Recently there has been one area of Consumer Financial Protection Bureau (CFPB) reform that has gained support from Republicans and Democrats in Congress, as well as the CFPB Director himself: ensuring the confidentiality of privileged information that financial institutions provide to the bureau. Current law ensures that when a financial institution turns over documents containing information covered by the attorney-client privilege to a specific list of regulators — the Federal Reserve, the Federal Deposit Insurance Corp. or the Office of the Comptroller of the Currency — its right to privilege will not be waived. This guarantees that the confidential information will not be viewed by third parties, including other regulators, who could use it to mount a legal case. However, the law that created the CFPB failed to add the bureau to the list of regulators exempted from privilege. In March, the CFPB announced a proposed rule to formalize protections for privileged information provided to the bureau, whether it is from banks or non-banks. The proposal also seeks to clarify that the transfer of privileged information to other Federal or state regulators does not waive the financial institution’s right to privilege. Congress has also been active on the issue. This spring the House unanimously approved legislation (H.R. 4014) to legally ensure that privilege is not waived for documents submitted to the CFPB. Similar legislation has been introduced in the Senate and is likely to be brought to the floor soon. Photo: Shutterstock
We recently announced the availability of PowerCurve, our new decision management software portfolio, which helps organisations manage and grow their portfolios by improving the way they use information to make customer decisions. PowerCurve builds on more than 30 years of experience that Experian has providing organizations across the globe with expert decisioning tools. It is equipped with some of the most advanced decision analytics capabilities in the market today. Advanced strategy and customer management As a flexible decision management technology platform, PowerCurve offers a unified set of software products that make the process of creating, implementing and improving customer decisions simpler, more efficient and more user-friendly. The first two PowerCurve software products — PowerCurve Strategy Management and PowerCurve Customer Management — are available today. PowerCurve Strategy Management enables organisations to quickly and easily develop and deliver customer acquisition, portfolio and debt management decisions. It gives business users the ability to easily design, test, execute, and continuously improve decision strategies. The software uses advanced analytics to help users transform data into knowledge of the potential revenue and risk associated with each and every customer interaction. PowerCurve Customer Management allows businesses to improve the profitability of customer relationships by optimising cross-sell and up-sell offers, improving loyalty and managing risk. The software creates a comprehensive view of each customer relationship across an organisation’s business and product lines, to more accurately quantify each customer’s potential lifetime value, and drive actions to develop and nurture it. Clients can choose to install the software within their own IT environments, integrating the capabilities they need in order to manage costs and leverage their existing software investments. Alternatively, PowerCurve can support delivery of Experian’s analytics and decisions in a secure, hosted environment within the Experian firewall at one of its state-of-the-art data centers around the world. Download our free whitepaper to learn more about PowerCurve.
For those of you who did not attend Experian’s Vision Conference this week, you may have missed an opportunity to learn how to drive profitable growth by leveraging the PowerCurve software to make accurate, analytics-based decisions quickly, efficiently and repeatedly to acquire, manage and grow your customer relationships. However, it’s not too late for you to catch up. The first two PowerCurve software products you need to know about — PowerCurve Strategy Management and PowerCurve Customer Management — are available today. And offer some of the most advanced decision analytics capabilities in the market today. Here's a brief overview of each product: PowerCurve Strategy Management — enables organizations to quickly and easily develop and deliver customer acquisition, portfolio and debt management decisions. It does this by giving business users the ability to easily design, test, execute and continuously improve decision strategies. The software makes it almost effortless for users to harness the power of data and transform it, using advanced analytics, into knowledge of the potential revenue and risk associated with each and every customer interaction. PowerCurve Customer Management — allows businesses to create highly profitable customer relationships by optimizing cross-sell and up-sell offers, improving loyalty and managing risk. The software accomplishes this by creating a comprehensive view of each customer relationship, across an organization’s business and product lines, to more accurately quantify each customer’s potential lifetime value and drive actions to develop and nurture it. To learn more about PowerCurve, go to www.experian.com/powercurve. Also, make sure you attend Experian Vision next year, so you don’t miss these growth opportunities going forward.
Maintaining cash flow and ensuring prompt payments are challenges that all businesses face. Large businesses, however, usually have enough built up capital to weather the ebbs and flows of timely payments, but for a small business, delinquent payments can mean the difference between being open tomorrow or having to shut their doors forever. Earlier this week, Experian launched BusinessIQ Express, a new online tool designed to help small businesses improve cash flow by helping them make more informed decisions about their business relationships. The new online tool does this in three ways: Evaluate – BusinessIQ Express members can evaluate prospects, customers, suppliers and partners on their likelihood to pay or deliver on time. Monitor – members can easily monitor their business relationships with alerts and notifications of key changes, allowing them to take appropriate account actions and maintain beneficial relationships. Collect – The tool offers small-business members unique options that may have never before been easily accessible to them to help collect on outstanding debts and avoid future losses.
On March 26th, the Federal Trade Commission (FTC) released its highly anticipated final reports on consumer privacy, entitled “Protecting Consumer Privacy in an Era of Rapid Change." In their final report, the Commission applauded industry’s efforts towards strengthening industry self-regulations—including the Digital Advertising Alliance’s Self Regulatory Program for Online Behavioral Advertising—but called on industry to do more to protect consumer privacy. To achieve this goal, the FTC recommended that industry follow a privacy framework based upon three commonly accepted privacy principles: Privacy by Design Simplified Consumer Choice Greater Transparency In the report, the FTC states the proposed framework is not intended to serve as a model for future law enforcement or regulatory actions, but rather a guide to strengthen industry self regulation. The new FTC report—coupled with the White House’s February report—will likely bring greater attention from policymakers as they continue to debate the issue of online privacy. In particular, the report will most certainly bring Congressional hearings to review the recommendations of the FTC.
On the final day of Vision 2012, we talk with Michele Raneri, vice president, analytics, to analyze one of the industry’s most pressing issues: financial stress of the American consumer. We also get some key takeaways from Vision 2012 from Kerry Williams, Experian group president.
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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.
The advertising ecosystem has seen significant transformation over the past few years, with increased privacy regulation, changes in available signals, and the rise of channels like connected TV and retail media. These changes are impacting the way that consumers interact with brands and how brands understand and continue to deliver relevant messages to consumers with precision. Experian has been helping marketers navigate these changes, and as a result, our marketing data and identity solutions underpin much of today’s advertising industry. We’re committed to empowering marketers and agencies to understand and reach their target audiences, across all channels. Today, we are excited to announce our acquisition of Audigent—a leading data and activation platform in the advertising industry. With Audigent’s combination of first-party publisher data, inventory and deep supply-side distribution relationships, publishers, big and small, can empower marketers to better understand their customers, expand the reach of their target audiences and activate those audiences across the most impactful inventory. I am excited to bring together Audigent’s supply-side network as a natural extension to our existing demand-side capabilities. Audigent’s ability to combine inventory with targeted audiences using first-party, third-party and contextual signals provides the best of all worlds, allowing marketers to deliver campaigns centered on consumer choices, preferences, and behaviors. The addition of Audigent further strengthens our strategy to be the premier independent provider of marketing data and identity, ultimately creating more relevant experiences for consumers. To learn more about Experian and Audigent, visit https://www.experian.com/marketing/ and https://audigent.com/.