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their aff ordability assessments for individual applicants on a quick and constant rolling basis. What someone can aff ord yesterday, is not necessarily what they can aff ord today when their circumstances are more prone to change. With this in mind, regulators are driving in
the direction of ever more demanding tests of a consumer’s ability to satisfactorily meet their loan commitments without causing hardship. This will be the fi rst period of signifi cant
economic uncertainty when lenders will have tools at their disposal to make such assessments in levels of detail previously unheard of. Real-time automated access to transaction and multi-bureau data will enable recalibration to take place from one second to the next.
June 2022
Furthermore, the technology will make loan book management a far more exact science. Lenders can tap into data feeds that, when
In general, lenders will have access to data and analysis that will guide them to making optimal decisions, both in terms of new and existing business, and in terms of regulation. Tools that they would only have been able to dream about 20 years ago
authorized, can be used to automatically track spending habits and pre-warn underwriters when borrowers are on course to miss payments. A single pre-emptive telephone call while the borrower is still able to meet their commitments can be used to reschedule a loan, rather than the usual situation of having calls ignored after they fall into arrears. In general, lenders will have access to data and analysis that will guide them to making optimal decisions, both in terms of new and existing business, and in terms of regulation. Tools that they would only have been able to dream about 20 years ago. CCR
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