Equifax (EFX) 2024 RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference summary

Lending and mortgage market trends

• Consumer lending remains healthy, with strong employment supporting a constructive environment, though hiring has weakened and auto lending is slightly softer.

• Mortgage credit inquiries have weakened as rates increased, with current run rates suggesting 2025 growth of around 5% or less.

• Margin expansion of under 100 basis points is expected in 2025, driven by cost reductions from cloud migrations and ongoing efficiency initiatives.

• Mortgage business is expected to outperform the market, aided by price increases and strong product offerings.

• Long-term recovery to pre-pandemic mortgage market levels is anticipated, with high variable margins on incremental revenue.

Strategic initiatives and technology transformation

• Significant progress in cloud migration across U.S. and Canadian businesses has enabled cost reductions and improved scalability.

• New product initiatives and cross-selling are being accelerated by the completion of cloud transformation and deployment of analytics and decisioning platforms globally.

• The Vitality Index remains above 10%, with contributions broadening across business units and geographies.

• Modern cloud-based platforms are driving increased customer adoption and custom score generation.

Verification and workforce solutions growth

• Record growth in payroll and HR software partnerships, including Workday, is expanding the verification exchange and increasing data completeness.

• Over 130 million Social Security numbers are now in the Work Number exchange, enhancing verification capabilities for government and private sectors.

• Opportunities remain to add more partners, including gig and retirement service providers, and to deepen penetration within existing partners.

• Employer services are expanding through white-labeled solutions, driving further record growth.