Everywhere you look and read, we are reminded of the key drivers behind the rising debt and delinquencies Americans face, as well as indications there’s much more to come:
- Inflation increased at the fastest rate in 40 years over the last twelve months, exceeding expectations, the Labor Department announced on January 12, 2022.
- Used vehicles, which have become a top leader for the current inflationary environment, have increased 37% over the past year.
- Gasoline prices have spiked nearly 50% since December 2020.
Economists have varied opinions, but they all lead to elevated delinquencies.
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Likely, the unprecedented reduction in losses experienced by most banks in 2021 was the foundation for your 2022 loan loss forecasts.
If you haven’t started planning how you will support your customers differently in the coming months or how you can optimize your processes to support elevated loan delinquency servicing, it’s not too late!
I’d love to chat with you and show you how you can ensure your customers decide to pay you first.
Please reach out to me (Byron.Gifford@perficient.com) for more information.