Steve and Craig then discuss how lenders are leveraging technology to enhance marketing and speed to market. Josh emphasizes the need for lenders to diversify their consumer engagement tactics, ensuring relevant offers at every touchpoint and channel, and delivering personalized experiences efficiently.

Craig details the ‘strategic imperatives’ for issuers in 2024 — including efficiency in marketing, evolving fraud threats, changing regulatory environments and the role of artificial intelligence — and Steve asks if higher fraud rates are being observed in certain channels compared to others.

The information discussed in this podcast constitutes the opinion of TransUnion, and TransUnion shall have no liablity for any actions taken based upon the content of this podcast.

In part two of the 2024 FS Summit episode, TransUnion’s Sean Flynn sits down with Union Credit co-founder and CRO Barry Kirby to highlight some key challenges facing credit unions today.

Sean and Barry start by discussing the contradiction credit unions are running into as they balance growing their young member bases with needing more deposits due to liquidity constraints.

Barry shares the widening average age gap between credit union members (57) and US consumers (37), and describes why educating younger generations on the benefits of credit unions is critical for the health of the entire banking system.

Sean notes how Barry’s company helps community banks automate and scale in new ways, leading him to wonder what kind of fraud Barry is seeing these days and how credit unions are responding.

Finally, Barry looks back on 25 years as an entrepreneur in the community banking space to offer advice for those pursuing a similar path.

The information discussed in this podcast constitutes the opinion of TransUnion, and TransUnion shall have no liablity for any actions taken based upon the content of this podcast.

The conversation covers everything from consumer credit health and sentiment continuing into 2024; how consumer spending is impacting balances across risk sectors; and the relationship between utilization and stress.

Josh and Stephanie also discuss the right balance of anti-fraud measures within application experiences geared toward younger consumers. Craig speaks to private label card balances being at an all-time high, and Josh weighs in on the drivers and impacts of high delinquency rates and charge-off balances.

The information discussed in this podcast constitutes the opinion of TransUnion, and TransUnion shall have no liablity for any actions taken based upon the content of this podcast.

Several questions were discussed, including:

• What were the dynamics of consumer demand, and how did ongoing effects of the pandemic impact consumer balances and liquidity?
• What did we learn about Buy Now, Pay Later consumers?
• How did Gen Z’s growing involvement in the credit market compare to preceding generations?

Featuring guest Paul Siegfried, Head of Card and Banking at TransUnion.

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For questions or to suggest an episode topic, email ExtraCredit@transunion.com.

The information discussed in this podcast constitutes the opinion of TransUnion, and TransUnion shall have no liablity for any actions taken based upon the content of this podcast.