As the credit landscape changes under the pressure of economic change, new technologies and changing consumer behavior, financial institutions must examine how they can adapt their strategies to meet these challenges head-on.
In a recent episode of the Banking Transformed podcast, host Jim Marous spoke with Josh Turnbull, vice president of card and banking strategy, and Craig LaChapelle, vice president of market development at TransUnion, about the changing patterns in consumer credit management and how financial institutions are innovating to meet evolving needs.
Q: How has consumer credit behavior changed since COVID and what trends are you currently seeing in credit usage and payment patterns?
Josh Turnbull: Jim, that’s a great question and a great place to start. So when we think back to what happened during COVID, we all remember this: We saw a huge influx of liquidity. People couldn’t pay or pay off their debts, and you saw all this excess cash flowing into the system.
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