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© 2013 Acxiom Corporation. All Rights Reserved. © 2013 Acxiom Corporation. All Rights Reserved.
Discussion and Implications: - Fair Credit Reporting Act - Entity Resolution - Glimpse of The Future
© 2013 Acxiom Corporation. All Rights Reserved.
Fair Credit Reporting Act (FCRA) U.S. credit markets are the most efficient in the world at allowing households to smooth their consumption patterns over time, rather than postpone major purchases until incomes and asset holdings build to sufficient levels.
Accessible credit information “democratizes” financial opportunity.
The importance of consumer credit markets to the strength and resiliency of the U.S. economy is a direct consequence of the credit reporting system
Equally remarkable is the increased access to credit across the income spectrum over the past three decades.
- Dr. Fred Cate and Dr. Michael Staten 2
© 2013 Acxiom Corporation. All Rights Reserved.
Fair Credit Reporting Act (FCRA) Access, efficiency and opportunity; the FCRA impacts price,
access, and distribution of credit Without the FCRA either the cost of credit will go up, or access to credit will be reduced There are extraordinary consumer and economic benefits derived from the current national credit system enabled by the FCRA There’s simply no doubt we’ve got a remarkable market for consumer credit in the United States; it’s intensely competitive, and we’ve made dramatic progress in terms of fairness and access for certain groups, who quite frankly, were not so well served by the marketplace ten or twenty years ago
-Dr. Michael Turner
3
© 2013 Acxiom Corporation. All Rights Reserved.
Fair Credit Reporting Act (FCRA) • FCRA enacted in 1970 to promote accuracy, fairness, and
privacy of personal information assembled by Credit Reporting Agencies (CRAs).
• Sector specific “data use” law • Amended many times • Credited with creating a system of credit for “everyman” • Covers the disclosure and use of “consumer reports” • Covers the requirements of “consumer reporting
agencies” • Gives enforcement authority to the Consumer Financial
Protection Bureau (CFPB) and the Federal Trade Commission (FTC)
4
© 2013 Acxiom Corporation. All Rights Reserved.
“Consumer Reports” • Very broadly defined
• Basically any information
• Bearing on a consumer’s credit worthiness, credit standing,
credit capacity, character, general reputation, personal characteristics, or mode or living
• Which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for credit or insurance, employment purposes or (other permissible purposes under the FCRA)
5
*USE DRIVEN*
© 2013 Acxiom Corporation. All Rights Reserved.
“Consumer Reporting Agencies”
• Equally broad
• Essentially any person that for a fee, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties
• If you provide “consumer reports, you are a “consumer reporting agency”
6
© 2013 Acxiom Corporation. All Rights Reserved.
Implications of Being a “Consumer Reporting Agency”
• CRAs have a number of obligations under the FCRA -Notices to “furnishers” and “users” -Duty to provide access to “files” to consumers -Duty to reinvestigate disputes
• Information in files can only be disclosed for “permissible purposes“
• Consequences of Violation of the FCRA - The FTC and CFPB can bring enforcement actions -State attorneys general can bring enforcement actions - In some instances, criminal liability can exist
7
Acxiom as an Agent
8
© 2013 Acxiom Corporation. All Rights Reserved.
Reason for Agency Relationship • Acxiom is not a CRA • Acxiom does not have a permissible purpose to
obtain Consumer Report • Agency relationship allows Acxiom to stand in the
shoes of the bureaus and process their data • Allows Acxiom to serve as a “one stop shop” for our
clients • Agent is entitled to have possession of Consumer
Reports that may not result in a firm offer of credit • Agent is entitled to full SSN • Agent is entitled to “know” the descriptions of the credit
attributes
9
© 2013 Acxiom Corporation. All Rights Reserved.
Definition of “Bureau Data”
• As a general rule, any data sourced from a bureau (including name, address, SSN, date of birth, credit attributes, IDs), regardless if data is anonymous or depersonalized
• Whether Bureau Data is also a Consumer
Report depends on whether it is personally identifiable (e.g. name and credit attributes)
10
© 2013 Acxiom Corporation. All Rights Reserved.
When Can Financial Institution Receive a List of Consumers and Credit?
• Only if it intends to make a firm offer of credit or insurance to each individual who meets all of the Client's previously determined criteria
• The FCRA states that for prescreening purposes, "a person may receive only - The name/address of a consumer - An identifier not unique to the consumer used solely for verifying
identity of a consumer • Other information pertaining to a consumer that does not identify the
relationship or experience of the consumer with respect to a particular creditor or other entity.”
