Equifax Announces Marketing Access to “the unbanked”
This entry was posted on 10/17/2007 11:13 AM and is filed under Database Marketing,Lending.
ATLANTA, October 17, 2006 /PRNewswire-FirstCall/ Equifax Inc. today announced the launch of a
new direct marketing prospecting tool to help lenders target consumers in
today's emerging credit market. Called Equifax TotalSource XL Emerging
Market(TM), this solution enables lending institutions to reach households that
likely are in need of financial products and would be receptive to
invitation-to-apply (ITA) offers.
According to the Center for Financial Services Innovation, an estimated 60
to 70 million consumers — 30 million households — have limited or nonexistent
relationships with financial institutions and do not use credit to purchase
goods and services. Known as the unbanked market, this population includes
students and young adults, newly formed households and consumers focused on
rebuilding their credit.
"For many lenders, banks, automotive and financial companies, the
unbanked population represents a growing and untapped market," said Dann
Adams, president, US Consumer Information Solutions, Equifax. "Leveraging
Equifax's unique data assets and advanced technology, TotalSource Emerging
Market empowers companies to reach this emerging market segment and capture
account growth opportunities."
Created from a database containing extensive data on the unbanked market,
TotalSource XL Emerging Market provides highly responsive consumer selects,
including demographics, lifestyles and behavioral attributes to help lenders
identify households in need of financial products. Lenders then can leverage
these data attributes to align audience segments with the product or service
being promoted through ITA offers.
TotalSource XL Emerging Market data is refreshed every six weeks, giving
financial institution marketers access to prospects before they are flooded
with competing offers. Businesses can find additional value in TotalSource XL
Emerging Market by segmenting the data using Equifax ValueScore(TM). This combined
solution not only helps marketers identify high-quality prospects, but also
categorizes them according to sub-prime segments, enabling marketers to focus
on the approval rates of prospects most likely to respond.
TotalSource XL Emerging Market is part of the company's portfolio of direct
marketing solutions that empower businesses to maximize their marketing efforts
and manage and grow their customer bases. For more information on TotalSource
XL Emerging Market and other Equifax direct marketing solutions, visit www.equifaxmarketingservices.com/. style="font-family: Arial;">
