• Overall, there will be more flexibility in the payment sector, with partnerships between larger financial institutions and fintechs like BNPL providers, or banks offering post-purchase conversion of credit card purchases into installment payments. Predictions: • We’ll continue to see record lows in terms of unemployment rates, but we will see the housing market continue to slow down and Canada’s collections activity spiking upward as consumers start to struggle with debt servicing. • Some of the most predictable outcomes of every economic downturn are increases in fraud, as well as collections and defaults. We need to create an operational environment that enables smart decisions with AI running to predict consumer movements and get to them before that default. Whether that means a reduced credit limit, a restructuring, or early collections process, this is where we need to turn to the power of behavioral models and AI and analytics to see how customers behave over time.
5
Made with FlippingBook Digital Publishing Software