-- Customer experience and profitability are also top priorities
(Logo: http://photos.prnewswire.com/prnh/20111010/CG83314LOGO [http://photos.prnewswire.com/prnh/20111010/CG83314LOGO])
At the top of the list of risk management priorities for 2014 were improving risk management processes and systems (96 percent of respondents named it a priority or a top priority), improving the customer experience (also 96 percent) and growing the profitability of existing customers (93 percent). These were also the top priorities for risk managers in the U.S. and
Some 85% of respondents said increasing lending to consumers is a priority, and 74 percent said the same for lending to small businesses. By contrast, more than half of respondents (51 percent) said increasing capital to meet regulatory requirements is not one of their bank's risk priorities for 2014.
"Regulatory compliance is still top-of-mind for banks, but the pressure to build capital has eased and banks need to apply their capital to support new business growth," said
"This forecast is good news for consumers and the European economy," said
While the priorities for capital may have changed, the focus on regulations has not. "Like most other financial institutions, our priority continues to be driving forward the regulatory compliance agenda," said
Lenders Take New Collections Approaches
The forecast for delinquencies is more optimistic in the new survey, with fewer than 50 percent of respondents forecasting an increase in delinquencies for all products, and most respondents expecting mortgage and auto loan delinquencies to remain at their current levels. However, these forecasts vary widely by market, and lenders interviewed for the survey discussed new ways they are working with distressed borrowers.
"We continually optimize our strategies for working with customers who experience financial difficulties," said
"We have put in place a debt restructuring policy that enables our customers with difficulties to spread their repayments over a period which takes account of their financial capacity," said
Some 73 representatives from 32 European countries and 66 institutions participated in the ninth
As a global not-for-profit organisation, Efma brings together more than 3,300 retail financial services companies from over 130 countries. With a membership base consisting of almost a third of all large retail banks worldwide, Efma has proven to be a valuable resource for the global industry, offering members exclusive access to a multitude of resources, databases, studies, articles, news feeds and publications. Efma also provides numerous networking opportunities through working groups, online communities and international meetings.
For more information: www.efma.com [http://www.efma.com/]
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