The digital transformation hasn’t left a single industry untouched. Like every other major industry in the world, insurance is facing a whole range of new developments and each firm’s future will rest on its ability to adapt and evolve. The main thrust of the changes will be around customer-centricity, but operational efficiency and data analytics [...]
When your customers have stable finances and better credit they're not only likely to pay their bills to you on time, they're also likely to qualify and be interested in purchasing additional products and services. And it is credit education tools provided by you that can help them get and stay fiscally fit while turning [...]
The average American has roughly three credit cards in her wallet, each with an average balance of $6354 ($1841 for retail cards). Total US credit card debt tipped over $1 trillion in 2017 and continues to climb at around 5% a year. In other words, things are going pretty well for credit card companies. Or are they? With thousands [...]
Every so often a new technology comes along that promises to completely reshape an industry and we’re all told to quickly adapt, adapt, adapt. In the case of digital technology more broadly, adaptation has been ongoing for many years now, yet many industries are still struggling to make sense of it all and truly make [...]
The concept of the credit card was originally envisioned by utopian novelist Edmond Bellamy in 1887 in his utopian novel “Looking Backward.” And ever since the first credit card was introduced almost 70 years ago, people have been absolutely crazy for them. The average American has roughly three of them in her wallet, each with an average [...]
From the beginning of time, this is how consumer finance companies have worked: a company sees a need that’s not being met (or something their competitor has done) and they build a new product or offer a new service around it. Then they have a team manage and market that product. At larger consumer finance [...]
Most people muddle through life without really knowing much about their finances. In fact, when it comes to financial literacy, we have a serious problem here in America. According to Forbes, 44% of us don’t have an emergency fund of at least $400, 43% of student loan borrowers are missing payments, credit card debt has surpassed [...]
As a consumer finance company, you may very well sell the entire spectrum of financial products that a person might need from cradle to grave. The person who got their very first credit card from your company will someday need a home loan. Then a re-fi. Then a 529, a Roth IRA, a 401K, etc. [...]
When we do business with a company, we want to know that the arrangement is straightforward and our interests are protected. That requires you to see into the mechanics of the relationship and quickly understand 1) what you’re getting and when and 2) what it will costs you so that you know that the scales are [...]
Everyone knows that financial services consumers shop on price – the lowest interest rate always wins, whether it’s a mortgage, a credit card, or any other loan, right? Wrong. According to survey data compiled by PricewaterhouseCoopers, an average of 53 percent of consumers value service above the interest rate when it comes to selecting lenders for [...]
