Well-regarded futurist and author Shawn DuBravac, PhD, addressed the consumer credit industry’s outlook with respect to digital technology’s impact on business models, customers and employees last month at AFSA’s 35th annual Independents Conference & Expo in Fort Lauderdale, Fla.
DuBravac, President of Astra Insights, is author of the New York Times bestseller Digital Destiny: How the New Ages of Data will Transform the Way We Work Live and Communicate.
Astra Insights advises companies and executives, including Chief Experience Officers (C x O), on market opportunities and industry strategy with respect to digital technologies. He said the consumer credit industry can take advantage of the trust it has built up over time with its customers. “You have the advantage of decades of trust with your customers and communities,” he said. “I’m optimistic that the consumer credit industry will adapt to digitization because of the hard work, grit, determination and willingness to do new things that are a part of its tradition.”
In responding to a question from the audience on the impact of fintech companies on consumer credit, DuBravac said traditional consumer finance companies offer a “differentiated level of service and experience.” “You need to ask yourselves how do we redefine what we do with respect to our core competencies,” he said. In his presentation, which explored the history of technology dating back to the 1800s right up to today’s hyperspeed 5G network capability, DuBravac offered guidelines going forward for the consumer finance industry.
He said the industry should explore new lending models which would allow it to expand into unique financial products. As an example, he cited the product of an online lender which offered customers a $25,000 line of credit available in incremental drawdowns of $5,000 each. Those drawdowns would be treated as separate small loans. He said the consumer credit industry should monitor Millennials’ attitudes toward technology. “The industry would have the basis for a more holistic consumer experience which would result in faster approvals and faster funding for customers,” he said.
Well-regarded futurist and author Shawn DuBravac, PhD, addressed the consumer credit industry’s outlook with respect to digital technology’s impact on business models, customers and employees last month at AFSA’s… Read the rest
WASHINGTON, May 8, 2018 – Today, the House of Representatives approved S.J. Res. 57 by a 234-175 vote. The vote on the resolution, under the Congressional Review Act (CRA), disapproves of the Consumer Financial Protection Bureau’s… Read the rest
AFSA submitted a comment letter today in response to the Bureau of Consumer Financial Protection’s request for information on the rules of practice for adjudication proceedings. Administrative adjudication proceedings are formal… Read the rest
Join AFSA on Tuesday, May 15 at 2 p.m. ET for Bottom Up Compliance Technology presented by defi SOLUTIONS.
Adding compliance as an afterthought or feature does not offer lenders the robust compliance needed in today’s regulatory world.… Read the rest
The Bureau of Consumer Financial Protection issued a call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. The Bureau published in the Federal Register a series of Requests for… Read the rest
AFSA Staff
Col. Nicole Malachowski (USAF, Ret.), a combat veteran and the first female pilot for the Thunderbirds Air Demonstration Squadron, spread her inspirational message of endless perseverance and learning from setbacks at two venues… Read the rest
Patrick St. Charles, III, President & CEO of Chattanooga, Tennessee-based Citizens Savings & Loan Corporation, received the Outstanding Independent Award last week during the American Financial Services Association’s… Read the rest
The world of collections is constantly evolving, with disruptions in the market happening by the day. Driven by advances in everything from payment apps to eCommerce experiences, consumers today are accustomed to paying for goods and services… Read the rest
Several years ago, Brad Parscale found himself faced with the biggest challenge of his marketing and advertising career: get Donald Trump elected president.
Little did he realize that he would become Trump’s secret weapon and engineer… Read the rest
At its April 24 AFSA Board of Directors meeting, the board unanimously approved the election of Josh Johnson, President & CEO of Mariner Finance, LLC, as the Chairman-Elect of the Board to succeed Ginger Herring, President &… Read the rest
