Surprising Trends About Consumer Debt

New findings from the latest Equifax® National Consumer Credit Trends Report include: Mortgage debt now makes up a smaller portion of total consumer debt The makeup of non-mortgage debt has changed: student debt has soared, while credit card debt has decreased More Highlights from Recent Press Coverage Why store-branded credit card delinquencies hit 7-year high| [Read More…]

Are We Really at Full Employment?

The idiomatic phrase that enters in so often in economic discussions is that we are at full employment because the unemployment rate is low. While it’s true that we are at an unemployment rate that is the lowest that we’ve been in a very long time, I don’t think this statistic tells the whole story. [Read More…]

Recession Concerns Revisited: Sky Still Not Falling

In the fall, we published a white paper exploring recession concerns: Gauging U.S. Recession Risk. At that time, we did not see any indications of a recession. Fast-forward to today, and the United States is now in the second longest economic expansion since the mid-1800s (107 months, including May). Previously, the longest expansion was from [Read More…]

Just How Big is the Market for Premium Credit Cards?

Credit card lending is still on fire. There have never been so many consumer choices for premium cards. They have exclusive names like The Royal Card, the Lux Card or the Chairman’s Circle Card.  Let’s look at just how big the consumer market is for premium credit cards – and explore new options to reach [Read More…]

When It Comes to Digital Identity, the Sum is Greater than its Parts. Three Key Ingredients for Comprehensive Digital Identity.

Three Key Ingredients for Comprehensive Digital Identity Every day, consumers perform tasks using digital devices. Scheduling dinner with friends. Ordering birthday gifts. Checking bank balances. And, for each activity, they must confirm their identity. Yet unlike pulling a driver’s license out of a wallet, today’s consumers have a digital identity – a compendium of user [Read More…]

Best Practices for Fighting Synthetic Identity Fraud

Synthetic identity fraud is a well-organized activity of fraud rings looking for ways to create and then nurture fake identities over a long period of time. Fraudsters can build a synthetic identity by creating a fake SSN or obtaining/stealing a real Social Security number (SSN) and adding non-matching identifying information such as name, date of [Read More…]

How much is too much? Are you losing customers by asking too many questions?

We’ve all been there. We try to apply for something or access an account for the first time on our mobile device and get frustrated at the sheer quantity of information we are asked to enter. Not to mention how often we have to backspace because we fat-fingered something. And just when we think we’re [Read More…]

The Digital Customer Experience is Reliant upon Instilling a Sense of Security

Do customer expectations around the digital experience differ based on the type of request or transaction they are performing, such as basic banking, applying for a new account or loan, checking their balances? When posed this question during a recent webinar entitled The Impact of Digital Transformation on Customer Experience, Hrishi Talwar, VP of Digital [Read More…]

Credit Through the Ages: How Technology is Revolutionizing the Way We Assess Consumer Financial Behavior

  Today, we’re seeing exploding volumes of data and staggering advances in analytics and technology. Financial institutions now have limitless opportunities to assess and predict consumer financial behavior. They’re using technology to inform credit decisioning, acquisition and account management strategies. View Infographic Join Equifax  and Visual Capitalist  as we journey through time and explore the [Read More…]

Top Three Challenges for Customer Experience Transformation

A recent Forrester Research study[1] indicates that about 50% of customer experience (CX) professionals say that organizational structure, culture, and processes are key challenges for CX transformation. While 76% of executives say CX is a critical priority, they don’t necessarily put their money where their mouth is. In practice, many executives show a lack of [Read More…]