It’s been 3 months since the FCA’s Dear CEO letter, outlining their concerns with the rising cost of living. As it predicted, inflation is impacting household budgets resulting in an increased demand for credit.
Vulnerable customers are set to be hit the hardest. More of the UK population are also predicted to display characteristics of vulnerability over the coming months.
The upcoming Consumer Duty is intended to raise the bar to address the FCAs growing concern lenders may not be doing enough. One thing for sure is that traditional data sources don't have all the answers – lenders need to understand their customers' real-time financial position to predict future risk and put the customer at the centre of their business.
Leaders in the credit data space, DirectID and Provenir, co-hosted this webinar to discuss the changing pressures on consumers. We explored and shared knowledge on the alternative data sources available across the credit life cycle that lenders need to produce better customer outcomes.
James Syron, Partner Manager, DirectID, firstname.lastname@example.org
Chris Kneen, Managing Director UK & Ireland, Provenir, email@example.com
Jo Pearson, Head of Customer Outcomes, NewDay, LinkedIn
Watch on demand here
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