QUALCO joined the 2023 CCTA Annual Conference on September 20th in Manchester, UK. The conference, titled 'Leading the way', brought together market experts to help lenders navigate the ever-changing consumer credit landscape. With keynote speakers including the FCA (Financial Conduct Authority) and FOS (Financial Ombudsman Service), the event featured panel sessions covering critical issues, including regulation, innovation and better consumer understanding.
'Front of the Grid: The Latest Innovations in Lending' Panel Discussion
Guy Statter, Country Manager, UK & Ireland at QUALCO, joined a panel discussion alongside Rachel Fairhust from Bud Financial and AJ Davison from Acquired.com. The panel spotlighted recent technological advancements, emphasising the pivotal role of Open Banking—its current state, upcoming developments, and broader influence. They also touched upon new toolkits for lenders and introduced innovative products designed to address the industry's dynamic challenges. These products bridge the tech influence on lending, enhancing customer experience, and uncovering the various aspects of Open Banking.
Meanwhile, the panelists acknowledged the significant influence of Consumer Duty in shaping firm strategies, ensuring they align with customer expectations. The growing trust in Open Banking was clear, and the experts stressed the need to nurture this trust to boost its adoption. Addressing the role of emerging technologies, the panel highlighted their transformative impact on the customer journey. These innovations have filled existing gaps, automated processes, and streamlined experiences. However, they also noted the challenges posed by these advancements, including investment constraints, regulatory considerations, and societal implications.
Statter highlighted:
- How technology can help with all aspects of the credit lifecycle by providing automation, a complete audit trail of actions, and a more customer-centric view of processes.
- QUALCO’s recent innovations in using open banking data to help customers in the motor finance and mortgage industries, by providing suitable options for customers at any point in the lifecycle.
- The importance of having all customer engagement channels, including traditional ones, available and ensuring that data is synchronised in real-time. This ensures that clients and agents consistently have up-to-date information at their fingertips.
QUALCO 360
QUALCO 360 is a constantly expanding solutions ecosystem that enables businesses to align operational activity with ever-changing customer behaviour rapidly. QUALCO 360 supports all asset classes, from banking to NPL (Non-Performing Loans) servicing, retail credit to utilities, consumer, SME, and corporate, both secured and unsecured.
