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In today’s extremely competitive digital world, business analysts want information when they want it, the way they want it. Nowhere is this more evident than in the financial services sector, where the power of information helps risk and portfolio managers improve strategies and make better business decisions every day. With the introduction of IntelliView, never before have you had this amount of pertinent data at your disposal that can be categorized and evaluated according to specific needs. The tool can help you to optimize strategic planning, uncover new opportunities and improve decision making by having 24-7 online access to Experian’s aggregated quarterly consumer credit data. Data is available for seven lending categories including bankcard, retail card, automotive, first mortgage, second mortgage, home-equity lines of credit and personal loans. IntelliView data is sourced from the information that supports the Experian–Oliver Wyman Market Intelligence Reports and is easily accessed through an intuitive, online graphical user interface, which enables you to extract key findings from the data and integrate them into your business strategies. With today’s ever-changing market conditions and increased regulatory scrutiny, you require advanced tools for optimizing strategic planning and operational decision making. The reports available through IntelliView utilize aggregate credit data that has been predefined into the appropriate product and analytical groupings, taking the pressure off of your organization’s internal resources and allowing them more time for analysis. Learn more about IntelliView.
Experian, the leading global information services company, today announced that its vice president of public education, Maxine Sweet, was recognized by the National Foundation for Credit Counseling (NFCC) with its Making the Difference Award during the organization’s 47th Annual Leaders Conference in Charlotte, N.C., which took place Sept. 30–Oct. 3, 2012. Introduced in 2005, the NFCC’s Making the Difference Award honors individuals who have made significant contributions to assisting consumers with financial literacy, awareness and education, furthering the NFCC’s mission, vision and programs through a national presence. “Maxine Sweet personifies this award,” said Gail Cunningham, vice president of membership and public relations at the NFCC. “Her level of commitment, passion and knowledge combined with Experian’s financial education resources has made a remarkable impact on consumers’ lives.” “It is a true honor to receive an award with such great meaning,” Sweet said. “As a company, we strive to make a difference. Through the services we provide, the organizations we support and the communities we serve, we will continue to make financial education the heart of Experian.” The NFCC’s Annual Leaders Conference addresses relevant and timely topics affecting the credit counseling sector. Attendees convene to network and to learn more about the latest developments in the housing, bankruptcy, legislative and financial education sectors. Sweet and Rod Griffin, Experian director of public education, also conducted a Credit Ambassador workshop for NFCC educators and counselors at the conference. The workshop provided an overview on how to build or restore credit and what to do in case of fraud as well as discussed other consumer resources available from Experian.
Experian Marketing Services announced the appointment of industry leader Peter DeNunzio as general manager for Experian CheetahMail. DeNunzio assumes responsibility across all CheetahMail offices in the United States and reports to Matt Seeley, president of Experian Marketing Services. With more than 25 years of experience in marketing, branding and direct-to-consumer programs, DeNunzio has a proven track record of anticipating opportunity and delivering results in every organization he has led. “Peter is a recognized leader in our industry, and joins us with an exceptional background in interactive marketing, data and agency services,” said Matt Seeley, president of Experian Marketing Services. “Through his leadership and breadth of experience, Peter brings a strategic vision that is essential as we continue to invest in technology and innovative solutions that help our marquee clients deliver truly coordinated, relevant and response driven marketing programs.” DeNunzio joins CheetahMail from Aimia (formerly Carlson Marketing), where he was most recently the president of the U.S. Customer Loyalty business. At Aimia, DeNunzio was charged with leading the design and delivery of all U.S. loyalty programs directed toward consumer audiences. Prior to Aimia, DeNunzio was president of Draftfcb New York Earlier in his career, he spent more than 14 years with Ogilvy & Mather, including the global position of managing director EMEA for client IBM, during a period of significant growth in digital and database marketing for the brand. He was also the general manager for OgilvyOne New York and general manager, Global Clients. Commenting on his new role, DeNunzio said, “As the industry’s largest integrated email service provider, with a client base representing the world’s most recognized brands, CheetahMail has built a reputation for exceptional service and innovation. I’m thrilled to lead this team of talented marketers, and I’m especially excited about the future as CheetahMail accelerates its commitment to providing a fully integrated, interactive marketing platform that helps brands connect with customers in a true multi-channel environment. “ DeNunzio lives in Manhattan and serves on the board of the Columbia Business School Center for Global Brand Leadership and on the board of the Advertising Education Foundation.
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.