PAYMENT SOLUTIONS

TOM VOADEN STRATEGIC PARTNERSHIPS LEAD , BR-DGE

“ We ’ re reviewing our products to make sure we have choices , a range of options for customers with different circumstances – including PCP , personal loans , refinancing products , and Hire Purchase options available over a longer term .”

But are these actions enough to curb the potential spending crash and subsequent depression that may occur ?

Neil Kadagathur , Co-Founder and CEO of the UK fintech lender Creditspring , believes the cost of living crisis has led to increased scrutiny on financial services firms from the regulator to ensure that consumers are treated fairly and protected .

He says an increased focus on the impact to customers should be welcomed by the industry . “ The financial services sector has a duty to protect customers , especially in the current financial landscape . Lenders , for example , have long had a poor reputation amongst borrowers – four in ten ( 43 %) people believe lenders encourage them to take out more money than they can afford and

Fintechs are responding to the global crisis , which has seen household expenses and energy costs spiral – thus wiping out large amounts of disposable income .

“ In response to the growing cost of living challenges that our customers are facing and to keep up with changing customer demand , we are working with our lenders to scale our product offering significantly ,” says Joanne Robinson , Director of Lenders at the UK auto finance fintech Zuto . fintechmagazine . com 99