September 24th, 2018

5 High-Tech Strategies that Build Member Relationships

By Miranda Glancy
Originally published by Equifax Insights

It takes more than a “smile and a handshake” to develop a relationship with members these days. Consider that nearly 40-percent of Americans say they haven’t walked through the door of a bank or credit union in the last six months.[i]

And that goes for all demographics. Fewer than 38-percent of Millennials who have checking accounts ever visit their financial institution.[ii] And members — from Gen Y to Baby Boomers — enjoy the ease of checking balances and completing transactions online.[iii] Therefore, it’s become an urgent matter to find new ways to engage with members.

That’s why forward-thinking credit unions need to consider digital services that extend the relationship beyond day-to-day transactions. Engaging members with that something “extra” will create loyalty, as well as help you gain understanding of their needs and preferences – just as if they walked into a branch.

Here are five high-touch, high-tech strategies that credit unions can use to further online engagement:

Keep up with the times.

Ensure your mobile banking app offers features your members really want. While checking account balances, transferring money and accessing account statements are important, today’s customers also want to make person-to-person payments and deposit checks with remote deposit capture. In a recent survey by S&P Global Market Intelligence, almost 28-percent wanted fingerprint login and 25-percent wanted information about credit scores.[iv]

Simplify mobile transactions.

On-the-go consumers expect safe and secure transactions on their mobile phone, whether they’re making a flight reservation or buying a movie ticket. But having to memorize complicated account numbers and key them in on a small device is a drawback that often leads to transaction abandonment. Instead, offer digital wallet tools, such as Instatouch® ID, to drastically reduce the amount of data that members must input for every transaction.

Develop a social strategy.

Go beyond your mobile apps and engage with your members via Facebook and Twitter. You can use the social platforms to promote new products, services and special events. Additionally, you can expand your credit union’s visibility within the community and reach a broader audience with your offerings.

Help members plan for the future.

Financial planning is top of mind whether members are planning to buy a house, start a family or prepare for retirement. Share financial planning wisdom through blogs, webinars and instructional videos. You can even offer digital tools to help members reach financial goals or apply for a mortgage.

Let member data be your guide.

Review customer data for insights into your most promising customers and products that will best serve their needs. For example, you might find that Millennials are a good audience for new car loans. They may have a solid track record of repayment, despite lower credit scores. The Credit Trends SmartView Application allows you to drill down into customer data to find new opportunities.

The new digital landscape and member preferences offer many opportunities for improving relationships. Contact us to learn about solutions that help you meet your members wherever — and however — they want to do business.

[i] Bankrate.com, Financial Security Index Survey, December 2015

[ii] The 2014 IBCA Millennials and Community Banking Study. https://thefinancialbrand.com/wp-content/uploads/2...

[iii] ABA.com. Banking the Boomers infographic. https://www.aba.com/Engagement/Documents/2017_Bank...

[iv] Tina Orem, “P2P Payments Increasing Essential for Mobile Banking Users.” Credit Union Times, July 25, 2018. https://www.cutimes.com/2018/07/25/p2p-payments-in...

August 29th, 2018

Automation is Most Common Near-Term Priority for Lenders in Recent Survey

ATLANTA, Aug. 29, 2018 /PRNewswire/ -- Automation is the most common near-term priority for mortgage lenders according to a recent survey conducted by SourceMedia and sponsored by Equifax (NYSE: EFX), which also notes one in four lenders will focus on improving analytics and data intelligence in the next 24 months.

The survey included 200 executives working within banks, credit unions, community banks, and mortgage banks of all sizes to identify the most common pain points faced in their mortgage lending processes, and their goals over the next 12-24 months.

In addition to automation, the survey found 39 percent of lender improvements are aimed toward enhancing operations and customer satisfaction, while 30 percent of organizational investments are in response to mounting competitive pressures.

See "Building for the Digital Mortgage" infographic

"Lenders are recognizing the benefits of both cost reduction and time savings that mortgage automation solutions can offer and they are integrating them into their organizations," said Jennifer Henry, Vice President, Vertical Marketing Leader, Equifax Mortgage Services. "When coupled with process innovation, these data-driven, automation-enabling technologies move lenders closer to delivering the digital mortgage experience that consumers are beginning to expect."

