Understanding Consumer Affordability in a COVID-19 Economy

The Covid-19 crisis is dramatically impacting the financial well-being of millions of UK consumers.

Understanding an individual’s personal affordability is going to be key to helping you manage and protect customers.

Whilst access to credit continues there will be a need to conduct a more accurate assessment of a consumer’s affordability so that you can properly qualify their capacity to afford credit.

However, many lenders are shifting their focus to helping consumers manage their finances through the crisis, to understand their ability to continue to serve their credit commitments and reduce the risk of them falling into debt.

In association with this, organisations are preparing themselves for the likelihood of more consumers become financially stretched and insolvent, so having the right data in place to create personalised repayment plans is going to be critical.

Watch our on demand webinar where we demonstrate the benefits of combining bureau affordability metrics with Open Banking to provide accurate and actionable insights to help you manage your consumers throughout the Covid crisis and beyond.