PAYMENT SOLUTIONS
Three new trends in the lending space
• AN INCREASE IN DIGITAL ENGAGEMENT Engaging customers and attracting their attention through new , digital channels will be a primary focus for fintechs and banks alike this year . Consumers ’ expectations have sharply increased , which will drive and develop predictive and prescriptive analytics , leading to increased personalisation and better insights .
• CHANGES TO MEASUREMENTS IN AFFORDABILITY The economic shift and downturns from the pandemic , mean customers are facing higher levels of inflation and potentially , increased interest rates . This elevates the lending risk because it puts pressure on providers to prove their services are sustainable , even within a challenging environment .
• THE BNPL SURGE FOR MAINSTREAM CONSUMERS BNPL is here to stay . Its rapid adoption by online retailers globally means transactions hit US $ 9bn in 2021 – and that figure will increase throughout 2022 as growth is driven by both consumers hungry for the service , and the ease at which venders can offer it .