Vision 2014: Macroeconomic and Market Trends US and Global Perspectives

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Macroeconomic and market trends – U.S. and global perspectives

Mark Fleming CoreLogic

Marc Gaudart Experian

#vision2014

Michele Raneri Experian

2 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

We can finally exhale…


…but we need to still be vigilant

http://youtu.be/Sh271FAVZ0o?t=10s


Global consumer credit map Consumer credit outstanding and growth

Source: Sofinco consumer credit world wide 2011 and 2012

$3.4 Trillion

$404 Billion

$132 Billion

$1.8 Trillion

$2.4 Trillion

$121Billion -1%

+5.5%

+13.5%

+14.9%

+7.7%

+2.6%


U.S.

Euro area

Central & Eastern Europe

What’s going on today in the U.S., Europe and Brazil Summary

GDP Growth (%) Unemployment (%)

1.9

Brazil

2013 2014 forecast 2013 2014 forecast

Latin America

Developed Asia Pacific

Developing Asia (ex. China & India)

China

India

Russia

-0.4

2.8

UK

1.0

1.7 2.4

2.5 2.8

1.5 2.0

2.3 2.3

2.6 3.0

?? ??

6.5 6.7

6.5 6.7

4.4 5.4

Source: IMF - World Economic Outlook Projections, Consensus Economics, Focus Economics. The Economist

7.4 6.5

12.1 12.0

7.6 6.9

4.8 5.7

4.1 4.1

5.7 5.5

8-14

4.8-11

1.8-6

3-6

9.9


U.S. economic and

credit trends

Michele Raneri

Experian

Vice President, Analytics


Consumer confidence improving year-over-year

0

20

40

60

80

100

120

140

160

3Q

77

4Q

78

1Q

80

2Q

81

3Q

82

4Q

83

1Q

85

2Q

86

3Q

87

4Q

88

1Q

90

2Q

91

3Q

92

4Q

93

1Q

95

2Q

96

3Q

97

4Q

98

1Q

00

2Q

01

3Q

02

4Q

03

1Q

05

2Q

06

3Q

07

4Q

08

1Q

10

2Q

11

3Q

12

4Q

13

Consumer confidence index

= Recession

YoY:

+20.4 pts

Peak 3Q 2000

Low 1Q 2009


Unemployment rates forecast to come down

Source: Bureau of Labor Statistics January 2014, Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents, December 2013

0%

2%

4%

6%

8%

10%

12%

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

Unemployment rate

FOMC forecast

Oct 2009

10.0%

Apr 2000

3.8%

Dec 1982

10.8%


U.S. jobs gained or lost

-1,000

-500

0

500

1,000

1,500

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

1-Month Net Change (thousands)

Source: Bureau of Labor Statistics January 2014


U.S. jobs gained or lost

0%

2%

4%

6%

8%

10%

12%

-1,000

-800

-600

-400

-200

0

200

400

600

Ja

n-0

7

Ju

l-0

7

Ja

n-0

8

Ju

l-0

8

Ja

n-0

9

Ju

l-0

9

Ja

n-1

0

Ju

l-1

0

Ja

n-1

1

Ju

l-1

1

Ja

n-1

2

Ju

l-1

2

Ja

n-1

3

Ju

l-1

3

Ja

n-1

4

1-Month Net Change (thousands) Unemployment rate

Source: Bureau of Labor Statistics January 2014


Unemployment change by state

Percent change in unemployment rate from

October 2009 to March 2014


Drought covers large portion of western U.S.

Source: NOAA / National Weather Service, Author: David Miskus, NOAA/NAWS/NCEP/CPC

Abnormally

Dry

Exceptional

Drought


Drivers of gasoline prices

Source: U.S. Energy Information Administration

U.S. gas price (regular all formulations)

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4


Bankcard originations

$0

$20

$40

$60

$80

$100

$120

1Q

07

2Q

07

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

$65.8 BN


Distribution of bankcard loan originations By VantageScore® band

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2007 2008 2009 2010 2011 2012 2013

