Better Understanding and Serving Consumers Amid Volatile Economic Times

TransUnion are pleased to provide businesses with free market research and consumer insights

Tap into sound insights and commentary regarding upcoming regulation and the cost of living crisis

As one of the UKs leading credit reference agencies (CRA), TransUnion is committed to helping businesses better understand consumers, and proudly offers a range of valuable, free resources.

UK interest rates are putting consumer finances and household budgets under pressure. For many consumers, this is an unprecedented experience, potentially impacting their standards of living and financial well-being. For organisations operating in the financial services sector — and already working toward the FCA’s Consumer Duty regulatory regime — obtaining the most actionable understanding of their customers’ situations is vital.

More broadly, the economic upheaval of the 2020s has led many businesses outside of financial services to actively embrace superior creditworthiness checks to help them:

  • Ensure consumers can access appropriate and affordable credit, financial products and services
  • Strengthen customer management processes to quickly identify and support those showing signs of financial vulnerability

This can be achieved through rich datasets, cutting-edge solutions like Open Banking and trended credit data, and access to expertise in analysing and interpreting this data. But the quest to understand shifting consumer behaviours and attitudes doesn’t stop there. External insights and trends research and commentary can add nuance, strengthen ideas or enrich your own data analyses.

Free consumer research at your fingertips: Consumer Pulse and Reality Bites vox pops

Since 2020, TransUnion has complemented its deep understanding of consumer behaviour — which comes with being one of the UKs leading CRAs and builders of award-winning data solutions — with more traditional consumer research. This market research (which we make freely available) includes our quarterly Consumer Pulse Survey and vox pop series.

Our Consumer Pulse Survey findings provide an effective means to measure and understand changing consumer priorities and concerns around their spending habits, future plans and use of digital platforms. This research adds detail to the trends and patterns our data analyses uncover which reflect economic headwinds or material changes in the way consumers transact. For anyone interested in customer insights, this resource is a great way to quickly obtain a high-level view of how consumers feel about issues, such as the cost of living crisis, inflation and the availability of suitable financial products.

Complementing Consumer Pulse updates are our Reality Bites vox pops. These are recorded in UK cities and investigate public opinion regarding subjects, including their knowledge of credit and attitudes toward fraud and financial well-being. The videos provide qualitative colour to quantitative studies, and reveal authentic and meaningful insights into what is currently top of mind for UK consumers.

On-demand webinar: Tackling Consumer Vulnerability

Our Beyond the Headlines webinar series is designed to provide timely and relevant insights into consumers’ financial attitudes and behaviours, new regulatory updates, and detailed approaches businesses can take to solve pressing challenges.

Our recent Tackling Consumer Vulnerability webinar dives into the issue of financial vulnerability, and features expert insights and commentary from decision-makers in the credit space on the Consumer Duty. It also provides an overview of the ways businesses can strengthen relationships with customers and help improve their financial confidence.

Key contributors to this webinar include:

  • Sam Welch, Commercial Banking Director, TransUnion
  • Jonathan Baum, Non-Exec Board Member and Strategic Advisor
  • Caroline Evetts, Director of Risk & Compliance, TransUnion
  • Oli Lewis-Jones, Retail Conduct Risk and Regulation Consultant, Deloitte
  • James Robinson, Managing Director - Consumer Interactive, TransUnion

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For more information on how we can help businesses across the economy better understand their customers and optimise performance, get in touch with our team using the form below.

If you’re a consumer with questions or issues related to your personal credit report, drivers history report, disputes, fraud, identity theft, credit report freeze or credit monitoring services, please visit our Customer Enquiries page for assistance.

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