New innovations and lending products from fintechs/ banks: • The economy is built on credit – the need to access credit to live your life is always there despite the inevitable recession, so there is a need to innovate with fintechs who will address different ways of working and what’s going to happen next. • We’ll see an increased appetite for data, including increased adoption of open banking data as it provides access to more timely information on how to run their finances. Combining this with sophisticated analytics and AI provides a better customer experience, allowing lenders to serve customers better from a product and experience perspective. Predictions: • There are more consolidations to come across the BNPL industry, as well as more focus on leveraging data and analytics to improve customer outcomes. As things become more uncertain, it’s becoming more important for banks and financial services to leverage data analytics and take advanced of explainable AI.
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