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Looking to the future at Credit Summit 2022

1st April 2022.

Last week we were delighted to get back to an in-person event and what better way to mark the occasion than with Credit Summit 2022!

Taking place in the heart of Credit Week, there was a clear focus on steering a path through the uncertain times the industry and society at large is operating in with the Summit’s economic, political and regulatory updates setting the scene for the year ahead.

Hosted by Credit Strategy, there were seven dedicated streams covering key themes across risk, regulation, digitalisation, leadership and culture.

The day began with an FCA update by Brian Carr, the Interim Director of Retail Lending at the Financial Conduct Authority (FCA), who said: “People who want to borrow will find it harder to pay off debt. Firms need to be resilient and adaptive to customer needs.” Frances Haque, Chief Economist at Santander, then provided an update on the economic outlook for 2022 and beyond.

Key topics in the collections stream included a discussion on the future of Buy Now Pay Later (BNPL) and a session on addressing the lack of diversity in credit and how we can work together to reduce this gap as we look to the next generation in credit. There were further breakout sessions on affordability, vulnerability and fairness, squeezed budgets and how collections can work to improve customer outcomes.

In other streams throughout the day, topics discussed included understanding customer affordability in rapidly changing times, the future of credit decisioning, open banking, digital transformation and harnessing the power of big data.

The Slido polling software that we sponsored gave audiences the opportunity to ask the speaker questions which were discussed at the end of their respective sessions.

Susan Rann, CEO of Paylink Solutions, said of the event: “It was fantastic to get back to Credit Summit and connect with industry colleagues old and new. What’s clear is that we’ll continue to feel the challenges of the pandemic as we progress through 2022, but the industry is in a really good place to be able to help customers in need, particularly those with vulnerabilities, to navigate out of the crisis.”

To find out more about Paylink Solutions and how our software can help to enhance your affordability processes, visit our website here.