Equifax customer, AmeriSave Mortgage Corporation, finds this to be true as it automates income and employment verification for 80 percent of approximately 25,000 loan applications (worth more than $6.5 billion cumulatively) through The Work Number®.

"By freeing up our processors from handling income and employment verifications on a majority of loan files, they are able to apply that time saved toward other loan processing functions, which speeds up the entire process," said Magesh Sarma, Chief Strategy Officer for AmeriSave. "The result has been better turn times for our entire pipeline – 30 percent faster year-over-year – and a better service experience for our borrowers."

Survey respondents note confidence in the regulatory environment as a major reason to introduce new solutions within their organizations.

Please visit our Insights blog and follow us on LinkedIn.

About Equifax

Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.

Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 10,800 employees worldwide.

FOR MORE INFORMATION

1550 Peachtree Street, NE
Atlanta, Georgia 30309

Wyatt Jefferies
Sr. Director, Public Relations
404.885.8907
wyatt.jefferies@equifax.com

View original content with multimedia:http://www.prnewswire.com/news-releases/equifax-finds-automation-is-most-common-near-term-priority-for-lenders-in-recent-survey-300703567.html

SOURCE Equifax Inc.

August 22nd, 2018

New Patent-Pending Technology from Equifax Enables Configurable AI Models

ATLANTA, Aug. 22, 2018 /PRNewswire/ -- Equifax, a global information solutions company, is revolutionizing the way data scientists build and deploy predictive models with its new AI-enabled Advanced Model Engine. The tool is a modular model development and deployment library which uses big data and distributed computing to quickly and efficiently create models that can be seamlessly deployed with applications across industries and use cases. Advanced Model Engine includes Equifax NeuroDecision® Technology, a patent-pending machine learning technology for regulatory-compliant, advanced neural network modeling in credit scoring. The end result is faster model implementation due to reduced friction and more predictive risk models for businesses of all sizes.

"Currently, data scientists could spend months building models on limited sample sizes due to computational constraints. The Advanced Model Engine gives clients the ability to create AI-enabled models and scores on larger samples at a faster pace and with less friction and provides access to innovative technology like NeuroDecision," said Prasanna Dhore, Chief Data & Analytics Officer, Equifax. "Our customers can now take advantage of our big data capabilities to build and deploy their own explainable AI solutions. More importantly, we have taken traditional neural network technology and turned it into something that satisfies the rules and regulations required for credit scoring systems, which is critical for compliance."

"NeuroDecision® Technology provides users the ability to give consumers logical, actionable explanations for the key factors that impacted their credit scores, ensuring that consumers know what actions or behaviors will improve their scores," said Kim Oliver, Chief Compliance Officer, Equifax. "Our solution was crafted to ensure, consumer-specific explanations that do not depend on potentially non-compliant proxy explanations or average population explanations."

Advanced Model Engine increases model performance through use case configuration, application of machine learning techniques, the use of alternative and trended data, and processing power to test more model configurations.

Using industry standard techniques and software, a model developed by selecting the best configuration from all combinations of three data assets, 20 segmentation schemes, and two different modeling techniques, totaling 120 configurations, took nearly one month to complete. When using the AI-enabled Advanced Model Engine, the same development process took on average three to four days.

Advanced Model Engine is now available through Equifax IgniteTM , a portfolio of premier data and advanced analytic solutions, that securely and comprehensively supports the full analytical lifecycle – from data access and transparency to visualization and deployment – using a single, connected suite of advanced analytical processes, technology and tools.

Please visit our Insights blog and follow us on LinkedIn.

About Equifax

Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.

Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 10,800 employees worldwide.

FOR MORE INFORMATION

Wyatt Jefferies
Sr. Director, Public Relations
404-617-8197
wyatt.jefferies@equifax.com

View original content with multimedia:http://www.prnewswire.com/news-releases/new-patent-pending-technology-from-equifax-enables-configurable-ai-models-300701153.html

SOURCE Equifax Inc.

August 21st, 2018

Citizens Finance Group Drives Demand with Equifax Market Reveal

Consumer finance providers offer short-term, small-dollar loans to consumers who may encounter an emergency that requires an out of budget expense, or those who may need to cover a gap between paychecks to meet payment obligations.