A B C D F


Average VantageScore® Bankcard inquiries and originations

Spread between inquiries and originations

61 32 34 52 60 49 54 70 85 66 61 67 86 58 51 67 57 45 54 59 52 46 46 54 48 44 41

600

650

700

750

800

1Q

07

2Q

07

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

Bankcard inquiries Originations


Bankcard late stage delinquency rates

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

1Q

06

2Q

06

3Q

06

4Q

06

1Q

07

2Q

07

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

60-89 DPD 90-180 DPD

Percent balances


Bankcard delinquency rates By state

Best/worst five states* 4Q13 national bankcard

60-89 DPD rate 0.56%

1. Wyoming 0.32%

2. North Dakota 0.33%

3. Alaska 0.34%

4. Vermont 0.43%

5. Montana 0.44%

…

47. Arkansas 0.66%

48. Nevada 0.66%

49. Alabama 0.67%

50. Mississippi 0.71%

51. Arizona 0.73%

*Includes District of Columbia

Source: Experian IntelliViewSM

4Q09

High Low

0.70% 0.43%

4Q13


Retail originations

$0

$5

$10

$15

$20

$25

$30

1Q

07

2Q

07

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

$20.59 B


Distribution of retail loan originations By VantageScore® band

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2007 2008 2009 2010 2011 2012 2013

A B C D F


Retail late stage delinquency rates

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

1Q

06

2Q

06

3Q

06

4Q

06

1Q

07

2Q

07

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

60-89 DPD 90-180 DPD

Percent balances


Retail delinquency rates By state

Best/worst five states* 4Q13 national retail

60-89 DPD rate 1.01%

1. North Dakota 0.55%

2. Nebraska 0.64%

3. Iowa 0.70%

4. Wisconsin 0.79%

5. Minnesota 0.80%

…

47. Vermont 1.18%

48. Alabama 1.18%

49. Arizona 1.19%

50. New Mexico 1.29%

51. Arkansas 1.34%

*Includes District of Columbia

Source: Experian IntelliViewSM

4Q09

High Low

1.23% 0.76%

4Q13


Mortgage trends

Mark Fleming

CoreLogic

Chief Economist


©2014 CoreLogic, Inc. All rights reserved. Private & Confidential @corelogicecon

Constrained Only In Specific Dimensions

0

20

40

60

80

100

120

140

160

180

200Credit Score Less Than 620

LTV Share 90 And Above

DTI Share 40 And Above

Low & No Doc Share

Arm Share

Purchase Share

Normal Current Maximum

Source: CoreLogic, October 2013 © 2013 CoreLogic, Inc. All rights

reserved

Mortgage Underwriting, Loan Type, and Purpose Measured as a Percentage of "Normal"

In Which Dimension Is Credit Constrained



Equity Isn’t Constrained- A Good Thing Given Few Have It

LTV Cohort Origination Share, First Lien Purchase Only

Source: CoreLogic September 2013

0%

10%

20%

30%

40%

50%

60%

Jan-0

0

Ma

y-0

0

Sep-0

0

Jan-0

1

Ma

y-0

1

Sep-0

1

Jan-0

2

Ma

y-0

2

Sep-0

2

Jan-0

3

Ma

y-0

3

Sep-0

3

Jan-0

4

Ma

y-0

4

Sep-0

4

Jan-0

5

Ma

y-0

5

Sep-0

5

Jan-0

6

Ma

y-0

6

Sep-0

6

Jan-0

7

Ma

y-0

7

Sep-0

7

Jan-0

8

Ma

y-0

8

Sep-0

8

Jan-0

9

Ma

y-0

9

Sep-0

9

Jan-1

0

Ma

y-1

0

Sep-1

0

Jan-1

1

Ma

y-1

1

Sep-1

1

Jan-1

2

Ma

y-1

2

Sep-1

2

Jan-1

3

Ma

y-1

3

Sep-1

3

75%+ - 80% 80%+ - 85% 85%+ - 90% 90%+ - 95% 95%+ - 100%



Creditworthiness Is Key- Low Credit Score Lending Non-Existent

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%Jan-0

3

Ma

y-0

3

Sep-0

3

Jan-0

4

Ma

y-0

4

Sep-0

4

Jan-0

5

Ma

y-0

5

Sep-0

5

Jan-0

6

Ma

y-0

6

Sep-0

6

Jan-0

7

Ma

y-0

7

Sep-0

7

Jan-0

8

Ma

y-0

8

Sep-0

8

Jan-0

9

Ma

y-0

9

Sep-0

9

Jan-1

0

Ma

y-1

0

Sep-1

0

Jan-1

1

Ma

y-1

1

Sep-1

1

Jan-1

2

Ma

y-1

2

Sep-1

2

Jan-1

3

Ma

y-1

3

Sep-1

3

Up to 619 620 to 639 640 to 699 700 to 779 780+

Source: CoreLogic October 2013 ©2013 CoreLogic, Inc. All rights

Credit Score Cohort Origination Share, First Lien Purchase Only



Rising Rates Push Borrowers out of the Money and Reduce Future Turnover

Share of Total Mortgages

Source: CoreLogic October 2013

0%

5%

10%

15%

20%

25%

30%

35%

40%

< 4.00% 4.00 <- 4.50% 4.50 <- 5.00% 5.00 <- 5.50% 5.50 <- 6.00% 6.00 <- 6.50% 6.50 <- 7.00% > 7.00%

