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In the early 1970’s a brilliant engineer/inventor/music lover designed a credit card sized electronic music player.  Early prototypes and models of this small music player received the accolades of “the most radical music system ever” from the audio industry.  Many of you may think I am talking about Steve Jobs – well I am not.  This inventor however was distracted, did not pay attention to the business and saw the technology get away from him.  And that is why today, Jobs and Apple’s 1.75 billion iPods are a household name and Kane Kramer is not. So the question for you today is…are you keeping your eye on the technology, trends, and market place that will make your commercial lending efforts successful and sustainable? In a CEB TowerGroup survey, bank executives clearly called out that maximizing credit applications with quality growth is the top priority for 2014. To be successful in achieving that growth commercial bankers will be focused in 2014 and beyond on these five key areas: (1) Rationalizing infrastructure, (2) Optimizing sourcing, (3) Centralizing risk management, (4) Enhancing liquidity management, and (5) Implementing commercial loan management solutions.  To back that claim, in the 2013 Sales Readiness Assessment, CEB TowerGroup found that banks that are taking these steps to lead in technology changes were seeing an increase of 8% in their top performing relationship managers, and a 13% increase overall. And while growth is critical, we cannot take our eye off the existing portfolio.  Best practices suggest that to make the most impact in 2014, institutions should in the next 90 days to take steps to look at their individual loans, but with multiple factors, e.g. duration, convexity, and yield.  But even more important banks should aggregate these views to a portfolio level to make sure that can optimize returns overall. So while we see that in commercial lending the 3-year CAGR is now 10.5% and looking stronger, banks need to focus and not be distracted and capitalize on these opportunities.  Invest and stay focused on the future! Vision 2014: The new world of commercial lending from Experian Business Information Services Tweet this! Not focusing on #innovation & change can cost you. Kramer designed IXI in the 70’s.  But #apple gained with 1.7 B #ipod sold. #vision2014 Click to Tweet This At @ExperianVision and Joanne Pollitt from CEB Tower Group talking about #change in cmcl #banking for 2014.  Are you ready?  @ExperianVision  Click to Tweet This What is your #banks top #commercial #banking #initiative for 2014?? How can @Experian_DA_GCP and @Experian_US help you  #succeedandproceed  Click to Tweet This  

4000! Consumers view over 4000 ads per day. As a result they are overwhelmed with information and opt not to see what could be waiting for them. The best way to grab the consumer’s attention and CLOSE the sale is to target them with content directly related to their interests. This is not an easy task, but Experian can help lenders stay above the noise and drive relevant traffic to their websites. We can turn a site visit into a credit qualified lead and ultimately a high-quality booked account – cutting through the “junk” that drags down your portfolio’s performance.

The amount of data being generated nowadays is staggering. In fact, according to one source, more data has been produced in the past two years than ever before. Certainly Experian has made it our business to understand all of this data and how to harness it. I’ve recently had the opportunity to consider the impact of data in Formula 1 Racing, the most prestigious and high-tech racing series on the planet. Experian is a sponsor of Williams Martini Racing, which is one of the “big four” teams in the sport and has produced 16 Formula One World Championship titles.

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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.