Consumer Duty Could Lead to Stricter Lending Criteria
Lenders in the UK’s must now comply with the new Consumer Duty which sets higher and clearer standards of consumer protection. In this Peer2Peer Finance News article, Frode Berg, Managing Director for Europe at Provenir, shares his thoughts on the impact on lenders’ risk assessment processes as well as the types of products and services available in the lending sector.
Improving Lenders’ Consumer Duty Through Data & Technology
With the new Customer Duty legislation due to come into force on the 31st of July, the Financial Conduct Authority (FCA) is attempting to establish higher and clear standards for consumer protection.
To comply, both traditional financial institutions and nimble fintechs must embrace flexible technology solutions. Frode Berg, Managing Director for Europe at Provenir, reflects on the unique advantage AI-powered credit risk decisioning provides in ensuring compliance, mitigating fraud and customizing lending solutions for a better customer experience.
In a consumer-driven world, fintech lenders must put the customer at the center of their business to help them achieve their financial objectives and avoid potential harm.
But how prepared are you for the new regulations?
How will you integrate data within risk decisioning and analytics technology to keep ahead while protecting consumers at the same time?
What You’ll Learn:
How fintechs and banks have previously struggled with customer centricity.
How data insights can help the financial executives of fintechs and banks to meet Consumer Duty regulations.
The BNPL potholes & financial products that have impacted Consumer Duty.
How fintechs can help consumers use short-term finance responsibly.
Speakers:
Desmond McNamara
Chief Risk Officer at Zilch, a direct-to-consumer payments technology company, which is FCA authorised for consumer lending. Des has worked for over 30 years in risk management at large banks, as CRO for global credit card business and has also built a bank for scratch which was granted a full banking licence in 2020.
Chris Kneen
Managing Director UK & Ireland at Provenir, is a global leader in risk decisioning and data analytics software. Chris is responsible for expanding Provenir’s customer base in the UK and Ireland, working closely with the company’s regional and global teams to accelerate growth and support clients. Chris oversees operations, sales, customer success, and pre-sales consulting teams.
