Corinne Lleti, GM, Southern Europe
Current banking/lending landscape: • We’re not necessarily at a crisis point, but there is a marked slowdown, with indicators of loan charges going up, and rates of investment banking going down. Fintech valuations are falling… and even the bigger companies in the fintech market are feeling the pinch and laying off staff, so the more you can automate your processes, the more you can reduce costs. This slowdown reinforces just how critical the customer journey is. If you have a good customer, make sure you have an excellent customer journey so you don’t lose them. • Lending policies are tightening, and so lenders are much more cautious about how they’re lending, while tactically, lenders are looking to increase net commission interest, given that income is decreasing. The demand for consumer credit will continue to rise because the cost of living is increasing, so consumers are diversifying their credit products. How can financial institutions support their customers? • While not a traditional, general approach, companies should make the decision to support all of their customers through the recession who want to keep paying. This is an ethical standpoint, to honor the customers that signed with them in good faith, and an effective long-term strategy, especially given the market of lending products and serving those who need credit the most.
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