Current Interest Rate on Active Mortgages

Underwriting Constrained

High Rate Borrower, 10+%



Shadow Inventory- Continued Improvement

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jan-0

6

Apr-

06

Jul-0

6

Oct-

06

Jan-0

7

Apr-

07

Jul-0

7

Oct-

07

Jan-0

8

Apr-

08

Jul-0

8

Oct-

08

Jan-0

9

Apr-

09

Jul-0

9

Oct-

09

Jan-1

0

Apr-

10

Jul-1

0

Oct-

10

Jan-1

1

Apr-

11

Jul-1

1

Oct-

11

Jan-1

2

Apr-

12

Jul-1

2

Oct-

12

Jan-1

3

Apr-

13

Jul-1

3

Oct-

13

Serious Delinquency Shadow Inventory FCL Shadow Inventory REO Shadow Inventory

Source: CoreLogic October 2013

In Thousands, Not Seasonally Adjusted



Future Homeowners are Only Just Recovering

Household Formation Rate- YOY Growth Rate

Source: Census 2012

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Less than 25 years 25 to 35 years 35 to 55 years 55 years and over



Institutional Investors are Participating but by Different Sale Types

Institutional Investor Share of Purchases

Source: CoreLogic, September 2013

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

New Construction REO Resale Short Sale



Have Down Payment, Will Travel…

Source: CoreLogic Q3 2013

Insufficient Equity (80+ LTV) Share

10%

15%

20%

25%

30%

35%

40%

45%

50%

NV

FL

MS

OH

AZ

GA

NE IL

TN

LA

AR

OK

NH

MD MI

SC

CO AL

WI

NC

VA

NM R

I

KY

DE IA

MO

MN

NJ

WA

UT

WV

AK ID

OR

KS

CT

CA

PA IN

MA

WY

DC

TX

ME

MT

NY

Insufficient Equity (80+ LTV)



Fire Burn and Caldron Bubble?

Impressive Year-Over-Year Growth as of December 2013 Data, yet Month-Over-Month is Indicating no

Growth

Source: CoreLogic HPI, HPI Forecast December 2013

HPI YOY %Chg

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Jan-0

0

Jun-0

0

No

v-0

0

Apr-

01

Sep-0

1

Feb

-02

Jul-0

2

De

c-0

2

Ma

y-0

3

Oct-

03

Ma

r-0

4

Aug-0

4

Jan-0

5

Jun-0

5

No

v-0

5

Apr-

06

Sep-0

6

Feb

-07

Jul-0

7

De

c-0

7

Ma

y-0

8

Oct-

08

Ma

r-0

9

Aug-0

9

Jan-1

0

Jun-1

0

No

v-1

0

Apr-

11

Sep-1

1

Feb

-12

Jul-1

2

De

c-1

2

Ma

y-1

3

Oct-

13

Ma

r-1

4

Aug-1

4

Jan-1

5

Jun-1

5

No

v-1

5

Including Distressed Excluding Distressed



Ownership Status Matters for Affordability

50

70

90

110

130

150

170

190

Jan-0

0

Jun-0

0

No

v-0

0

Apr-

01

Sep-0

1

Feb

-02

Jul-0

2

De

c-0

2

Ma

y-0

3

Oct-

03

Ma

r-0

4

Aug-0

4

Jan-0

5

Jun-0

5

No

v-0

5

Apr-

06

Sep-0

6

Feb

-07

Jul-0

7

De

c-0

7

Ma

y-0

8

Oct-

08

Ma

r-0

9

Aug-0

9

Jan-1

0

Jun-1

0

No

v-1

0

Apr-

11

Sep-1

1

Feb

-12

Jul-1

2

De

c-1

2

Ma

y-1

3

Oct-

13

First-Time Homebuyer Existing Homeowner

Affordability Index

First-Time Homebuyer and Existing Homeowner Affordability

Source: CoreLogic October 2013 © 2014 CoreLogic, Inc. All rights reserved.