• Client may not receive Social Security Numbers
11
© 2013 Acxiom Corporation. All Rights Reserved.
File Inputs for Bureau Solution
• 300,000,000 record file from each Bureau • Other data files • Standardization, Hygiene and Correction • Front end suppressions (deceased, opt-outs, edit fails) • Scoring based on Credit Selection Criteria • Creation of the preliminary pre-screen lists • Additional last minute suppressions • Delivery of the pre-screen list to client and distribution
channel • Delivery of promotional inquiry file to the Bureaus
12
© 2013 Acxiom Corporation. All Rights Reserved.
Security
SERVICE DELIVERY Project Management Implementation Consultative
Services Systems Management In
put S
ourc
es
A
Bureau Files
Enhancement
Suppressions
Customer And
Response
Dat
a In
tegr
atio
n B
Link Append
Postal Cleansing
Validation and
Reporting
NCOA
Acxiom Services
Data Hygiene
AbiliTec Demographics
Suppressions
C
Campaign Execution
SCORING Scoring Extract
Scoring
E
DATABASE ENVIRONMENT
D
Warehouse Database
CAMPAIGNS MARTS TOOLS OUTPUT
Campaign Datamart
Summarization Tables
Rapidus
Fulfillment
Campaign History
DM Vendors
Email Vendors
Call Centers
Operational Reporting
Reporting Datamart
Reporting Calculation
s
F
G
Acxiom Information Security, Privacy & Data Governance Acxiom Operational Support—Account Dedicated + Infrastructure Management
Vertical Lists
Opt Outs
Outputs
Scoring Extracts
Solicitation Files Reports
H
Bureau Solution
Database Extracts
13
Premium Mail
© 2013 Acxiom Corporation. All Rights Reserved.
Name Contact and Life stage Changes
Touch Points Call
Center
Direct Marketing
Brick & Mortar
Website
Address Home Phone
Computer
Cell Phone
Customer Support
Digital Campaign
Entity Resolution… Why is it so hard?
© 2013 Acxiom Corporation. All Rights Reserved.
> Recognize Consumers using: • Physical or Email Addresses • Landline or Cell Phones • Name variations, nicknames, changes,
maiden/married surnames
> Proprietary Knowledge Base • 2 billion+ historical occupancies • Patented matching algorithms • Up to 35 years of occupancy history • Multiple, contracted sources • Updated Weekly
[email protected] Becky Jones 789 Main Street
Rebecca Jones Link: ABC12345
Mobile: 501-252-1000
Only AbiliTec® enables complete consumer linking
Traditional Entity Resolution
15
© 2013 Acxiom Corporation. All Rights Reserved.
Data Quality
Match and De-Duplicate: Identification of duplicate records within or across disparate source files and assignment of non-consistent identification keys; optional merge / purge of duplicate records
Correct and Enrich: Corrections and completions to contact information, including change of address, routing data, ZIP + 4®, Geo data, compliance and preferences, etc.
Parse and Standardize: Decomposition of data sets into distinct elements; standardization of customer records to regionally accepted formats for name, address, phone, email, and other data elements
Entity Resolution
Data Quality and Entity Recognition Can Eliminate the Challenges Associated with Information Decay, Incomplete Records and Distributed Intelligence
Recognition Management Manage and Integrate: Capabilities that enable the mastering of customer
data across an enterprise; results in a unified customer view to ensure availability of consistent information for operational and analytical systems.
Consistent: Ability to accurately recognize customers over time, across multiple channels and data sources using all available identifying information.
© 2013 Acxiom Corporation. All Rights Reserved.
Prospect Data
Web Registration
Customers
• Good • Profitable • Loyal
• Average • Growth
Potential
• Poor • Headaches • Losses
Clean Match Analyze Score Segment
Explosion of Online Data Multiplies Process Gaps and Sub-Optimizes Your Data Assets
• Inability to connect online and offline contact data because • Can’t match online persona to real world person • 60% of U.S. adults use more than one e-mail address • Multiple browsers, multiple devices per person
• Inability to standardize and correct customer attributes
• Skews customer identification processes • Pollutes internal systems with incomplete and inaccurate info
* Chart: Accenture Global Content Study 2009
Most critical factors in enabling better use of consumer information (choices ranked in top three) *
© 2013 Acxiom Corporation. All Rights Reserved.
