Nick Green Director at Purple Patch Broking Ltd
Data contract flexibility makes a significant difference in how financial institutions respond to market shifts and manage spend. Why? Because with the right flexibility, institutions can align their contractual commitments with their actual needs and market conditions, leading to improved efficiency, cost savings, and a stronger competitive edge....
18 January 2024 /retail /crime Banking
An emerging pain point many financial institutions grapple with is ‘bureau lock-in’ – over-reliance on a single credit reporting agency (CRA). This data dependency narrows perspectives to one view, restricting the firms to the costs and data quality of that one provider. Of course, this greatly impacts the comprehensiveness of credit risk assessme...
17 January 2024 /retail /crime Banking
When it comes to credit data contracts, it’s not just about striking a deal on price; financial services procurement teams need to consider a range of factors to make them strategically aligned with evolving needs. By understanding the nuances involved, you can ensure that your financial institution is positioned to respond dynamically to market ch...
12 December 2023 /regulation /retail Banking
With almost half of UK adults having used BNPL, lenders face a key challenge: the varied data reporting practices among BNPL providers and CRAs. In this piece, we'll explore the rapidly growing BNPL market, and shed light on the disparities in data reporting and the implications for the credit industry. The rise of BNPL in the UK market BNPL has...
07 December 2023 /regulation /retail Banking
Despite the risks and compliance issues, a worrying number of lenders grapple with incomplete and inaccurate data. The consequences influence everything from individual decision-making to broader consumer impacts, culminating in defaults and fluctuating profits. This disparity gives rise to a data divide: ● On one side, we have lenders harne...
23 November 2023 /regulation /retail Financial Supply Chain
When it comes to credit data contracts, negotiating price is just one element. Aspects like contract flexibility, technological adaptability, and capped RPI strategies can dramatically influence your competitive edge and operational efficiencies. Unfortunately, there’s a catch. Understanding the options available to you remains opaque. The good new...
21 November 2023 /regulation /retail Financial Supply Chain
The credit data landscape has undergone huge shifts over the past few decades. As longtime veterans who have navigated this complex, ever-evolving industry for over 30 years, we have witnessed these changes firsthand. Data has become increasingly commoditised, as new technologies disrupted the status quo. And regulators have stepped in to address e...
19 October 2023 /retail /crime Banking
The world of credit data is changing rapidly. In 2024, the rules of the game are evolving. Understanding these changes is crucial for optimising risk assessment, compliance, and customer management. Ready to deep-dive into what 2024 has in store for credit data? If so, this is your go-to resource for staying ahead in a rapidly transforming sector. ...
17 October 2023 /regulation /retail Banking
From determining eligibility for a new loan to assessing financial vulnerability, credit data plays a pivotal role in financial decisions. Yet, how often do we pause and ask: How transparent is this data? When we discuss 'transparency' in the context of credit data, it's not just about clear reports or scores. It delves deeper, probing the integrit...
21 September 2023 /regulation /retail Banking
The challenges of financial operations require you to consistently evolve, shift, and innovate to remain relevant. For many, this means delving into credit data benchmarking. But what happens when credit providers bypass this vital process, assuming it's secondary or even unnecessary? The expenses, both visible and hidden, can be huge. From payin...
19 September 2023 /regulation /retail Banking
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