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Top 5 financial trends and twists of 2017

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Learn about the top 5 trends and twists all financial services companies should be monitoring and embracing in 2017. From the transition to a Trump presidency to digital credit marketing to threats of fraud as the result of loan stacking, dig into the details here.

Published in: Economy & Finance
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Top 5 financial trends and twists of 2017

  1. 1. to watch for in andtwists FINANCIAL TRENDS TOP 5 2017
  2. 2. There will be a realignment of policy and federal priorities to reflect the economic agenda of the Republican Congress. Top 5 financial trends and twists to watch for in 2017 1 0f 16 President Trump heads to Washington1
  3. 3. 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. Top 5 financial trends and twists to watch for in 2017 2 0f 16
  4. 4. including replacing single director with bipartisan commission and placing the CFPB under the Congressional appropriations process. Structure of CFPB may also be reformed Top 5 financial trends and twists to watch for in 2017 3 0f 16
  5. 5. Innovators are responsibly looking for alternative forms of data to assess an applicant’s creditworthiness. See the customers, score more customers2 Top 5 financial trends and twists to watch for in 2017 4 0f 16
  6. 6. Rental data, utility, and mobile phone payments are part of the solution for getting more companies to furnish credit data to the bureaus. Pay Top 5 financial trends and twists to watch for in 2017 5 0f 16
  7. 7. With more insights, an “invisible” consumer becomes “visible.” 80% of the newly visible population are the younger generation. Top 5 financial trends and twists to watch for in 2017 6 0f 16 20% likely immigrants.
  8. 8. Consumers of all generations expect to have their data connected and aggregated seamlessly online. Get it together people, the data that is3 Top 5 financial trends and twists to watch for in 2017 7 0f 16
  9. 9. 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. Top 5 financial trends and twists to watch for in 2017 8 0f 16
  10. 10. Lenders and consumers will experience a streamlined lending process and faster transactions. Top 5 financial trends and twists to watch for in 2017 9 0f 16
  11. 11. Online marketplace lenders fall victim to “loan stacking” fraud when they utilize their more “flexible” credit-risk assessment. Sorry Fintech, you’re not immune to fraud4 Top 5 financial trends and twists to watch for in 2017 10 0f 16
  12. 12. Top 5 financial trends and twists to watch for in 2017 11 0f 16 “Loan stacking” is when multiple loans are taken out by borrowers who slide through the automated underwriting process.
  13. 13. 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. Top 5 financial trends and twists to watch for in 2017 12 0f 16
  14. 14. 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 Top 5 financial trends and twists to watch for in 2017 13 0f 16
  15. 15. Solutions now exist to help lenders deliver relevant, firm offers of credit to consumers via digital channels. Top 5 financial trends and twists to watch for in 2017 14 0f 16 APPROVED!
  16. 16. “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 Linter President, Consumer Information Services, Experian Top 5 financial trends and twists to watch for in 2017 15 0f 16
  17. 17. What are your predictions for 2017 as it pertains to the world of financial services? Top 5 financial trends and twists to watch for in 2017 16 0f 16 To learn more about Experian’s annual studies and thought leadership, visit: www.experian.com/blogs/insights

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