House Price Undervaluation Expected to Persist

Source: CoreLogic January 2014

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

© 2013 CoreLogic, Inc. All rights reserved

Actual Prices Relative to Fundamental Prices (%)-Population Weighted Composite of top 50 Markets



What Do You See- The Many Dimensions of Housing Success

0

50

100

150

200

250

300

350

400

Total Sales

HPI, YOY%Chg

SeriouslyDelinquent

Rate

ForeclosureRate

NegativeEquity Share

HousingStarts

Normal

Current

Source: Source: IHS, CoreLogic December 2013


UK economic and

credit trends

Marc Gaudart

Experian

Global Head of Consulting


Secured and unsecured new lending per month £ billions

32.0

13.5

10.1

17.6

16.6 17.1

0

5

10

15

20

25

30

35

Ju

n-0

7

Sep

-07

De

c-0

7

Ma

r-08

Ju

n-0

8

Sep

-08

De

c-0

8

Ma

r-09

Ju

n-0

9

Sep

-09

De

c-0

9

Ma

r-10

Ju

n-1

0

Sep

-10

De

c-1

0

Ma

r-11

Ju

n-1

1

Sep

-11

De

c-1

1

Ma

r-1

2

Ju

n-1

2

Sep

-12

De

c-1

2

Ma

r-13

Ju

n-1

3

Sep

-13

De

c-1

3

Secured

Unsecured

In the UK, new lending volumes have reached pre-crisis levels

for unsecured consumer lending; securing lending is growing again,

but still below pre-crisis level


Bank of England write-off rates Percentage

Source: Bank of England

1.86

4.29 5.19

2.40

0.79

2.61

9.21

11.12

2.30

0

2

4

6

8

10

12

200

2Q

4

200

3Q

2

200

3Q

4

200

4Q

2

200

4Q

4

200

5Q

2

200

5Q

4

200

6Q

2

200

6Q

4

200

7Q

2

200

7Q

4

200

8Q

2

200

8Q

4

200

9Q

2

200

9Q

4

201

0Q

2

201

0Q

4

201

1Q

2

201

1Q

4

201

2Q

2

201

2Q

4

201

3Q

2

Credit Cards

Personal Loans

Write-off rates for unsecured lending have improved significantly

in the last two years…


Bank of England quarterly mortgage write-off rates Percentage

0.11

0.03

0.08

0.02

0.01

0.09

0.04

0.00

0.02

0.04

0.06

0.08

0.10

0.12

199

3Q

4

199

4Q

4

199

5Q

4

199

6Q

4

199

7Q

4

199

8Q

4

199

9Q

4

200

0Q

4

200

1Q

4

200

2Q

4

200

3Q

4

200

4Q

4

200

5Q

4

200

6Q

4

200

7Q

4

200

8Q

4

200

9Q

4

201

0Q

4

201

1Q

4

201

2Q

4

… and so have write-off rates for secured lending, but still not back

to pre-crisis levels

Source: Bank of England


Example 1: Spain

Sources: INE (Spanish National Statistics Agency), Bank of Spain (Central Bank), Experian Global consulting Practice

Six years after the start of the crisis, mortgage books are still very fragile,

despite a significant tightening of lending criteria

Better use of data and analytics

Deployment of state-of-the-art collections platforms

Involvement of large branch networks in collections activities

Change of approach to using external debt collection agencies

Sale of assets to investment funds

Spanish banks have overhauled

their collections practices,

including:

03 04 05 06 07 08 09 10 11 12 13

New mortgage lending by year, € (billions)

05 06 07 08 09 10 11 12 13

Mortgage delinquency rate, %

0.37

2.84

2.38

5.08

96 122

157

188 184

117

77 71 46

28 20


Example 2: Russia

04 05 06 07 08 09 10 11 12 13

Russia consumer lending 2004-2013,

RUB (billions)

1,200

9,400

+25% CAGR

04 05 06 07 08 09 10 11 12 13

12

420

+49% CAGR

Russia 90+ DPD volumes 2004-2013,

RUB (billions)

Sources: Central Bank of Russia, Experian Global consulting Practice

Delinquency levels outpacing growth in volumes, a sense of déjà vu?


