UK lenders have granted nearly 1.2 m payment holidays on credit cards and personal loans for customers struggling with the COVID-19 outbreak whilst the Financial Conduct Authority introduced emergency measures to help protect vulnerable customers. And in June, financial expert Martin Lewis predicted over a million redundancies in the coming months.
The impact of COVID-19 on UK industry has been staggering. Pushing consumers who were previously vulnerable into a deeper level of uncertainty, whilst unearthing a new type of vulnerable customer, created through affected industries and employment instability, reduced income, increased borrowing or limited access to temporary funds.
The New Vulnerability webinar looks at what comes next,
- How industry can support and identify customer vulnerability through open technology and innovation.
- Discussing how behaviour analytics can better predict customers arrears and improve the transition away from government financial support and payment holidays.
- Looking at how consumers’ behaviour has changed and what industries need to do to adapt now.
- What are the short/ medium and long term effects of the pandemic and how might regulatory bodies and industry react?
- Richard Carter, Managing Director, EQ Credit Services
- Denise Crossley, Chief Executive, Lantern UK
- Martin Kisby, Head of Compliance, EQ Credit Services
- Freddy Kelly, Chief Executive and Founder, Credit Kudos
- Dave Pickering, Head of Risk Strategy, Performance and Resilience, Virgin Money UK