{"id":14416,"date":"2020-01-30T07:25:18","date_gmt":"2020-01-30T07:25:18","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=14416"},"modified":"2020-01-30T07:25:18","modified_gmt":"2020-01-30T07:25:18","slug":"the-shift-toward-consumer-centric-in-2020","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/the-shift-toward-consumer-centric-in-2020\/","title":{"rendered":"The shift toward consumer-centric in 2020"},"content":{"rendered":"

2020 has just begun, but it already promises to be yet another dynamic year in the financial world. While many top trends of the past decade have been heavily concentrated on technology, cybersecurity and regulatory compliance, there is a noticeable shift toward consumer-centric solutions under way. Here are 3 of the top expected trends to consider for 2020:<\/span><\/p>\n

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  1. Full-spectrum credit scoring<\/b> \u2013 full-spectrum credit scoring allows for a deeper examination of creditworthiness, ultimately allowing for more loan applications to be approved without additional risks. This allows for consumer bases to be grown and also expands financial inclusion \u2013 a true win-win.<\/span><\/li>\n
  2. Added-value credit tools that solve multiple consumer problems<\/b> \u2013 notice the shift from \u201cloan products\u201d to \u201ccredit tools\u201d. The fact is that the current idea of loan products needs to evolve from an idea of a one-time monetary transaction to an idea of a long-term tool to support consumers\u2019 long-term financial health. Such a shift will also help establish and build long-term relationships with consumers.<\/span><\/li>\n
  3. Hyper-segmentation<\/b> \u2013 hyper-segmentation is a marketing technique that stalks the elusive consumer segment of one. In short, it drills down to the individual and delivers a custom product based on personal requirements. While the segmentation of one may still be just a dream, steps toward this direction can (and should) be practically achieved today. A common approach is to take a broad category (e.g. type of borrower, use for the funds) and then further identify niche segments (e.g. small organic farmer), creating narrowly-defined financial products for them.<\/li>\n<\/ol>\n
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