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  Temperatures are dropping, leaves are falling and seasonal beverages are selling – it must mean that the holiday season is quickly approaching. And while many people get to wait in anticipation for this magical time of year, marketers are hard at work planning and creating their upcoming holiday marketing campaigns. In fact, many marketers are likely focused on developing their most creative designs and strategic promotions – critical components to any campaign. But they also need to give attention to their subscriber lists. A recent study found that as much as 50 percent of lists are inactive. If audiences are not engaging with the brand’s communications, then brands may experience diminished returns, or worse. Why reactivate? The bottom line is that it is more cost effective for marketers to retain existing customers than to acquire new ones. Past buyers represent higher open, click and transaction rates than non-buyers. By reactivating their inactive subscriber base, marketers have an opportunity to improve the return on each marketing campaign. How to reactivate? Email addresses may appear inactive for a number of reasons. The email address may no longer be in use, the subscriber does not find the content relevant, or the subscriber prefers to scan unopened emails and purchase in other channels. Marketers need to understand the cause behind each inactive address in order to strategically re-engage with past customers. Once marketers are able to identify all of their inactive subscribers, they will want to segment them into buckets. For example, those that clicked but have not purchased in the past 90 days, or those that have opened emails, but not clicked or purchased in the past 90 days. Each person is unique in their behaviors and interests, so marketers will need to engage these subscribers in a variety of tactics. Offering an incentive Using an engaging subject line Utilizing a confirmed opt-in strategy Sending more than one message as part of a reactivation strategy Marketers who strategically reactivate their inactive subscriber base have an opportunity to bring past-customers back into their sales funnel, and experience more return on their marketing campaigns. By leveraging data and insight to identify and re-engage this group, brands and marketers can also have a magical holiday season. To learn more about re-engaging your inactive email subscribers, download our e-book.  

This feature article from DMN profiles Emad Georgy, Chief Technology Officer for Experian Marketing Services, as well as his team’s approach to data and predictive analytics. According to the article, “The other drive for Georgy’s commitment to data analytics has been interactions with clients … Data can help brands ‘uniquely understand customer behavior. At Experian, with all of our expertise, we can play a role in getting data to a position where it’s actionable.’” Click here to read the full article.

Experian has warned that current accounts can be a ‘front door for fraudsters’, as the company’s new ID Fraud Tracker reveals current account fraud is now nearly triple what it was two years ago, while credit card fraud has more than doubled within the same period. In both cases, the increase has been driven by fraudsters using stolen personal details of genuine individuals to attempt to open current accounts or apply for credit cards. Nick Mothershaw, fraud expert from Experian, explained:“A lot of people may see the news about current account fraud and think that it’s not as bad as having their card details stolen. But it is…in fact it could be an Achilles’ heel when it comes to their identity. Current account fraud not only presents an immediate threat of emptying someone’s overdraft facilities, but can act as a front door for fraudsters to access a wide range of financial products, including credit cards. “Current accounts and cards are tightly linked, and it’s no surprise that card fraud has grown alongside the rise in current account fraud. We urge people to be vigilant about activity on their account. “We all have a role to play in keeping our identities safe, and we’re encouraging everybody to do their bit. Even something as simple as making sure you regularly check your electronic statements can help to identify fraudulent activity before it escalates into something much worse.” More misery for ‘generation rent’ Private renters who live in shared accommodation in young urban neighbourhoods, aged 26 to 35 (known as ‘Rental Hubs’), continue to be the biggest targets for fraudsters – 18.4 per cent of all victims. However, fraudsters are particularly increasing their focus on those ‘transient renters’, mainly 18 to 25 years old, who tend to share private low-cost housing and are most likely to move more regularly. They saw the biggest rise in fraud over the last 12 months and now account for 7.1% of all fraud victims, compared to 4.9 per cent last year. Mothershaw said:“People who live in rented homes need to know that fraud is a very real and, sadly, growing danger for them in particular. What makes them easy targets for fraudsters is the fact that many share accommodation and also move regularly – within one or two years. Unless they are regularly monitoring all their credit applications, it is likely to be a while before they realise they have become victims. They are also high users of smart phones and social media, so they really are prime targets.” Experian’s new ID Fraud Tracker is a quarterly analysis of fraud rates across a variety of consumer financial products, from cards and current accounts to mortgages and car insurance. Current account fraud between April and June this year reached 128 fraudulent applications in every 10,000 applications – the fifth consecutive quarter it has exceeded 100 in every 10,000 applications. The rate of fraud in card applications reached 48 in every 10,000 applications during the same period. The analysis dates back to Q3 2013, when rates of current account and card fraud were at 48 and 21 in every 10,000 applications respectively. Experian offers some proactive steps people can take against fraud: Online passwords: There’s nothing more attractive for ID thieves than someone who uses the same password across multiple online accounts. It is crucial to have unique, secure passwords for each online account. People should consider the strength of their password; always use a combination of upper and lower case letters, numbers and symbols and – where possible – change them regularly. Security First: Be conscious of the information you share when using shared Wi-Fi networks. Public networks and open Wi-Fi hotspots can be compromised more easily by fraudsters than secure networks. Be cautious of the information you share on your social profiles such as your email address, date of birth and all other personal information that could be easily traced. Passcode protect: A lot of personal information is stored on devices that are not password protected. That’s emails, apps, messages – a vast amount of information that could be a goldmine for fraudsters if the device is lost or stolen. People should always lock their mobile device, whether it is with a passcode or a gesture, to prevent access to such information, should the worse happen. Check the post: Whilst e-banking is becoming increasingly popular, receiving unexpected, irrelevant mail, could be a warning sign of ID fraud – particularly mail that is outside of the usual purchasing sphere. Shred and destroy any documents that contain sensitive, personal details. And if you move house, make sure you re-direct your post and register to vote at your new address. Be credit wise: Being credit smart and checking your credit report to see if credit has been applied for under false pretenses, you can get a better handle on whether personal information has fallen into the wrong hands. Web monitoring tools are also useful as they scour the web for stolen details – sending people an instant notification if their information appears somewhere new online.

