At the beginning of 2020, the consumer lending space had a promising outlook with a stable economy and steady hiring for the new year. However, due to COVID-19 and the subsequent economic volatility, hiring declined and consolidation was trending across the industry with thousands out of work and an unemployment rate that peaked at nearly 14.5%. The entire landscape of the retail lending space was swiftly changing, and many lenders were forced to accelerate their transition to fully digital operations. As restrictions were slowly reduced, unemployment rates decreased, and economy-wide confidence increased. Once again, there was a gradual shift towards hiring. As a result, we have seen an uptick in hiring across multiple areas of consumer credit and fraud risk analytics.
This report will provide high level insight into trends that we are seeing across the credit risk vertical including: consumer & commercial credit risk, model risk and fraud risk analytics. Additionally, we provide some insights into what banks, credit card issuers, and FinTech’s are doing from a hiring perspective to corner market share and outperform their competitors.
Complete the form below to download the "Credit Risk Year-End Update" which includes:
Implications and Trends from 2020 – Consumer Credit Risk
Implications and Trends from 2020 – Wholesale Credit Risk
2021 Market Outlook & Predictions