Equifax UK: new Market Pulse credit trends webinar series
The next webinar in the new Equifax Market Pulse series will take place on 15 December, providing insight on the macro economy and the factors contributing to credit market disruption. Drawing on Equifax’s rich data, the bimonthly webinar series provides timely and valuable economic insights for businesses in the wake of COVID-19.
Andrew Goodwin, Chief UK Economist from Oxford Economics will analyse the impact of lockdown, vaccine developments, extension of the furlough scheme and the Bank of England’s decision to extend quantitative easing (QE). Steven Upton, a Senior Consultant for Equifax UK will then examine searches and credit card data to illustrate how consumers are faring in the wake of new government rules and the run up to Christmas. Concluding the webinar, Matthew Broom, an Associate Consultant for Equifax UK, will look at Open Banking transaction data and consumer spending habits, before the virtual floor is opened up for audience questions.
October’s Market Pulse webinar unveiled some interesting and potentially worrying trends in the UK credit card market, with sub-prime applications soaring by 143% between August and September*. These figures pointed to a growing financial divide within the UK, exacerbated by the effects of the pandemic.
Paul Heywood, Chief Data & Analytics Officer at Equifax UK, said: “Since COVID-19 struck earlier this year, the economy has been in a state of flux, leaving businesses to grapple with ever-changing political, social and macro-economic factors. Now more than ever, business leaders appreciate the importance of reliable, timely and thorough data that allows them to react to real-world developments with speed, accuracy and agility.
“This year has brought unprecedented disruption and new challenges for businesses that present more questions than answers. What happens to borrowing when government support schemes end? Are consumers showing signs of being less financially resilient? Do young people need more support post-COVID-19? Leveraging the power of enhanced data insights, Market Pulse and the associated webinar series helps creditors find answers with a deeper and more detailed view.”
Equifax customers can also access Market Pulse data to conduct their own more detailed analysis across financial product types, including access to a variety of macro-economic overlays, via Equifax Ignite apps. Market Pulse data is sourced from the Equifax Insights closed user group of around 600 creditors.
* Equifax Market Pulse data to September 2020