Data Quality Problems and Matching Inaccuracies Affect Downstream Activities
Prospect Data
Web Registration
Customers
? •Profitable •Loyal
? •Average •Growth Potential
? •Headaches •Losses
Clean Match Analyze Score Segment
• Incomplete data discarded – shrinking your customer universe • Email and mobile can’t be linked to physical name and addresses • Incorrect scoring and segmentation hurts effectiveness
© 2013 Acxiom Corporation. All Rights Reserved.
The Ripple Effects of Poor Recognition Management
Enterprise Application Implementation Failure
If the data is bad, it will be avoided, “work-arounds” will be applied that compound the problem
Cripple Cross Sell and Up Sell
Without a quality, effective view of the customer, timely targeted offers and communications are not possible
Threaten the Entire Customer Relationship
An inability to confidently recognize and care for a customer when contact is made can threaten the relationship. Enable Fraud.
Damage to Corporate Image
Incorrect offers, reaching out to inappropriate people (e.g., imprisoned, deceased), and not delivering on sales and marketing objectives effectively can cause damage to a corporate image
Negative Financial Impact Difficulty in recognizing the value of CRM, MDM or EDW purchases compounded by an inability to deliver on revenue and earnings targets
© 2013 Acxiom Corporation. All Rights Reserved.
Start with DATA QUALITY
Standardization provides foundation for identifying duplicates and households Basic
Facilitates more profitable promotions Advanced
• In addition to Basic
Most stop here
Most accurate view of the consumer to:
• Improve analytics and decision making
• Reduce operational cost • Increase customer insight • Enlarge mailable universe
and maximum postal discounts
Premium • Corrects over 48% of missing or incorrect
address information
• 8% better insight on new movers
• 26% greater contact validation
• Supplies new address for 50% of the NCOALink® near matches or Moved Left No Address
Acxiom is a non-exclusive Full-Service Provider Licensee of the United States Postal Service®. The following trademarks are owned by the United States Postal Service®: United States Postal Service® NCOALink®, CASS™, DPV®, SuiteLink™, DSF2®, ZIP™; LACSLink®; ZIP Code™; First-Class™; eLOT® and ZIP + 4®
© 2013 Acxiom Corporation. All Rights Reserved.
Recognition
Matching
Sort
Match and
ID Assignment
ID = 5678 Becky Smith
45 Oak St Chicago, IL
ID = 1234 Rebecca Jones
12 Main St Conway, AR
Sort records based on geographic information (ZIP™∗, Address, Last Name and First Name)
Group similar records within a geography together and attempt to match prospective records together
Traditional String-Based Matching
Becky Smith 45 Oak St Chicago IL
Rebecca Jones 12 Main St Atlanta GA
Rebecca Jones 12 Main St Atlanta GA
Link = ABC123 Becky Smith
45 Oak St Chicago, IL
Link = ABC123 Rebecca Jones
12 Main St Atlanta GA
Move Record
Knowledge-Based Matching
Link = ABC123
Becky Smith 45 Oak St Chicago, IL DOB: 7/4/60 Assoc=12345
Becky Wilson 123 1st Ave Phoenix AZ DOB: 7/4/60 Assoc=12345
Rebecca Jones 123 1st Ave Phoenix AZ
Rebecca Wilson 123 1st Ave Phoenix AZ
Association Name Change
Name Change
AbiliTec Knowledge
Base
Rebecca Jones 12 Main St Atlanta GA
Becky Smith 45 Oak St Chicago IL
Link Append Rebecca Jones [email protected]
Link = ABC123 Rebecca Jones
Rebecca Jones [email protected]
21
© 2013 Acxiom Corporation. All Rights Reserved.
cookie 12
cookie 9
[email protected] Becky Jones-Hall 789 Main Street [email protected] Mobile: 501-252-1000
Digital Disconnect: device signature
22
cookie 1 cookie 2 cookie 3 cookie 4
device 1
device 2
device 3
cookie 5 cookie 6 cookie 7 cookie 8
cookie 10 cookie 11
Safe Haven
[email protected] one-way hashed to:
irreversible_UUID Associated to devices 1 and 3
Online Purchase
How many people purchased? How many purchases were there?
