Rising loan charges, decreasing rates of investment banking, declining valuations in the fintech sector and unprecedented levels of layoffs are all contributing to economic uncertainty across Europe. At the same time, the UK and Ireland are expected to continue to be a global hub for fintech innovation, paving the way for financial innovation that will benefit the region.
With demand for consumer credit poised to increase due to the rising cost of living, consumers are likely to diversify their credit products. This creates ample opportunity, particularly for digitally savvy challenger banks, to meet the unique consumer needs with strategic approaches, whilst still delivering profitable returns.
In this Payment Expert exclusive, Chris Kneen, Managing Director, UK and Ireland at Provenir, details how alternative credit products, AI and data can help fintechs, financial services providers and regulators meet changing customer needs during today’s climate of economic uncertainty.