Now that it has been several months since COVID-19 first made an impact, the need for financial institutions and other businesses to reexamine back end operations is clearer than ever. Given the economic instability and uncertainty of today’s environment, many lenders have scaled back on lending and are instead focused on managing existing portfolios, while data scientists work diligently to recalibrate models behind the scenes. However, developing new models is very different than deploying them, and many lenders could face challenges in implementation. When evaluating what data sources, processes, and technologies to build or buy, efficiency and agility must be top of mind.
Enova Decisions & TransUnion recently conducted a consumer lending & financing sentiment survey, which examines how financial institutions have been navigating COVID-19 — from the challenges, to the opportunities, to what’s next for businesses.
We will discuss the survey further on our call, covering these topics as well:
- Top fraud types and entry points
- Credit decisioning & collections challenges since COVID-19
- 2021 initiatives and investments