Stats in Action: NerdWallet


[Music] Nerdwallet’s mission is to provide clarity for life’s financial decisions. [Music] We’re extremely data driven here. We’ll take the data, we’ll analyze it and we’ll personalize it. The quality of the American Community Survey data has been paramount to our success. [Music] We’re all motivated towards helping consumers and small business owners make the best choices. [MUSIC] Well Nerdwallet started out as a blog to help people choose the best credit card, since then we have expanded to provide clarity across life’s financial decisions. That encompasses not only credit cards and banking- But we’re hoping to branch into all areas of personal finance. Right now, we have a lot of good tools for life insurance, auto insurance, home buying, student loans- anything you can think of related to personal finance. We’re hoping to help consumers make the best decision. Nerdwallet is #1 company value actually, is one called “Consumer, Company, Team, Self”. We live by that in the everyday work that we do. We’re a really mission driven company. The employees here are really aligned with the overall mission in providing financial clarity. And when you do have the consumer in mind, it really helps to guide everything that you do. …getting a lot more responses… What’s important is that without unbiased, quality information, we wouldn’t have the credibility to go out to our own audience to get in front of millions of visitors. …I think maybe that’s how we do it… With information, a lot of times it’s difficult for people to look at hard statistics and really figure out how that influences their life. We take a lot of data from the Census, from the ACS, compile that data, push it out to consumers so that they can make educated decisions. Not only by state level but then it breaks down into, you know, age and geography to even the individual Metro areas. Both hyperlocal and completely exhaustive across all places in the United States, which is extremely rare. Before having this data from the ACS, many folks just didn’t have a place to turn to. American Fact Finder is very useful to our business because we’re instantly able to verify statistics and facts on information that people want to know and there’s no barrier to entry. You don’t have to verify what source you’re getting from, you know, you can trust that it’s coming from the government. For example, we’ve created a study that looks at first time home buyers by region. “Hey I’m a first time home buyer in Dallas. What are the best places to invest?” We really try and streamline information to match up with what people identify with. The housing costs, affordability to live in a certain area… home price, changes in home price over a year… median real estate tax, as well as even commute times. There is really no end to the statistics that we could use that really help paint a picture of what a particular geography looks like. Which is even more helpful to give that hyperlocal insight to the reader. With help from the Census and data from the Census, we focused a lot on what areas are the best places to start your business. It’s really important for us to have unbiased, clear information coming especially from the Census, because it lends a level of creditability to our studies. [MUSIC] Having the information organized and kept consistent by every kind of geography and by demographic really helps us to fit profiles of what people are looking for. It’s, you know, a third party source so it’s not, “Hey, this is Nerdwallet data,” but this is backed by the U.S. Census and the ACS which everyone trusts. In other datasets we found there, often times, are errors, or there is an inherent bias, whereas in the American Community Survey we can trust that it’s going to be accurate and it’s going to be unbiased every time. [MUSIC]

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