Credit Cards
The Challenges
Impending defaults With worldwide economic downturn affecting the global economy, the ability for consumers to pay their credit card bills on time may change for the worse. As an expert lender, you know to expect increased delinquencies in times like these, but only reactively handling defaults means you lose money and customers.
Increased fraud
Competition with new players BNPL has a reputation for being a less risky, more inclusive alternative to credit cards, with some going so far as to call it a “Credit Card Killer.” While in truth, credit cards and BNPL can play well together, the new entrants have highlighted that the credit card space is ripe for innovation, but it’s up to gutsy lenders like you to rise to the occasion.
In 2021, payment card fraud increased 14% to over $32 billion lost globally. As fraud gets more complex, it takes more complex data and decisioning solutions to be able to catch deceptive applications. Legacy decisioning technology often can’t filter out the fake applicants quickly enough, leaving you saddled with accounts nobody ever intended to pay off.
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