Demand deposit

Equifax Helps Financial Institutions Optimize Demand Deposit Acquisition with New Insight Score for Retail Banking

WASHINGTON, October 10, 2012 / PRNewswire / – 2012 BAI Retail Delivery Conference & Expo – Financial institutions looking to increase acquisition rates for new point-of-sale accounts and more accurately forecast demand deposit account risk ( DDA) can use Equifax’s new Retail Banking Insight (ISRB) score. ) Solution.

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Leveraging Equifax’s extensive consumer data repositories that have been augmented by 300 million non-financial business lines – covering over 171 million unique consumers – the ISRB enables banks and credit unions to better assess the DDA risk and discover opportunities on a larger audience of customers with little by little traditional credit. ISRB is part of Equifax’s comprehensive suite of retail banking solutions that provide financial institutions with the tools they need to optimize household growth for all types of products and at every stage of the household lifecycle.

“With the extended 360-degree view of payment history provided by the ISRB, financial institutions can increase acquisition rates for new accounts while simultaneously reducing the risk of write-off,” said Brad jones, Vice President of Retail Banking at Equifax. “Retail banking is changing rapidly from increased regulatory oversight to tough economic conditions, making it harder to identify and capture potentially profitable households. The ISRB provides new and unique visibility into consumer DDA risk, which enables financial institutions to identify and serve more potentially profitable households, “he added.

The ISRB complements the strategy of financial institutions to enter new market segments, including the more than 25 million consumers with no credit rating and up to 70 million people with both with and without credit. By understanding the payment behavior of consumers, especially payments that are not on the traditional credit history, banks and credit unions can expand their reach to new segments and grow their core household portfolio.

“Traditional credit information provides a partial view of consumers’ true financial obligations and their ability to meet them,” Jones said. “The Equifax Insight Score for Retail Banking leverages relevant alternative payment data not available from any other consumer reporting agency, such as cordless phones, satellite TV, or customer service histories. payment of utilities to enable banks to acquire new households. “

About Equifax, Inc.

Equifax is a global leader in consumer, business and workforce information solutions that provide businesses of all sizes and consumers with trusted information and insight. Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide, and uses advanced analytics and proprietary technology to create and deliver personalized insights that enrich both business performance and performance. consumer life.

Based at Atlanta, Equifax operates or holds investments in 18 countries and is a member of the Standard & Poor’s (S&P) 500® Index. Its common stock is listed on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.

SOURCE Equifax


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