This year's theme — Smarter Decisions: The Consumer First Era — speaks to importance of keeping the consumer front of mind and better understanding their profiles, choices and behaviors. With consumers more empowered than ever to pursue options that fit their needs, lenders must be agile in delivering relevant and timely products and services.
At the Seminar, we’ll provide deeper insights into the consumer first dynamic, sharing strategic concepts and practical approaches that help enable lenders to thrive in this challenging and changing environment.
The Seminar begins with an optional day of training sessions focused on key lending mechanics. You’ll be able to choose from a variety of areas: analytics, risk management, understanding credit data and the lending lifecycle. Select two tracks or mix and match four individual sessions based on your business needs. It’s an excellent opportunity to share best practices with your frontline analysts, or serve as a refresher for managers.
Our market insights day will feature intriguing sessions focused on the consumer first approach. You’ll hear expert perspectives which will better equip you to attract and engage consumers according to their preferences, and build long-lasting, loyal relationships.
Successful lending relies heavily on having an effective operating model for understanding consumer behavior and the overarching dynamics of the marketplace. Toward the end of 2013, we introduced the concept of the Consumer Finance 3.0 Era as our operating model, driven by regulatory concerns, channel diversification, the emergence of agile and well-funded start-ups, and increasing consumer expectations. That model served us well for the past four years in understanding and responding to the lending marketplace. However, the market continues to evolve, and we believe our model should as well. In this session, we’ll discuss our new operating model, which we call the Consumer First Era, and what it means for lenders as the balance of power has shifted to the consumer.
Most analysts agree that about 90% of available data was created in the last few years. And billions of gigabytes of data are being created every day. So the availability of data isn’t the issue; picking the right data and harnessing its great power to solve problems is. Fulfilling the potential of data assets requires thoughtful planning and execution.
In this session, we’ll discuss how we decide which data to go after, how we evaluate it, and how we navigate the myriad regulatory and contractual issues that threaten to trip up the best laid plans.
Acquisition and portfolio managers are always seeking insights as to what drove their performance trends in a specific direction. Benchmarking against industry movements isn’t a luxury but a mandatory exercise every lender should perform. However, getting a clear picture of overall industry trends is rarely easy or straightforward. Even more challenging is drawing a storyline from those trends and relating it to business strategy. Our lively panel of business leaders will provide their perspectives on key trends and critical dynamics in the consumer lending marketplace. In a test to see just how much time is needed to impact sufficient business intelligence, each panelist will have only eight minutes to share an overview of their respective sectors.
With a shift in the balance of power in the lending relationship to the consumer, the dynamics of loyalty have also changed. Technology has opened up choice in dramatic ways, and with that consumer choice comes a certain fragility to loyalty. In this session, we explore perspectives on loyalty, introducing the concepts of loyalty driven by convenience versus allegiance versus compensation. These insights can help drive lender understanding of the balance between encouraging existing consumer loyalty across multiple products, product specialization and the pursuit of new customers.
The recent evolution of consumer fraud has been defined primarily by two opposing dynamics: The implementation of significant operational improvements to mitigate the incidence of fraud — such as the broad deployment of EVM card chips — and the proliferation of massive data breaches, which has led to the creation of an effective marketplace for stolen identities on the dark web. These dynamics have triggered a shift in the composition of consumer fraud over the last few years, with a decline in the traditionally dominant account takeover fraud and a significant increase of synthetic identity fraud.
This session focuses on the challenges posed by synthetic fraud as a low-volume but high-impact source of losses at financial institutions. We’ll start with a foundational look at synthetic fraud, focusing not only on its defining characteristics but also the mechanisms typically used to create “successful” synthetic identities. We’ll also provide an estimate of the size of the problem and identify industry sectors that appear to be at higher risk. We’ll explore effective synthetic fraud prevention mechanisms and present a framework for the optimization of fraud-based loss mitigation strategies across the credit lifecycle, from front-end acquisitions to back-end collections management. We’ll close the discussion with a look at the new wave of tools and technical improvements aimed at crowding out synthetic fraudsters while enabling improvements in the legitimate customer experience.
Short-term and small-dollar loans have historically provided a primary form of liquidity for underbanked consumers with limited credit histories and few options via traditional lending channels. This large category of consumer credit obligations has previously flown under the radar of traditional lenders. Yet, there’s a wealth of positive payment information available on these consumers who may otherwise appear to be a credit risk when using traditional credit data alone. In this session, we’ll size the market for alternative lending products, look at the typical features of these loans, evaluate the consumers who use them, and compare them to the traditional landscape.
The Great Recession and its aftermath was a tough period for U.S. consumers. Many felt a financial crunch and experienced derogatory credit events which were duly reported in their credit files. Today, nearly nine years since the Great Recession ended, the economy is in a much stronger position. And with the limitations mandated for the reporting of derogatory information on the credit file, many consumers will see the delinquencies they incurred several years ago drop from their files.
In this session, we’ll look at how the removal of derogatory information from a consumer’s credit file impacts that consumer’s ability to obtain new credit, and the pricing of that credit. We’ll explore how consumers who had a derogatory event perform on new loans compared to those who did not experience a derogatory event. Finally, we’ll see how this performance might vary by score shifts and other aspects of the consumer credit profile. Through this study, we’ll look to understand how lenders might capitalize on the opportunity presented by those who have derogatory information fall off their files and extend credit with confidence to this group of consumers.
Joint applications are a routine occurrence when originating mortgages and auto loans. Historically, lenders have used a variety of practices when evaluating and pricing these applications, which may result in gaps or inefficiencies when determining risk. In this session, we’ll present best practices for estimating the risk in co-borrower applications. We’ll review a recent study of a pool of co-borrowers and track their performance to assess what behaviors, balance size, alternative data, and/or credit attributes (for one or both of the individuals) should be considered when quantifying the risk at application.
TransUnion is pleased to offer this all-inclusive Seminar at $999.00 per attendee, which includes our training and thought leadership sessions, hotel accommodations for Aug. 27 – 28 (2 nights) and all meals during the event.
Interested in attending but need help communicating the value? Download our justification letter here.
If you’re attending the optional training day, please arrive in Las Vegas by 11:30 a.m. Pacific Time on Monday, Aug. 27, as the sessions begin at 1 p.m. Similarly, the market insights sessions will start at 1 p.m. on Tuesday, Aug. 28 following lunch, so plan your travel accordingly.
On Wednesday, Aug. 29, we’ll conclude at noon. If your travel plans include air travel, we recommend not booking your flight before 2:30 p.m. Pacific Time so you can stay through the end of the Seminar.
There will be no refunds after registration closes on Aug. 3. However, we’d be happy to transfer registration to another colleague in your organization. In the unlikely event of a program cancellation, TransUnion assumes no liability for any penalty fees on airline tickets or any other fees, charges or incidental costs a registrant might incur as a consequence of the cancellation.