The Payment Cards Center periodically convenes forums and conferences to address critical issues confronting this important segment of the financial services industry. This special edition of Update provides a summary of one recent event.
The May 2002 conference on Credit Risk Modeling and Decisioning, which was co-sponsored by the Wharton Financial Institutions Center of the University of Pennsylvania, brought together over 100 economists, statisticians, providers of risk modeling software, and industry executives to share information and research findings on this specialized business function so critical to the payment cards industry.
The Center welcomes the opportunity to partner with relevant institutions in fulfilling its mission to examine issues of importance to the industry. For this conference, the partnership with the Wharton School's Financial Institutions Center and its co-director Carol Leisenring and the leadership efforts of Professor Robert Stine were critical factors in the event's success. Stine, an associate professor of statistics at Wharton, has a research interest in predictive modeling techniques used in the credit card industry and other areas of consumer lending. In addition to Professor Stine's academic leadership role, the conference benefited from the diverse perspectives provided by Dennis Ash (Experian), Jonathan Crook (University of Edinburgh), Allen Jost (HNC Software), and Gary Kochman (CIT).
What follows are highlights from the conference proceedings and a summary of the keynote address delivered by Dr. Anthony M. Santomero, president of the Federal Reserve Bank of Philadelphia. Papers and presentations from the conference are available on the Center's website at www.philadelphiafed.org/payment-cards-center/events/conferences/2002/creditriskconf.cfm.
As always, we welcome your thoughts and ideas as to how we might effectively shape the Center's agenda in addressing the needs of market participants and others interested in this important and dynamic industry sector.