Consumer Credit in the USA Drivers and Technology Trends
| Boston, MA, USA November 1, 2001
Consumer Credit in the USA優rivers and Technology Trends
Celent Communications predicts record-breaking levels of bankruptcies in 2001 and 2002, which will change IT priorities at leading lenders. Overall, US banks will spend close to US$10 bn on technology related to retail lending in 2002.
In a new report, entitled Consumer Credit in the USA優rivers and Technology Trends Celent examines the current state and future trends impact IT with the US consumer lending industry across all major loan products, including credit cards, mortgages, home equity and personal lines of credit.
The report predicts that there will be over 1,500,000 bankruptcies in the USA in 2001, setting a new record. The forecast for 2002 calls for an even greater number of individuals being forced into declaring bankruptcy.
According toOctavio Marenzi, managing director at Celent, "collections systems, risk management, and portfolio monitoring will be near-term focus areas for lenders, given the downturn that has occurred in the US economy. Currently, US card issuers recover about one-third of charged-off debt. Technologies which help them improve their debt recovery will be well-received as delinquency and bankruptcy rates continue to climb." A Table of Contents is available online.
of Celent Communication's Retail Banking research service can download the report electronically by clicking on the icon to the left.