03/17/2021 | Press release | Distributed by Public on 03/17/2021 03:22
EQ (EquinitiGroup plc) is delighted to announce that its risk management business, EQ Riskfactor, today launches a series of new reports called the Receivables Finance Global Outlook.
EQ Riskfactor's established risk management technology uses automation to identify potential frauds using advanced analytics which highlight unusual activity, so that lenders can investigate and reduce risk. The technology also helps lenders to eliminate manual processes saving time and money.
The new EQ Riskfactor Receivables Finance Global Outlook report surveyed senior decision makers from the receivables finance industry across the UK, US, Germany, France and the Netherlands. The report explored the impact of Covid-19 on the industry during 2020 and how this had marked differences across countries. For example, in the US 57% of respondents saw demand decrease to some degree, 40% saw demand increase and almost a quarter (22%) saw up to 50% more demand.
Conversely in the UK, only 30% saw an increase, with the majority seeing growth of 10% or less. Within Europe the Netherlands saw a significant 68% increase in demand, compared to 52% in France and 48% in Germany.
The report also investigated revenue and growth predictions for 2021. The market optimism was clear globally with 81% predicting growth. This confidence reflects the thoughts of the market globally that 2021 will be a turning point in what has been a challenging time for many lenders and their clients.
When asked about their top business priorities moving forward, the top three in order were: The deployment of artificial intelligence and machine learning (38% globally), improving the ability to innovate (37% globally) and recruitment, development and retention of employees (34% globally).
As a result of the pandemic, businesses across many different sectors have accelerated their plans for digitalisation to continue providing service to their customers. Consumers have already become accustomed to receiving fast and efficient service online, and their expectations in this area are rising.
The full report is available to read and download here.
Michael Ellis, Managing Director, EQ Riskfactor, commented:
'Our new report shows a strong level of optimism globally across all of the countries we surveyed and it is clear that receivables finance will have a key role in driving the recovery during and post pandemic. It was also clear that the pandemic has focused leaders towards speeding up their digitalisation strategies and unsurprisingly technology is a key strategy for 2021. Digital customer onboarding is an increasing priority, driven by a desire to minimise customer acquisition costs and deliver an enhanced customer journey.'
Michael Ellis continues: 'Managing risk throughout the pandemic is a key priority for our clients. Our technology uses advanced workflow and automation to drive efficiency and manage client, debtor and portfolio risk. Covid-19 has caused global disruption and led many SMEs to re-evaluate their business models, risk appetites and funding needs. It has also prompted lenders to overhaul their approach to lending decisions. Our technology is ideally placed to help and support lenders as they cope with the consequences of the pandemic and future lending needs.'
Read the full report: https://equiniti.powerappsportals.com/uk-receivables-finance-global-outlook/
Tel: +44(0)20 7353 4200
Email: [email protected]
About EQ (Equiniti Group plc)
EQ is an international technology-led services and payments specialist. With over 5,000 employees, it supports 36 million people in 120 countries. EQ's purpose is to care for every customer and simplify every transaction, delivered with less of an impact on the environment.
EQ is listed on the London Stock Exchange as Equiniti Group plc.
Find out more https://equiniti.com/
EQ serves clients and customers through four divisions:
EQ Boardroom: Share registration, governance and investor relations advisory, and employee benefits services
EQ Digital: Helping regulated businesses and Government to manage customers through innovative digital solutions
EQ Paymaster: Pensions, annuities, flexible benefits and payroll for the UK's largest public and private sector organisations
EQ U.S.: Transfer agency, equity compensation services and digital solutions for U.S. firms; serving the world's leading brands since 1929
EQ Riskfactor is the leading provider of risk management and fraud analytics software and consulting for the global commercial finance market including factoring organisations, banks and alternative lenders. In the UK, over 90% of the receivables finance market use Equiniti Riskfactor's products.