In Focus Consumer Credit
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proportionate, appropriate and very much as a last resort.
Fundamental change It seems to me that far from representing a fundamental change of approach, the industry’s reaction to the crisis has been very much ‘business as usual’. Particularly in the consumer-credit
environment, systems, processes and the general approach have long been effectively integrated to put the customer’s interests at the forefront. Historically we have been used to seeing
this applied at individual case level, the only difference on this occasion is the scale. That same individual customer interest is
simply being applied across a wide range of cases to the huge benefit and protection of customers generally. When viewed in this way, it is clear to
see just how far the industry has come, particularly in the last decade.
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I would suggest that there have been
several drivers for this. Increased regulation, such as the Financial Conduct Authority arriving to oversee consumer credit in 2014, certainly focused minds. The continuing evolution of digital
technology has also made things possible which were not before.
A success story So far, I believe that the industry’s reaction to the COVID-19 situation has largely been a success story, in the sense that the industry has generally tried hard to make the very best of a bad situation. However, I would say that this is not so
much because of what it has done differently since COVID-19 struck, but rather because it followed the culture, innovation and customer focus which already existed and was already in place. The industry should be congratulated. Not for what it has done differently, but
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I would say that this is not so much because of what it has done differently since COVID-19 struck, but rather because it followed the culture, innovation and customer focus which already existed and was already in place
because it was standing ready and waiting to follow its usual high standards and procedures, albeit enhanced and on a larger scale than usual. It shows just how far the industry had already come. CCR
October 2020
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