Agent member credit card programs gained steam again last year and are poised for a good 2015. However, 60% of those in the agent programs last year achieved a medium performance level, offering some sales training and average rewards, but lackluster results.
One of the best ways for card issuing credit unions and other financial institutions to augment their organic/branch card sales growth is to offer agent member card programs to other, usually smaller, financial institutions. The sponsoring organization provides the card expertise and management and all card member services (“3 C’s”) while the agent institution generates new applicant/card accounts. Agents are often selected and offered varying rewards based upon size, number of member households served, number of branches, geographic territory served, and card sales technology they have available at their branches, and thus resources for new card growth potential. The greater potential for growth, the greater fee income that is usually offered.
Prepaid Resources prepaid debit and banking technology partnered IDology to incorporate advanced identity verification and pre-screening solutions. IDology will implement the Prepaid Resources “FraudGuard” fraud security services. The FraudGuard solution protects against unauthorized direct deposit enrollments. Using Prepaid Resources’ award-winning “BenefitsDirect” ‘Direct Deposit Management’ application. IDology is a provider of real-time technology solutions that verify an individual’s identity and deter fraud anywhere in the payments value chain.
One of the ways for card issuers to augment their organic/branch card sales growth is to offer agent card programs to other, usually smaller, financial institutions. The sponsoring organization provides the card expertise and management and card member service while the agent institution generates new applicant/card accounts. Agents are often selected and offered varying rewards…
Experian global information services launched a new version of its credit marketing pre-screening tool. Allowing financial services organizations to more easily identify consumers under financial stress and market only to those most likely to be accepted for their products and services, Delphi for Marketing draws on Experian’s extensive data assets and analytical expertise to assess the credit risk status of UK consumers and includes additional data indicating credit card behavioral data, used in line with credit data regulations.
Experian global information services launched a new version of its credit marketing pre-screening tool allowing financial services organisations to more easily identify consumers under financial stress and market only to those most likely to be accepted for their products and services. These data include additional data indicating early signs of arrears as well as credit card behavioural data. Delphi for Marketing accesses a huge volume of addressable data and also allows the appending of behavioural insight from Experian’s consumer financial classification tool, Financial Strategy Segments, to ultimately promote responsible lending by marketing based on informed decisions.
First Atlantic Commerce (FAC) online payment gateway and fraud management announced its latest “3D Secure” deployment with Allied Irish Bank Merchant Services (AIBMS), Elavon and Barclaycard. With this, “3D Secure” is now certified to AIBMS, Elavon and Barclaycard for 3-D Secure Verified by Visa and MasterCard SecureCode. This allows FAC merchants to use the simple “3-D Secure only” payer authentication solutions to obtain liability shift for chargebacks on certain reason codes. The “3-D Secure” can be used effectively to determine the enrollment status of the Issuing Bank and the cardholder so merchants can pre-determine the risk profile of new consumers in advance of the first transaction.
NJ-based customer acquisition solution provider Tranzact Information
Services has released the “3-Screen” credit pre-screening tool.
Tranzact Information Services houses prescreen information on over 200
million United States
consumers as an agent of all three major credit bureaus. Combined with
additional sources from demographic, property
and public record data, Tranzact Information Services provides one of
the nation’s largest repositories of U.S. consumer data with over 1,100
data points per consumer. Tranzact Information Services provides
information and insight to
clients and partners to help support their acquisition, cross-sell, and
retention marketing programs. Its data management platform provides the
tools necessary to enhance and deliver marketing data and scales to meet
any program requirement.
Discover has launched a Web site that offers consumers auto, homeowner and term life insurance, as well as home warranty plans from trusted, reputable providers. The insurance providers included on the site were subjected to an extensive pre-screening process to ensure they best met consumers’ needs. They offer high quality products, a simplified and convenient quoting process and deliver superior customer service.
Equifax Inc. announced the formation of a new Marketing Services Group dedicated to offering total marketing solutions to its customers. The new group’s focus will be to provide products and services that enable clients to target new customers and effectively manage and grow those relationships. Equifax’s Credit Marketing Services, Direct Marketing Solutions, Modeling and Analytics, Database Marketing, Account Decisioning and Authentication Services comprise the new group’s key businesses and its offerings will include:
* Credit pre-screening, portfolio risk management and analytical services to the financial, retail, automotive, insurance and telecommunications industries;
* Marketing data and list management for financial institutions, insurers, technology and manufacturers. The direct marketing database includes consumer lifestyle and demographic information for 112 million U.S. households;
* Decisioning solutions including Decision Power which enables clients to cross-sell and make credit decisions at the point of sale, whether that contact is in person, on the telephone or over the Internet;
* A patented Authentication tool which verifies on-line consumer identity and enables secure, private transactions over the Internet.
