Roughly 6% of households and 14.1 million American adults are currently unbanked,1 18.7% are underbanked,1 and nearly 1 in 3 consumers presently has a subprime credit score.2 At the same time, a whopping 40% of US adults say that they’d also struggle to come up with the spare funds required to pay for an unexpected $400 bill.3 [...]
Everything's not fine. By Justin Oliver, Vice President, Employee Benefits, Experian Employers are feeling it. Industries of all sizes and scope, from financial services to healthcare, are feeling it too. And of course, as study after study shows, most of all, employees are feeling it. The “it” in the room, as we all know, [...]
The COVID-19 pandemic has U.S. workers and consumers feeling isolated and anxious. Their top concern is physical health—their own and their families’—but they’re also worried and uncertain about their finances, according to an April 2020 Experian consumer survey, COVID and Consumer Confidence. The Experian survey paints a stark picture of Americans’ financial uncertainty amid the pandemic—and [...]
As COVID-19 keeps people at home and away from their enterprises, the number of small business owners who are at risk of closing up shop is at unprecedented levels. Although this sector is an integral part of the U.S. economy, non-essential businesses have been forced to modify or cease operations in attempts to slow the [...]
What’s driving financial wellness for consumers in 2020? Holiday stress in 2019. Even though 2 out of 3 consumers surveyed by Experian, say they save money for holiday shopping, an analysis of the same group of consumers shows that the majority are stressed on adding to their debt and staying within their budget this season. ¹ After [...]
The digital financial services arena is crowded, customers are confounded, and consumer-finance companies have an opportunity to stand out by adding value to the user experience. Among hundreds of digital financial-services companies worldwide, the industry leaders chosen for the H2 Ventures/KPMG Fintech 100 for 2018 includes 21 lending and credit providers and 34 digital-payment and [...]
As customer service continues its rapid shift to digital channels, consumer-finance companies have a powerful opportunity to engage customers and add value to the user experience. Credit education solutions can give customers valuable, personalized information and help lenders deliver relevant, prequalified credit offers that meet customers’ needs. The digital shift is well under way. The [...]
Secured credit cards are time-tested vehicles for enabling consumers with no or limited (thin-file) credit history to build their credit score profile. Pairing secured cardholders with individualized credit education services can help consumers and credit card issuers reach that goal. While issuers know a greater opportunity awaits in transitioning secured-card holders to more lucrative products, [...]
Millennials, individuals aged 23 to 38, have shown a strong sentiment to improve their credit standing, according to a 2019 Experian survey of consumers. Consumer finance companies willing to address this need are in the perfect position to build relationships, earn trust and enable millennials with the right financial products that meet their unique needs. [...]
Consumers love to use fintech services for the instant accessibility and convenience they provide; but as more and more providers are entering the financial technology space and offering the same services, it’s harder for consumers to tell providers apart. Fintech customers, not unlike all seasoned consumers of digital media, are bombarded with what experts estimate [...]
