Top 5 financial trends and twists of 2017

to watch for in

and

twis

ts

FINANCIAL TRENDSTOP 5

2017

There will be a realignment of policy and federal priorities to reflect the economic agenda of the Republican Congress.

Top 5 �nancial trends and twists to watch for in 2017 1 0f 16

President Trump heads to Washington1

Many expect the Trump Administration to move forward with a deregulatory agenda that will likely include reform of the Dodd-Frank Act and the Consumer Financial Protection Bureau.


including replacing single director with bipartisan commission and placing the CFPB under the Congressional appropriations process.

Structure of CFPB may also be reformed


Innovators are responsibly looking for alternative forms of data to assess an applicant’s creditworthiness.

See the customers,score more customers2


Rental data, utility, and mobile phone payments are part of the solution for getting more companies to furnish credit data to the bureaus.

Pay


With more insights, an “invisible” consumer becomes “visible.”

80% of the newly visible population are the younger generation.


20% likely immigrants.

Consumers of all generations expect to have their data connected and aggregated seamlessly online.

Get it together people,the data that is3


Deeper insights can help lenders change a thin-file consumer into a thick-file consumer.

Credit data and transaction-level data will be used to quickly assess income and credibility.


Lenders and consumers will experience a streamlined lending process and faster transactions.


Online marketplace lenders fall victim to “loan stacking” fraud when they utilize their more “flexible” credit-risk assessment.

Sorry Fintech, you’re notimmune to fraud4



“Loan stacking” is when multiple loans are taken out by borrowers who slide through the automated underwriting process.

Analysts predict online marketplace loan volumes in the U.S. could reach $90 billion by 2020.

This loophole results in borrowers taking multiple loans from lenders, often in a short period of time, with declining ability to pay.


Today, the world commands and demands a digital experience. And this applies to offers of credit as well.

A firm offer of credit, delivered digitally,just for me?

4


Solutions now exist to help lenders deliver relevant, firm offers of credit to consumers via digital channels.


APPROVED!

“With consumers looking at their smartphones an average of 105 times per day and online purchases being completed with just a few clicks, we want to be there to offer the customized and optimized experience that consumers demand.”

-Alex LinterPresident, Consumer Information Services, Experian


What are your predictions for 2017 as it pertains to the world of financial services?


To learn more about Experian’s annual studies and thought leadership, visit:www.experian.com/blogs/insights

Top 5 financial trends and twists of 2017

Economy & Finance

Transcript of Top 5 financial trends and twists of 2017