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Half of married couples in the U.S. say that credit scores were important to them when choosing a mate, according to the latest Experian Consumer Services survey comparing the relationship between marriage and credit. The study also showed that 95% of participants rate “financial responsibility” as important, with “physical attractiveness” and “career ambition” following at 86% and 77%, respectively. Even more surprising, married adults ranked financial compatibility high, even slightly higher than sex and intimacy. In fact, 73% of women and 60% of men stated that having a partner who is willing to communicate openly about personal finances and credit makes him/her more attractive. Check out what else married couples said about their relationship and finances in the complete summary of our survey results here: Love and Marriage… and Credit from Experian_US
According to new research from Experian Marketing Services, a global provider of integrated consumer insights, targeting, data quality and cross-channel marketing, mobile devices are playing an increasingly important role in how users make purchases across all categories. While purchases using a computer or digital tablet still reign supreme, transactions via mobile phones are on the rise, and marketers are poised to take advantage of this trend. The adoption of mobile marketing increased 17 percent in 2013, while 71 percent of marketers currently are engaging consumers in the mobile channel. This trend, among others, is highlighted in Experian Marketing Services’ recently released 2014 Digital Marketer: Benchmark and Trend Report. The report is an annual go-to resource for marketers looking for key industry benchmarks, insights, technology trends and consumer data. “Using a mobile device as a shopping tool is one thing; using it to make a purchase is another,” said Bill Tancer, general manager of global research, Experian Marketing Services. “One industry in particular that marketers recently have taken advantage of is food. Consumers are increasingly moving from researching on their mobile devices to actually making food purchases on-the-go, including grocery home delivery and even onsite point-of-purchase, where available.” Mobile food purchase trends When it comes to food purchases, affluents are 12 percent more likely to purchase food products through their mobile phone, 29 percent more likely to purchase through their tablet and 30 percent more likely to purchase through their personal computer. Affluent consumers also are more likely to visit the Websites of popular family restaurants, as well as the leading reservations site, OpenTable.com. As of April 2014, the top five food Websites visited by affluents were: Charitable giving Among device owners, purchase rates consistently are higher on tablets and computers than on smartphones due to the larger screen. However, the one exception is charitable giving. Affluents are just as likely to have made a charitable donation from their smartphone as they are to have made one from their tablet, and contributions made from a computer are only marginally higher than those on tablets and phones. Charitable organizations have made donating as easy as sending a text, which is likely why charitable donations is the only category with mobile purchase rates as high as those from a tablet. “Marketers can take a page from the charitable sector’s playbook and streamline their own purchase process. This might include allowing repeat customers to conduct transactions using financial information on file, using mobile-optimized design for collecting payment information or other innovative approaches that allow the would-be customer to transact from anywhere,” added Tancer. Mobile travel purchase trends One category favored by affluent consumers is mobile travel purchases. Affluents are 16 percent more likely than average to book travel from a mobile phone, 42 percent more likely to book from a tablet and 31 percent more likely to book their travel through their personal computer. “The data highlighted in our Digital Marketer Report reveals that a demographic such as affluents, who are prime for booking travel, is only booking travel at marginally higher levels than average via mobile. This means that travel marketers can benefit from focusing efforts on streamlining the mobile booking process,” said Tancer. Overall, the report highlights how marketers can take advantage of this data to more successfully target and engage with their customers. The percentage of mobile phone owners who say they are interested in receiving advertising on their mobile phone has risen by 45 percent since 2010. Nearly one in 10 mobile phone owners today say that they are likely to buy products that they see advertised on their phones, up from 6 percent in 2010. The 2014 Digital Marketer: Benchmark and Trend Report is available via a free download at http://ex.pn/PpijOx.
Experian® is pleased to announce its partnership with Clear Channel and the premiere of its iHeart Radio show, Credit & Finance Talk with Experian, which is already gaining lots of listeners. Credit & Finance Talk with Experian The show covers topics like “Getting Rid of a Bad Score” and “Items on Your Credit Report” to educate listeners on the importance of credit in their everyday lives. Listeners are invited to check back every week for new episodes of Credit 101, where you can get the inside scoop on how to live credit-confident. Premiere Endorsements The next time you listen to a Clear Channel radio station, you might just hear your favorite radio personality chatting about Experian Credit TrackerSM. Our partnership features premiere radio personality endorsements from Ryan Seacrest, Delilah, Jay Mohr, Steve Gorman and John Boy & Billy. Exclusive iHeart Radio Theatre Along with radio, Experian has the incredible opportunity to sponsor entertainment at the iHeart radio theatre and had the opportunity to already share the experience with fans of Coldplay, Young the Giant, and Rascal Flatts. We are excited to partner with Clear Channel to help bring credit education to consumers nationwide. Be sure to check back for more exciting episodes of Credit 101, engaging interviews, credit information and more. You can also find answers to common credit questions here on Experian.com.
