It’s hard to believe we’re already well into 2023. As we dive head first into 2023 with a possible recession looming and technology moving at lightning speed, our team is preparing for an interesting year in payments.
These are the predictions in the payments universe that our team is anticipating for 2023.
Understanding the behaviors and preferences of unbanked consumers is critical for lenders who want to improve portfolio performance, reduce delinquencies and provide a better servicing experience.
The Lease Here, Pay Here (LHPH) sales model has been around since the early 80s and has recently gained un uptick interest among dealers. With the increase in used car prices over the past few years, some dealers are considering incorporating a leasing program to offer customers more options to get them in the driver’s seat. A leasing program can give dealers more financing flexibility, creating additional ways to attract and retain customers.
With prices at record highs, consumers feeling the impact at the pump is impossible to ignore and likely impacting spending behaviors in a big way. Families are forced to make tough decisions on where not only their money goes, but likely how far they’re willing to travel this summer.