessions reached their lowest rate in seven years, with only 0.36 percent of all vehicle loans reaching repossession. This change is a drop of 14.8 percent over the previous quarter and a 10.4 percent decrease from the previous low of 0.41 percent in Q2 2006. Sign up to access our quarterly analysis of the latest automotive finance trends. Source: Experian Automotive: Auto repossessions reach lowest rate on record
By: Reggie Whitley After spending years working in bank fraud, one of the most difficult conversations to have with a consumer is “We can no longer successfully protect your accounts.” Identity theft is shockingly easy to commit. In most cases consumers are able to recover successfully from compromises thanks to the diligence of their financial institutions, the cooperation of retailers, and credit reporting services that assist in recovery from compromises. Problems arise when you have consumers who become attractive targets for various reasons – these could be relationships to others, high net worth, extensive products, or business ownership. These targets aren’t ‘one and done’ consumers for an identity criminal. For these consumers identity thieves will continue accessing their identities for months or even years. These consumers are often forced to migrate from banks or credit card companies because the identity crimes follow them and they become too expensive to protect. For these consumers, identity theft is a true nightmare. In the past year, fraud protection strategies and tools have emerged that will begin to reduce the risk of continued compromise these consumers face. Real time identity alerting tools have emerged to offer consumers a way to receive notification when their identities are being used, not just at a single institution, but across the financial landscape. Consumers now have the ability to receive SMS, Email, or Web notifications whenever their identity has been verified. If the consumer receives an alert on an banking account they just opened, they simply move on, no action is required. In the event that the alert is NOT something they generated, the consumer calls in, discusses with a fraud specialist and is connected to the generating bank or retailer to file a fraud report. Obviously, this service benefits any consumer who would like to monitor usage of their identity and detect fraud, but knowing first hand the horror stories extensively compromised consumers get caught in, tools like start to open a level of REAL TIME protection that hasn’t before existed. The benefit is truly across the board. Banks and retailers begin to realize savings when consumers engage them within minutes of fraud. This reduces the success of identity thieves, discouraging additional attempts. Finally, detecting this fraud reduces the extensive efforts needed to help a consumer clear up credit reports and file fraud reports. Perhaps in the near future instead of turning high risk consumers away, we can provide them with the ability to protect themselves and the industry from the nightmare situations that are still too frequent today.
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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.