Offline Purchase
cookie 12
cookie 9
cookie 1 cookie 2 cookie 3 cookie 4
device 1
device 2
device 3
cookie 5 cookie 6 cookie 7 cookie 8
cookie 10 cookie 11
Safe Haven
[email protected] one-way hashed to: irreversible_Abilitec_ID
Associated to device 2
© 2013 Acxiom Corporation. All Rights Reserved.
cookie 12
cookie 9
[email protected] Becky Jones-Hall 789 Main Street [email protected] Mobile: 501-252-1000
Entity Resolution - A Single View
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cookie 1 cookie 2 cookie 3 cookie 4
device 1
device 2
device 3
cookie 5 cookie 6 cookie 7 cookie 8
cookie 10 cookie 11
Safe Haven
cookie 12
cookie 9
cookie 1 cookie 2 cookie 3 cookie 4
device 1
device 2
device 3
cookie 5 cookie 6 cookie 7 cookie 8
cookie 10 cookie 11
Safe Haven
[email protected] one-way hashed to: irreversible_Abilitec _ID
[email protected] one-way hashed to: irreversible_Abilitec_ID
Associated to devices 1 and 3
Associated to device 2
Online Purchase
Hashed Abilitec ID
Offline Purchase
Safe Haven
© 2013 Acxiom Corporation. All Rights Reserved.
Reach Trust Open Accuracy
© 2013 Acxiom Corporation. All Rights Reserved.
Tie Every Interaction to a Known Person
Email Capture Refer a Friend Invite a Friend
In-Store Purchase Name, Address Email Address Purchase Type Credit Card Type Merchandise
Direct Mail Birthday Reminder Offer Tailored to Me
Search Search Terms Referring URL Site Activity
TV Ad Watching
Squawk Box
Customer ID 1234
R. Jones 123 Main St.
NY, NY
Social Liked on Facebook Tweets about
Experience with Client Updates Status about
Great Experience
Online or Mobile Ad Browsing Web Impression and Click Anonymous to Client
Online Purchase Purchase, Extended Warranty Browsing Activity Email Address, Preference Center Life Events
© 2013 Acxiom Corporation. All Rights Reserved.
Single view to: • Connect Your Data • Develop New Audiences • Distribute Data • Analyze Results • Optimize Campaigns
AOS™ Vision: An Integrated Marketing Platform
Data Security Rights
Mgmt
Analytics Audience
Management
APIs Campaign
Management
Reporting
PII Anon
Access
Email Page Visits Apps Behaviors Response
Search Social Demo- graphics Promo Partners Online
Imps
Integration
© 2013 Acxiom Corporation. All Rights Reserved.
Online Purchase
Anonymous AbiliTec ID™
Offline Purchase
cookie 8
cookie 5
[email protected] Mobile: 501-252-1000 [email protected]
Single Person View Powered by Linking
cookie 1 cookie 2 cookie 3 cookie 4
DEVICE
cookie 6 cookie 7
3 cookie 9 cookie 10 cookie 11 cookie 12
1
2
Becky Jones-Hall 123 Main Street
DEVICE
One vs. Many
© 2013 Acxiom Corporation. All Rights Reserved.
Apple Device
Candy Crush
Segment A
High Spender
In Market for Travel
35-40
Female
Segment A
High Spender
High Online spender
New Mom
Dog Lover
Segment A
High Spender
Luxury Sedan Owner
Married
Visa User
Segment A
High Spender
Anonymous AbiliTec ID: 123
Bringing Offline / Online Together
AbiliTec ID d894ad8sae
Segment A
Cust Type High Spender
Geo New York
Income $150 – 175K
Onboarding with Anonymous AbiliTec ID™
Device Signature
Method
Tablet
Device ID DEF
Work
Device ID GHI
Home
Device ID ABC
Mobile
Device ID JKL
Cookies Associated with Anonymous AbiliTec ID: 123
Becky Jones
Offline / CRM Database
Offline Purchases
DFA Clicks/ Impressions
AbiliTec Method
=
=
Requires Accurate, Privacy-Compliant Linking
© 2013 Acxiom Corporation. All Rights Reserved.
Multi-Dimensional Data View
29
DEMOGRAPHIC
IN-MARKET
SEARCH
INTEREST
PURCHASE BEHAVIOR LIFESTYLE
CRM
SOCIAL
VIDEO ENGAGEMENT
APP DOWNLOADS
*All logos listed herein are the property of their respective owners.