66 Results
Nick Green Director at Purple Patch Broking Ltd
The credit data landscape is more competitive than ever with fintechs leveraging innovations like Open Banking. Plus, new unsecured lending options like BNPL are even overtaking credit card use. But with credit bureaux charging organisations different prices for the same data, there’s a much greater need for fintechs to understand how their contra...
21 June 2022 /regulation /retail Financial Supply Chain
According to an FCA survey, in 2020, 81% of UK adults had used a form of regulated credit within the last 12 months. As consumers move away from traditional, regulated forms of credit (like credit cards), how is the unsecured credit market shaping up? It’s changing rapidly — with fintech products becoming more easily accessible than ever before. W...
16 June 2022 /regulation /retail Financial Services Regulation
Recent changes to consumer borrowing behaviour, risk adversity and economic uncertainty have caused a major shift in the credit risk industry. And quite frankly, a much needed change! Credit Bureau contracts have simply become outdated and calls for change mean that data contracts must change to allow the procurement and credit risk teams within f...
17 May 2022 /regulation /retail Financial Supply Chain
Negotiating the right price and quality of data for bureau contracts is essential for credit providers. Despite this, many organisations are unaware that there are differences in pricing and do not have the knowledge or information needed to negotiate competitive pricing or the pricing that works best for them and their customers. These negotiati
28 April 2022 /regulation /retail Financial Risk Management
Data pricing is a challenge faced by every credit provider. In a competitive market, Bureaux price variations mean that some credit providers pay up to 1,500% more (per search) than competitors for the same data from the same provider. This is due to a lack of transparency in the industry which makes it difficult for credit providers to achieve a ...
26 April 2022 /regulation /retail Financial Services Regulation
Access to high quality data is a must within the credit industry. Not only does it ensure scorecard improvement for credit firms, it also enables fair and transparent credit decisions for consumers too. However, there is currently a lack of objective, evidence-based insight into the data provided by each Bureau, how they measure up against each ot...
17 March 2022 /regulation /retail Financial Supply Chain
In 2020, the value of buy-now-pay-later (BNPL) transactions reached £6.4 billion (a 60-70% growth on the previous year). BNPL offerings appeal to both merchants and shoppers so this growth is expected to continue. With the offer of interest-free monthly payment terms, consumers prefer this method of payment to credit cards. However, concerns from...
15 March 2022 /regulation /retail BNPL
How procurement can drive innovation and efficiencies in financial services The financial services sector is going through extraordinary levels of transformation. These external pressures are forcing financial institutions to focus hard on their credit data suppliers, seeking to marry innovation with quality and cost savings. Procurement can have a...
22 February 2022 /payments /retail Financial Supply Chain
How financial services procurement can gain better leverage with credit data providers Over the last few years, financial services businesses have grown to rely on procurement to support and strengthen supplier relationships. That’s especially true during the pandemic. According to one study, 52% of enterprises viewed procurement’s impact during t...
15 February 2022 /regulation /retail Financial Supply Chain
With the number of online purchases using BNPL services growing at a rate of 39% per year, more and more lenders are starting to become concerned with high BNPL usage, and how that data will be included within risk models and scores. Against this backdrop, and with The Treasury set to close its consultation on the FCA’s regulation of the buy now pa...
18 January 2022 /regulation /retail BNPL
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