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. [...]
Today's consumers have to be more informed than ever as digital fraud has quickly become the norm—with an estimated 60 percent of consumers worldwide, having experienced an online fraud incident, according to Experian’s 2019 Global Identity and Fraud Report. Consumers expect companies they do business with to protect their personal information, for their families as well [...]
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 [...]