“The creation of Equifax Marketing Services is a natural extension of our strategy to leverage our market leadership, product innovation and technology to exceed our customers’ expectations,” said Tom Chapman, chairman and CEO. “By creating a single unit for these unique, value-added services, Equifax will deliver more comprehensive, predictive solutions to this key growth area for our customers.”
Paul Springman, a business executive at Equifax for the past 11 years, will run the new division and will report directly to Chapman.
Equifax, an S&P 500 company, enables and secures global commerce through its information management, consumer credit, marketing services, business information, authentication and e-commerce businesses. As the leader in information services, Equifax adds value wherever customers do business, including the financial services, retail, healthcare, telecommunications/utilities, information technology, brokerage, insurance and business lending industries and government. Equifax also enlightens, enables and empowers consumers to manage and protect their financial health with services offered at http://www.equifax.com . The company ranked in the top five in return on equity among Business Week’s Best Performers for 2001. Equifax employs 5,200 in 13 countries and has $1.1 billion in revenue.
Affinity Technology Group announced Monday that Paul E. Adams, 46, has been named the company’s Senior Vice President of Sales. Mr. Adams replaces Clement Lamarre, 67, who recently retired.
“Paul is a widely respected figure with a proven record of strong relationship development in the banking industry,” said Murray Smith, President and Chief Executive Officer of Affinity. “We are delighted that he is joining Affinity’s management team.”
Mr. Adams will be responsible for sales of all Affinity products, including the company’s indirect automobile lending system and automated loan machines. He will also be responsible for development of strategic alliances to promote the sale of the company’s products.
Mr. Adams has more than 20 years of experience in the financial services industry. He has been a frequent speaker on credit cycle management and the application of new technologies at annual conferences for the American Bankers Association and the Consumer Bankers Association.
“Affinity’s outsourced loan processing technology enables financial services firms to quickly deploy origination, decisioning, and fulfillment capabilities in new or existing channels,” Mr. Adams stated. “From kiosks and Internet-based lending to vertical systems for indirect automobile financing, Affinity has the best solutions available to banks today.”
Mr. Adams spent 10 years with American Management Systems’ (AMS) Finance Industry Group, where he successfully marketed software and services to many large banks and financial services companies including American Express, Bank of America, Chrysler Credit, Citicorp and Sears. He also helped start a Risk Management Practice at AMS and served on a committee for client relationship development.
Prior to joining AMS, Mr. Adams worked for 10 years with Fair, Isaac Companies, where he initially assisted in the development of the automated strategic application processing (ASAP) system. He subsequently assumed responsibility for marketing and sales of the ASAP system, and later was instrumental in the launch of Fair, Isaac’s credit bureau pre-screening product, PreScore, and the introduction of SEARCH, their automated credit bureau interface package.
Mr. Adams worked for nine years as a communications engineer — spending four years in this capacity with the United States Air Force and five years in private industry. Mr. Adams holds a Bachelor of Science degree in computer science from Louisiana State University.
Affinity’s technology enables financial institutions to link their branches, call centers, indirect agents and Internet customers electronically to their credit departments, providing fully-automated lending — and, if necessary, connectivity to a loan officer — through every channel. Its major products include the Automated Loan Machine (ALM), which enables customers to receive loans in just minutes.
Affinity is headquartered in Columbia, South Carolina.
The ‘Consumer Credit Reporting Reform Act of 1996 will go into effect this week. The FTC will hold a briefing this morning to explain the new rules. The law takes aim at inaccurate consumer information by requiring credit bureaus to respond within 30 days to consumer complaints and by giving consumers the right to sue both the credit reporting firm and the credit provider over false information. The law also aims at eliminating obsolete information by defining the seven-year reporting rule on bad debts. Under the new law employers will now have to get written permission from current and prospective employees before obtaining their files. A broader discussion of the new law, prepared by noted consumer advocate Gerri Detweiler, is available exclusively via CardTrak Online ().