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Patients use self-service tools to easily connect with providers online and manage administrative tasks 24/7. Common patient self-service tools include patient portals, online scheduling and mobile registration. Self-service solutions also include robust financial tools that help patients update insurance information, get accurate estimates, apply for charity care, set up payment plans, combine payments to multiple providers or set up a fundraising page.   Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of “de Finibus Bonorum et Malorum” (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, “Lorem ipsum dolor sit amet..”, comes from a line in section 1.10.32. Heading 2 Related Posts

Amid some of the financial challenges that underserved communities experience, members across the financial services community remain committed to championing initiatives and programs that drive greater financial inclusion. In fact, collaboration has led to the inclusion of non-debt related payment information on consumers’ credit profiles, as well as digital services that make it easier to manage money. These efforts have helped to broaden access to fair and affordable financial resources for more individuals. While significant progress has been made, there is still more work to do. However, some of the misconceptions and myths about the financial services community are hindering further advancement. Debunking these myths will accelerate progress by building trust between the financial services community and consumers. Person withdrawing money from ATM contactless Myth #1: “Financial institutions have no interest in underserved consumers or credit invisibles.” The truth is, banks and credit unions want to say “yes” to more prospective borrowers, including individuals and families from underserved communities. Beyond being the right thing to do, it’s an opportunity to potentially build lifelong relationships with a relatively untapped market. A show of good faith to communities who have largely been ignored by the financial system could lead to customer loyalty that may extend to their family and friends. That’s why participants across the financial ecosystem have been proponents of including expanded data sources—such as on-time telecom, utility and video streaming service payments—on to consumer credit reports, as well as exploring other Fair Credit Reporting Act (FCRA)-regulated data sources, including payment data on short-term small dollar loans and expanded public records data. Making this data more accessible to lenders provides a more comprehensive view of a consumer’s ability and willingness to repay outstanding debt—an actionable solution to extending credit to consumers without lenders taking on additional risk. Myth #2: “There is a lack of trustworthy financial education resources.” The financial services community and affiliated organizations recognize that empowering people with financial knowledge and skillset are critical to consumers’ financial success. In fact, banks and credit unions are partnering with nonprofits and non-governmental organizations to better understand the unique challenges and opportunities within specific communities and provide relevant tools and resources. For example, Experian’s B.A.L.L. for Life (Be A Legacy Leader) program, launched in partnership with the National Urban League, serves as a catalyst for engaging with Black communities and low-income youth through live events and digital financial education. Subject matter experts, professional athletes, celebrities, and other influencers share their experiences and expertise, covering topics such as banking, credit, financial management and investing. In addition, to help people improve their financial management, Experian partners with the National Foundation for Credit Counseling (NFCC). The NFCC connects consumers with certified financial counselors to help them address various pain points, including debt management, homeownership, student loans or small business cash flow issues. Myth #3: “Underserved communities have few opportunities to build credit and enter the mainstream financial system.” People from underserved communities, as well as younger consumers and recent immigrants are often excluded from the mainstream financial system because they lack an extensive credit history. Historically, it’s created a vicious cycle; in order to get credit, you have to have credit. Fortunately, there has been a sea change in innovative solutions to address the specific needs of these populations. These include new credit scoring models and microfinancing which provide financial services to individuals who may have been excluded from traditional banking systems. In addition, by incorporating expanded data sources, such as telecom, utility and residential rental payments onto credit reports, lenders have more visibility into consumers who may have been excluded by traditional credit scoring methods.These programs help individuals and families from underserved communities establish and build a credit history that could enable loans, or the ability to rent an apartment or open their dream business. An example is Experian Boost®, a free feature that allows Experian members to contribute their history of making utility, cellphone, insurance, residential rent and video streaming service payments directly into their Experian credit profile. By incorporating nontraditional credit data like paying utility bills on time, online banking transactions, rental payments and verified income data, more people can establish a credit profile that can potentially qualify them for a loan. More Inclusion, Fewer Myths It’s encouraging that community organizations and banks are beginning to see the economic and social benefits of aligning on financial literacy and inclusion. As more initiatives come online, underserved populations will be able to establish a better financial foundation. Then, we can declare the myths to be history.