The cost of living crisis and rising interest rates means it’s a tough time to lend. NestEgg’s Mutual Growth Seminar will help participants explore and discuss strategies for growing the mutual sector at this difficult time.
The day will be structured around four fireside chats, covering affordability, products and technology.
What is the data telling us about affordability in light of the cost of living crisis and the increase in interest rates?
Adrian Davies from NestEgg will look at 100,000 lending decisions over the last 12 months, including 50,000 open banking connections. This data will be used to evaluate changes to lending risk over the last year.
Demand for borrowing is also shifting. Lauren Peel from Fair4All Finance will look at the needs of the 17.5m people who are struggling to access credit. What do these individuals look like and what products do they need?
How can new products contribute to the growth of the sector?
Some credit unions are considering offering mortgages. After all, two thirds of all mutual lending by value in North American and Australian markets are secured on property. On the other hand, some building societies are looking at personal lending where the margins may be higher.
Caroline Domanski, CEO, No1 CopperPot Credit Union will explore the pros and cons of offering mortgages. We’ll also hear from James Berry CEO at Great Western Credit Union talk about balancing risk vs reward for higher value, lower risk personal loans.
How can smaller mutuals deliver a credit card?
We’ll continue the debate about product development by looking at credit cards. In the Americas credit cards make up more than 20% of every dollar lent by mutuals. We’ll hear Mark O’Keefe from Optimus Cards talk about the credit unions who will be launching a credit card for their members. And answer questions such as: ‘how do you deliver such a service?’ and ‘what are the regulatory risks and expected rewards?’
To what extent do credit unions and building societies share similar technological challenges?
Legacy platforms, poor integrations characterise both the credit union and building society sectors. As a result it is harder to compete and deliver the service that members expect. Ben Breen, from NestEgg and Jonathan Turner from Fair4All Finance will discuss the challenges to running more efficient and personalised services. We’ll also hear from Sean Lynch, CEO at CitySave Credit Union which is embarking on the transformation journey.
Book your place
The event takes place in person, just a 3 minute walk from Birmingham New Street Station. There are just a few places left, so book now to avoid disappointment.