Example 3: Turkey

Sources: Turkish Banking Regulation and Supervision Agency; Experian Global Consulting Practice

Government caps credit card limits and rate

Credit limit across all cards cannot exceed four times monthly salary

Revolving is forbidden for certain merchant category transactions, such as food, jewelry, fuel, telecoms, etc.

Monthly repayment must be higher than 30% of balance for balances below TL15,000 and 35% of balances for balances above TL15,000

2013-2014 regulations

02 03 04 05 06 07 08 09 10 11 12 13

4.3

83.8

+31% CAGR

Turkish credit card lending 2002-2013,

TL (billions)


Example 4: UK

“As a regulator we look at the way financial organisations treat their customers, and the way they behave

towards them. By regulating conduct we mean that we regulate the way these organisations behave towards

the consumer, for example, making sure they give enough information about the product they are selling.”

The FCA was created in the UK on April 1, 2013:

The six outcomes to treating customers fairly:

1: Consumers can be confident that they are dealing with firms where the fair

treatment of customers is central to the corporate culture.

2: Products and services marketed and sold in the retail market are designed to

meet the needs of identified consumer groups and are targeted accordingly.

3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.

4: Where consumers receive advice, the advice is suitable and

takes account of their circumstances.

5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

Source: FCA website; Experian Global Consulting Practice

Creation of the Financial Conduct Authority: A new paradigm for banking

is emerging

A deeper, more

detailed understanding

of customer

circumstances is

critical to fair lending,

and is now required

by regulator. Data

and analytics-driven

decisioning is

fundamental.


Example 5: UK

Source: UK Finance & Leasing Association; Experian Global consulting Practice

Robust and good quality growth in auto finance industry

Understanding

purpose of loan and

providing good point-

of-sale customer

experience can drive

good lending.

Data and analytics

decisioning is key

What’s going on:

2011 2012 2013

UK Motor Finance New Lending, ₤ (billions)

50%

50%

56%

44%

58%

42%

13.7 16.7

20.8

New

Used

Growth in auto finance lending in the UK has largely been driven by captive auto lenders, supporting new car sales

Quality of lending has been significantly better than any other form of lending except mortgages during the period

This has driven car registration numbers growth in the UK, significantly larger than European Union average

Captive lenders have captured a sound, growing market, that traditional banks have not focused on

Implications:


Example 6: Philippines

Sources: Banko, Globe, BPI websites; Experian Micro Analytics

An origination credit scoring system that includes: Airtime top-up patterns (for example, do you top-up large

amounts once a month or small amounts every other day?); Voice and SMS usage; Mobile Money utilization (cash in/out, transfers, utility payment,

etc.) Information gathered directly from the borrower (for example

income, marital status, etc.); Information available externally (for example, where available,

from a credit bureau);

An automated customer management system to send alerts to borrowers to remind them of a due payment, to increase or decrease dynamically exposure to good / bad borrowers, to streamline the management of overdue payments.

A credit risk agent management system to dynamically rank agents by the quality of the clients they have introduced to the bank and to calculate and disburse risk adjusted commissions. In addition the system alerts agents when some of their introduced clients are late to allow early collections actions.

An enhanced mobile interface for the end clients that allows them to manage their credit product and review for example when the installment is due, make anticipated payments, request additional credit lines, etc., all managed in an automated and real time fashion.

How to manage credit risk on mobile loans:

Banks and telecoms working together – a terrific ground for smart decision

analytics

Example partnership:

Globe:

38M

subscribers

Bank of Philippines Islands: 6M customers

Products:

Send money

Pay bills

Savings

Insurance

Loans

Buy load

http://www.simmphil.org/our-partners/attachment/print

http://en.wikipedia.org/wiki/File:Bank_of_the_Philippine_Islands_logo.png


2. Growth in delinquency levels outplacing growth in volumes;

a sense of déjà vu?

1. Six years after the start of crisis, mortgage books

are still very fragile

What should we be ready for? Six examples from around the world that are or will be relevant everywhere

3. Government caps credit card limits and rate

4. Creation of the Financial Conduct Authority: a new paradigm

for banking is clearly emerging

5. Robust and good quality growth in auto finance, one of few

lending products doing really well for borrowers and lenders

6. Banks and telecoms working together – a terrific ground

for smart decision analytics Philippines

UK

UK

Turkey

Russia

Spain


In conclusion…

Image source: wilcomarine services.co.nz


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Economy & Finance

Vision 2014: Macroeconomic and Market Trends US and Global Perspectives