Today, we stand at the forefront of a digital revolution that is reshaping the financial services industry. And, against this backdrop, financial institutions are at vastly different levels of maturity; the world’s biggest banks are managing large-scale infrastructure migrations and making significant investments in AI while regional banks and credit unions are putting plans in place for modernization strategies, and fintechs are purpose-built and cloud native. To explore this more, I recently had the privilege of attending the annual Reuters NEXT live event in New York City. The event gathers globally recognized leaders across business, finance, technology, and government to tackle some of today’s most pressing issues. On the World Stage, I joined Del Irani, a talented anchor and broadcast journalist, to discuss the future of lending and the pivotal role of data and AI in building a more inclusive financial system. Improving financial access Our discussion highlighted the lack of access to traditional financial systems, and the impact it has on nearly 100 million people in North America alone. Globally, the problem affects over one billion people. These people, who are credit invisible, unscoreable, or have subprime credit scores, are unable to secure everyday financial products that many of us take for granted. What many don’t realize is, this is not a fringe subset of the population. Most of us, myself included, know someone who has faced the challenges of financial exclusion. Everyday Americans, including young people who are just starting out, new immigrants and people from diverse communities, often lack access to mainstream financial products. We discussed how traditional lending has a limited view of a consumer. Like looking through a keyhole, the lender’s understanding of the person in view is often incomplete and obstructed. However, with expanded data, technology, and advanced analytics, there is an opportunity to better understand the whole person, and as a result have a more inclusive financial system. At Experian, we have a unique ability to connect the power of traditional credit with alternative data, bringing a more holistic understanding of consumers and their behaviors. We are dedicated to leveraging our rich history in data and our expertise in technology to create the future of credit and ultimately bring financial power to everyone. The future of lending After spending two days with over 700 industry leaders from around the world, one thing is abundantly clear: much like the early days of the internet, today, we are at the cutting-edge of a technical revolution. Reflecting on my time at Reuters NEXT, I am particularly excited by the collective commitment to drive innovative, and smarter ways of working. We are only beginning to scratch the surface of how data and technology can transform financial services, and Experian is positioned to play a significant role. As we look to the future, I am excited about the ways we will create new opportunities for businesses and consumers alike.
We believe that financial literacy leads to empowerment. That is why Experian supports initiatives and partners with community organizations to deliver financial education. We also develop products and services that give more control to consumers over their credit profile and financial health. As part of advancing our mission of Financial Power to All®, we are proud to announce we are helping more than 5,000 Hispanic individuals nationwide by relieving $10 million dollars of consumer debt. To provide families with this boost, we joined forces with ForgiveCo, a Public Benefit Corporation (PBC), to administer the acquisition and cancellation of qualifying consumer debt for the selected recipients. Beneficiaries will also receive a one-year premium Experian membership for free that offers access to their Experian credit report in English and Spanish[i], FICO® Score[ii], bilingual educational content, and other financial resources. We hope this effort helps raise awareness of the importance of financial literacy for everyone, and that Experian has resources to help individuals reach their financial dreams. To amplify the message, we collaborated with multi-platinum, award-winning singer and songwriter Prince Royce and you can see his video here. In fact, we have been making a concerted effort the last several years to evolve our educational resources and products to better support all underserved communities. Some of our other activities include the creation of the B.A.L.L. for Life initiative that connects African American and Hispanic youth with financial education, supporting scholarships for Asian Americans through the Ascend organization, providing custom resources for Out & Equal and Born This Way Foundation for the LGBTQ+ community, supporting the NextGen Innovation Lab for Disability:IN, and sponsoring credit counseling for the military community with Operation HOPE. For resources in Spanish, Experian offers a credit e-book and consumers can access a full suite of articles at the Ask Experian blog here. [i] Only Experian credit reports are available in Spanish. All other services associated with an Experian membership are available in English only. English fluency is required for full access to Experian’s products. [ii] Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
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.