As the credit landscape shifts under the pressure of economic change, new technologies and evolving consumer behaviors, financial institutions must explore how to adapt strategies to meet those challenges head-on.
On 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 demands.
Q: How has consumer credit behavior changed since COVID and what trends do you see in credit utilization and payment patterns right now?
Josh Turnbull: Jim, that’s a great question and a good place to start. So, to think back to what happened during COVID, everyone’s aware of this as a reminder: We saw a tremendous influx of liquidity. People could not pay debts or pay down debts and you saw all this excess cash flowing into the system.
