According to Experian’s latest State of the Automotive Finance Market report, auto loan balances reached an all-time high of $905 billion in the first quarter of 2015.

Utilities have continued to evolve and are making better, faster decisions about customers signing up for new services.  A combination of best practices with respect to data, analytics and technology is driving efficiency, lowering costs and ensuring all customers are treated equally.  We will discuss three main areas where utilities have made significant advances: • Customer pinning — loss reduction by using match logic to identify consumers across different systems and platforms who may have existing past due amounts • Scoring — using specific models for risk segmentation to assist in the deposit decision • Decisioning — choosing systems with capabilities for effectively managing their business at the relationship level and is capable of using “pins” to automatically identifying customers who have  past due amounts and using scores and other data to automate the deposit decision Customer Pinning Using customer pins in the account opening process is key to ensuring you are able to effectively identify consumers who are re-initiating service and may have unpaid balances. This enables you to identify the opportunity to consolidate past-due amounts before connecting new service for the consumer.  It may also be used in the determination as to whether or not a deposit may be required. Clients see advantages with this process most often when consumers move out of and then back into a particular service market.  Another case is when a customer changes their name as a result of marriage or divorce or is added to other existing billings. These customer pins or unique identifiers can be updated in batch in order to maintain the integrity of the account linking within your accounts receivable. Clients then ensure that with the account opening process the pin on the customer opening the account is retrieved from the consumer credit file system, then “matched” with a pin in the existing customer file that was obtained through the batch process.  It can then be determined whether that customer owes an unpaid balance from a prior account.  For optimal efficiency, this should be done by the same decisioning system that is performing the identity verification and deposit calculation for the account in a continuous workflow. Scoring and Deposits Increasingly, utilities are being authorized to use scores and credit data along with existing unpaid balances to determine if a deposit is warranted.  If a score is used, generally a simple cut-off is used and if a score falls below the cut off a deposit is required, otherwise it is not. There are many types of scores in the market, but some have been developed specifically for use by energy utilities and similar service providers for the purpose of deposit determination.  One of the characteristics to look for in a score for deposit determinations is the number of customers that can be scored.  Generally, the more customers that can be scored the better as there may be many customers with thin or virtually no credit files that would be unscoreable using a traditional scoring model. Specific bureau attributes may enhance this process when scores are near cut offs, especially if a score falls slightly below the cut off.  A decision engine may be able to use attributes to assist in supplying valuable data in a second review that may be requested by a customer who feels that they should not need to submit a deposit. Decisioning Platform Deploying new strategies to capture all the benefits of automating a fraud review, taking advantage of the custom pinning process, scoring and other attributes can be a challenge.  However, the market has continued to evolve to enable large and small utilities to gain access to new tools to more effectively manage their business. There are now new solutions available, like PowerCurve OnDemand, that provide hosted data integration, incorporation of your existing customer files including pin numbers, workflow, decisioning and a simple integration with your existing technologies at a low cost of entry.  Solutions like PowerCurve OnDemand combine ease of use, with powerful capabilities that are targeted to fit the needs of the utility industry. Learn more about how PowerCurve OnDemand can help your business.

Every time I turn on my television, look out my window or drive into the office, I always see hybrid or electric vehicles on the road. These days it seems like almost everyone is going green. With all the alternative-powered vehicles out there, you’d think that the market is simply booming, right? Would you believe me if I told you that the percentage of newly registered alternative-powered vehicles in 2014 actually declined from the previous year? It’s true. With this revelation, we actually took a deeper look into the alternative-powered vehicle market to see what else we can discover. Here’s what we found: Did you know that consumers who buy “Green” vehicles, purchase them in cash at a higher rate than those that buy more traditional models? Again, it’s a fact. The point is, there are many stereotypes and misnomers about alternative-powered vehicles, as well as the consumers who purchase them. But, just as there are hundreds of stereotypes, there also is an abundance of data to help confirm or reject them. At Experian, we’re committed to using our data for good by providing information into the market to help dealers, manufacturers and consumers better understand the environment we live in – whether we are talking broadly about what metal is moving or more specifically providing actionable insights into who is “going green”. For instance, consumers purchasing an alternative-powered vehicle tend to be a lower credit risk than those purchasing a traditional model. Nearly 83 percent of consumers who purchased a “Green” vehicle fell within the prime credit category, while the same could only be said for 71.5 percent of consumers who purchased gas-powered models. Additionally, of the top five alternative-powered vehicle models in 2014, three of them came from the Toyota family. The Toyota Prius and Prius C were in the top two, while the Camry was in the number four position. The Ford Fusion and Nissan Leaf made up the third and fifth spots, respectively. It’s these insights that enable the automotive industry and its consumers to take the appropriate action and make the best decisions for them. For consumers, gaining insight into the market allows them to paint a clearer picture of what options are most popular and available. For dealers and manufacturers, they are able to gain a better understanding of consumer demand and provide inventory that meets the needs of the market. The fact of the matter is, opportunity exists everywhere you look, you just have to know what you’re looking for. You can’t let preconceived notions or ideas dictate future decisions. By leveraging data and insight, the automotive industry is able uncover the unknowns and put itself in a good position to succeed, while helping consumers purchase vehicles that meet their specific lifestyle.

