Credit Management November 2023

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CONSUMER CREDIT AUTHOR – Heather Greig-Smith Optimism lacking Consumers’ outlook on the future is bleak, with just 45 percent expecting their financial situation to improve over the next 12 months, fuelling the wider sense of unease and discontent. On average, people believe that high inflation will last until early 2025, while at the more pessimistic end of the scale, 20 percent believe high inflation will never end. Although this is unrealistic, it is a reflection of the lack of hope many have for the future. Two in three say they cannot imagine ever becoming wealthy – no matter how much time and effort they put into working hard and saving more. Almost three in 10 have already started to worry that advances in technology, such as generative AI, could cause further issues by taking away their income. “Consumer-facing businesses and lenders are serving a customer base that is uncertain, frustrated and cynical. They will need to tread carefully in the months ahead,” says Andrés. “This might mean adapting corporate strategies to anticipate shifting consumer priorities. In our research, we have seen a year-on-year increase in respondents who say they are questioning how much they spend on non-essential purchases, from digital subscriptions to takeaway coffee. Around two thirds are already shopping around to find cheaper products and services.” Businesses should therefore prepare to manage the impact of future missed payments and non-performing loans. To date, consumers have weathered COVID-19, the rising cost of living and high interest rates and inflation but many have been stretched to breaking point. Investing more in understanding the reasons behind late payment will help tailor the approach to customer need and reduce the rate of delinquent payments. “In our research, we have seen a year-on-year increase in respondents who say they are questioning how much they spend on non-essential purchases, from digital subscriptions to takeaway coffee.” – Andrés Rubio. Heather Greig-Smith is a freelance business writer. Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> / PAGE 22
AI-Powered Accounts Receivable Technology Quadient AR transforms the order-to-cash process, from credit management to collections to cash application. Automated credit reviews for fast customer onboarding AI-powered cash flow forecasting with 94% accuracy AI-generated emails & automated collections Flexible & secure online customer portal Speed up your collections by 34%, get in touch today: quadient.com/en-gb/ar-automation/request-demo Brave | Curious | Resilient / www.cicm.com / <strong>November</strong> / PAGE 23
Page 1 and 2: CREDIT MANAGEMENT CM NOVEMBER 2023
Page 3 and 4: SEAN FEAST FCICM MANAGING EDITOR Ed
Page 5 and 6: CICM GOVERNANCE President: Stephen
Page 7 and 8: Higher mortgage rates put a new coh
Page 9 and 10: NEWS ROUNDUP “We’re earning les
Page 11 and 12: INSOLVENCY Another factor to weigh
Page 13 and 14: INSOLVENCY AUTHOR - David Kerr clas
Page 15 and 16: INSOLVENCY IN the complex world of
Page 17 and 18: HIGH COURT ENFORCEMENT OFFICERS ASS
Page 20 and 21: CONSUMER CREDIT Driven to default?
Page 24 and 25: MOOVING UPWARDS Scottish farmer sho
Page 26 and 27: EYE OF THE BEHOLDER Equality, preju
Page 28 and 29: OPINION It is clear that while ther
Page 30 and 31: HR MATTERS STRESS AND YOU What are
Page 32 and 33: HR MATTERS AUTHOR - Gareth Edwards
Page 34 and 35: International Trade Monthly round-u
Page 36 and 37: COUNTRY FOCUS The Netherlands may b
Page 38 and 39: COUNTRY FOCUS AUTHOR - Adam Bernste
Page 40 and 41: LEGAL MATTERS SAFETY IN NUMBERS Gro
Page 42 and 43: CICM TRAINING Training courses that
Page 44 and 45: Introducing our CORPORATE PARTNERS
Page 46 and 47: CCeeer ttiiiffiiiccaatteee ooff CCo
Page 48 and 49: STATISTICS Data supplied by the Cre
Page 50 and 51: LOOKING FOR YOUR NEXT CAREER MOVE?
Page 52 and 53: RISING STAR A Cut Above How a forme
Page 54 and 55: BRANCH NEWS NEW NORMS CICM East of
Page 56 and 57: Cr£ditWho? CICM Directory of Servi
Page 58 and 59: Cr£ditWho? CICM Directory of Servi
Page 60: Screen your clients against 1,100 w

Credit Management November 2023

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