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Podcast Link: Credit Shift
Summary:
In this podcast, the team discuss the challenges and opportunities in the credit industry. They delve into the factors contributing to the invisible population of credit-seekers, the dynamics of payment networks, and the potential for disruption in the financial services sector.
Key Points and Ideas:
There are around 5 million adults in the UK who are considered invisible to credit reference agencies.
The number of invisible individuals in the UK has remained relatively stable over the past decade.
In the US, some consumers still prefer using cash, contributing to the unbanked population.
Each year, approximately 2 to 3 million new 18-year-olds become eligible for financial services products in the US.
American Express (AmEx) used to provide charge cards to young adults, creating high retention rates.
Some UK consumers stick with their student account providers for life.
Data can create biases an...
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