According to Experian’s latest State of the Automotive Finance Market report, auto loan balances reached an all-time high of $905 billion in the first quarter of 2015.

Utilities have continued to evolve and are making better, faster decisions about customers signing up for new services.  A combination of best practices with respect to data, analytics and technology is driving efficiency, lowering costs and ensuring all customers are treated equally.  We will discuss three main areas where utilities have made significant advances: • Customer pinning — loss reduction by using match logic to identify consumers across different systems and platforms who may have existing past due amounts • Scoring — using specific models for risk segmentation to assist in the deposit decision • Decisioning — choosing systems with capabilities for effectively managing their business at the relationship level and is capable of using “pins” to automatically identifying customers who have  past due amounts and using scores and other data to automate the deposit decision Customer Pinning Using customer pins in the account opening process is key to ensuring you are able to effectively identify consumers who are re-initiating service and may have unpaid balances. This enables you to identify the opportunity to consolidate past-due amounts before connecting new service for the consumer.  It may also be used in the determination as to whether or not a deposit may be required. Clients see advantages with this process most often when consumers move out of and then back into a particular service market.  Another case is when a customer changes their name as a result of marriage or divorce or is added to other existing billings. These customer pins or unique identifiers can be updated in batch in order to maintain the integrity of the account linking within your accounts receivable. Clients then ensure that with the account opening process the pin on the customer opening the account is retrieved from the consumer credit file system, then “matched” with a pin in the existing customer file that was obtained through the batch process.  It can then be determined whether that customer owes an unpaid balance from a prior account.  For optimal efficiency, this should be done by the same decisioning system that is performing the identity verification and deposit calculation for the account in a continuous workflow. Scoring and Deposits Increasingly, utilities are being authorized to use scores and credit data along with existing unpaid balances to determine if a deposit is warranted.  If a score is used, generally a simple cut-off is used and if a score falls below the cut off a deposit is required, otherwise it is not. There are many types of scores in the market, but some have been developed specifically for use by energy utilities and similar service providers for the purpose of deposit determination.  One of the characteristics to look for in a score for deposit determinations is the number of customers that can be scored.  Generally, the more customers that can be scored the better as there may be many customers with thin or virtually no credit files that would be unscoreable using a traditional scoring model. Specific bureau attributes may enhance this process when scores are near cut offs, especially if a score falls slightly below the cut off.  A decision engine may be able to use attributes to assist in supplying valuable data in a second review that may be requested by a customer who feels that they should not need to submit a deposit. Decisioning Platform Deploying new strategies to capture all the benefits of automating a fraud review, taking advantage of the custom pinning process, scoring and other attributes can be a challenge.  However, the market has continued to evolve to enable large and small utilities to gain access to new tools to more effectively manage their business. There are now new solutions available, like PowerCurve OnDemand, that provide hosted data integration, incorporation of your existing customer files including pin numbers, workflow, decisioning and a simple integration with your existing technologies at a low cost of entry.  Solutions like PowerCurve OnDemand combine ease of use, with powerful capabilities that are targeted to fit the needs of the utility industry. Learn more about how PowerCurve OnDemand can help your business.

Every time I turn on my television, look out my window or drive into the office, I always see hybrid or electric vehicles on the road. These days it seems like almost everyone is going green. With all the alternative-powered vehicles out there, you’d think that the market is simply booming, right? Would you believe me if I told you that the percentage of newly registered alternative-powered vehicles in 2014 actually declined from the previous year? It’s true. With this revelation, we actually took a deeper look into the alternative-powered vehicle market to see what else we can discover. Here’s what we found: Did you know that consumers who buy “Green” vehicles, purchase them in cash at a higher rate than those that buy more traditional models? Again, it’s a fact. The point is, there are many stereotypes and misnomers about alternative-powered vehicles, as well as the consumers who purchase them. But, just as there are hundreds of stereotypes, there also is an abundance of data to help confirm or reject them. At Experian, we’re committed to using our data for good by providing information into the market to help dealers, manufacturers and consumers better understand the environment we live in – whether we are talking broadly about what metal is moving or more specifically providing actionable insights into who is “going green”. For instance, consumers purchasing an alternative-powered vehicle tend to be a lower credit risk than those purchasing a traditional model. Nearly 83 percent of consumers who purchased a “Green” vehicle fell within the prime credit category, while the same could only be said for 71.5 percent of consumers who purchased gas-powered models. Additionally, of the top five alternative-powered vehicle models in 2014, three of them came from the Toyota family. The Toyota Prius and Prius C were in the top two, while the Camry was in the number four position. The Ford Fusion and Nissan Leaf made up the third and fifth spots, respectively. It’s these insights that enable the automotive industry and its consumers to take the appropriate action and make the best decisions for them. For consumers, gaining insight into the market allows them to paint a clearer picture of what options are most popular and available. For dealers and manufacturers, they are able to gain a better understanding of consumer demand and provide inventory that meets the needs of the market. The fact of the matter is, opportunity exists everywhere you look, you just have to know what you’re looking for. You can’t let preconceived notions or ideas dictate future decisions. By leveraging data and insight, the automotive industry is able uncover the unknowns and put itself in a good position to succeed, while helping consumers purchase vehicles that meet their specific lifestyle.