Australian Banking And Finance: Oliver Wyman Says Banks Must Improve Credit Outcomes For Customers
August 06, 2021
After managing through the immediate impact of the pandemic, many banks may face a challenge in terms of their credit underwriting capabilities in the new normal, according to Oliver Wyman, the global risk management specialist. Existing credit models rely principally on historical data to predict risk outcomes shortly, and are therefore backward-looking, the firm said in its latest banking report.
Oliver Wyman said lockdowns imposed across the world in response to the crisis and accommodative monetary and fiscal policy deployed have intensified interest in fintech credit solutions and accelerated customers’ adoption and expectation of digital financial services. That is encouraging new entrants, new business models, and creating fertile territory for innovation solutions from incumbents.
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