The Credit World Descends on Austin
A few weeks ago, card and payment executives at the industry’s leading issuers, networks and retailers conference gathered in Austin for a deep dive into what the future holds for the world of consumer credit risk management. The three-day-long Card Forum, presented by SourceMedia (publisher of American Banker) and sponsored by VantageScore, featured presentations on myriad topics, with a particular focus on what’s next for the industry.
As “The Times They Are A-Changin’” played behind him, VantageScore Solutions CEO Barrett Burns opened the event’s Consumer Credit Summit – essentially a conference within the conference—which was attended by a who’s who of the credit bureau, issuer and media worlds.
“Bob Dylan’s lyrics are as relevant today as they ever were…be it in our politics or our industries. Dare I say they are relevant to our discussions today as well,” he said. “Today we’re all about helping you prepare for change. You’ll hear about the online consumer voice and its impact on wallet share, how consumers choose to spend their money these days, and how a generation of tech-savvy millennials are in need of new ways to educate themselves on finance and credit.”
The Consumer Credit Summit featured sessions helmed by a variety of industry leaders, including:
- How Millennials Think About Money – Steve Rice, Executive Vice President, Financial Education, EverFi
- The Evolution of the Consumer Card Wallet – Nidhi Verma, Senior Director, Financial Services Research and Industry Insights, TransUnion & Tamer El-Rayess, Chairman, Continental Finance
- How Well Are Card Issuers Connecting With Consumers Online? – Jeanine Skowronski, Executive Editor, Credit.com, Amanda Abella, Author, AmandaAbella.com, Jason Steele, Author, JasonSteele.com & Penny Crosman, Editor at Large, American Banker
- How Can Issuers Build Their New Customer Base & Create More Value For Cardholders? – Christopher Speltz, Chief Executive Officer, Bankrate Credit Cards & CreditCards.com
- Multi-Bureau Panel Discussion – Paul C. Siegfried, Senior Vice President, Financial Services, Card Business Leader, TransUnion, Ankush Tewari, Senior Director of Market Planning, LexisNexis Risk Solutions, Chris Moss, Senior Director, Product Management, Equifax & Mike Trapanese, SVP, Strategy and Alliances, VantageScore
During the Multi-Bureau Panel session, participants discussed the incorporation of machine learning into the credit business. It was suggested that this incorporation is the key to the ongoing development of more predictive models for populations who have traditionally been underserved by the financial services industry. Machine learning can also assist with the identification of fraud ahead of time. Panelists also discussed the increased use of alternative data sources and how that data is now being used to generate more holistic consumer profiles.
Other presenters and attendees included representatives of Chase, Wells Fargo, Bank of America, Google, U.S. Bank, PayPal, RBC, Visa and many others.