The Challenge

While consumer finance companies largely rely on their large, lean brick-and-mortar footprint and mass media advertising as a means to generate public awareness, most also drive demand through direct marketing with live check mailings. Citizens Finance Group, a Confluent Strategies and Equifax client, has delivered regularly recurring live check mailings for several years. Having worked with another credit reporting agency and fulfillment firm to deliver these campaigns, Citizens Finance Group was experiencing a moderate–albeit underwhelming–response rate.

The Solution

Citizens Finance Group looked to Confluent Strategies and Equifax to drive up their outstanding loan balances from direct marketing while controlling (or reducing) fulfillment costs and losses. After replacing their former data solution with Equifax Market Reveal, Citizens Finance Group saw a 2x lift in cash-rate for their mailed checks, with a large portion of their seasonal campaigns performing at a lift factor of 3x over their previous solution.

Mike Payne, President of Mid-State Corporation (the parent firm for Citizens Finance Group) shared that they “were able to use Portfolio Reveal to find out more about our customers. We have used the Market Reveal product to grow our business by producing additional volume.”

The Results

Citizens Finance Group is now experiencing significantly higher outstanding loan balances (over $2.67 million with principal amounts of $500 and $750) with no reportable increase in delinquencies or charge-offs as a result of their change.

They have also shared that, due to the increase in cash-rate for their direct marketing campaigns, they have been able to reduce their outbound mailing population and conserve marketing costs as well.

Download the Whitepaper [PDF]

July 26th, 2018

Equifax Prescreen

Target Consumers Who Are Most Likely to Respond to Your Pre-approved Offer

Consumers have a way of tuning out loan offers — that is, until they’re actually ready to open a new account. If you can put your message in front of them at that precise moment of interest, the chances of them accepting your pre-approved offer may soar.

Prescreen from Equifax helps you do exactly that. It cuts through the vast universe of consumers to help you identify prospects who are most likely to respond to your offers. From there, you can intelligently focus your marketing and sales efforts on those individuals who represent your most promising — and potentially profitable — audience. Simply put, Prescreen helps you make the right offer, to the right customer, at the right time.

Recognize Interest and Assess Risk Earlier for Optimal Account Performance

Prescreen works by tapping the market-leading Equifax consumer credit file, to identify predictive data elements that can help calculate a consumer’s propensity to open one or more new accounts. What makes Prescreen unique is that it can also reveal which consumers are less likely to default on payments. So, while other tools can predict high open rates and high bad rates, Prescreen helps you find the sweet spot of lower risk accounts with high open rates.

Prescreen works by tapping the market-leading Equifax consumer credit file to identify predictive data elements that can help calculate a consumer’s propensity to open one or more new accounts.

It’s also highly flexible. Prescreen allows you to customize your credit score cutoffs based on your mailing volume and other factors. To further strengthen your marketing performance, it can be combined with predictive triggers to help you:

  • Target only the prospects who are more likely to open an account, in the market for a credit card and align with your risk profile
  • Confidently make pre-approved offers
  • Drive increased lifetime value for new accounts
  • Strategically segment consumer groups for more tailored offers
  • Save money by not sending offers to unqualified prospects

Improve Up-selling and Cross-selling at the Point of Sale

More than an acquisition tool to identify interested prospects, Prescreen can also be used at the point of sale to help boost up-sell and cross-sell efforts. Real-time, online results can help your onsite associates make competitive, time-sensitive offers at that critical moment when you have the customer’s undivided, face-to-face attention as they sit on the other side of the desk.

Get Flexible Access Based on Your Needs

Whether you’re managing big marketing lists or one-on-one transactions, Prescreen is flexible, and easy to use in multiple situations. It can be used as a standalone data set, or integrated with other Equifax products such as predictive triggers for optimal results. Likewise, it can be accessed offline as a batch screen or online through a point-of-sale interface.

KEY BENEFITS

Make confident, time-sensitive offers when consumers are likely to respond

Optimize marketing performance by targeting a specific group of interested, qualified consumers

Better segment consumer groups for more tailored card offers

Help reduce risk by targeting consumers who are less likely to default on payments

Boost marketing ROI by generating more targeted lists of high lifetime value prospects

Efficiently focus marketing dollars on best-fit consumers

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