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We see things differently because we have unique experience and insight in the non-standard lending market. Balancing effective business processes with our personal approach to customer relationships keeps us relevant, agile and successful. And in the current environment, this all helps us deliver well-designed and practical products to our customers while continuing to deliver value to our shareholders and the communities we serve.
For over 10m people in the UK, borrowing isn’t just a convenience – it’s an important way of making ends meet. Non-standard credit is a lifeline for people on modest incomes, as they are often overlooked by mainstream banks and lenders who see them as too much of a risk. Thanks to our specialist focus and knowledge of this unique market, we help 2.5m people navigate life’s financial hurdles.
Dealing with the complexities of the non-standard market calls for specialist experience. At Provident, we’ve been lending responsibly in this market for more than 130 years. We have a real understanding of the people and the communities we serve – in fact, many of the self-employed Home Credit agents are former Provident customers. This helps us make sure that we deliver credit in a way that’s right for our customers.
We have medium- and long-term funding from banks, other lending institutions, the public debt market and from retail deposits. By keeping our funding channels diverse, we make sure we always have plenty of funding available. This means we can seize opportunities to grow when the market is thriving. And when the outlook is less rosy, we can continue to be there for the people who need us most.
To react quickly to change, it helps if you can see what lies ahead. We have unique systems and processes in place that analyse payment and spending patterns, so we can keep track of our customers’ changing circumstances and adjust our lending and their repayment plans accordingly. At the same time, our investments in IT infrastructure help us operate at a more efficient level, boosting growth and productivity.
The more we get to know our customers, the better we can serve them. That’s why building trusting, personal relationships is such a vital part of our approach. We talk with our customers regularly – face-to-face or on the phone – so we can offer a listening ear and provide individual support. By understanding their particular circumstances, we can tailor our products to match.
It’s in nobody’s interests for us to lend more than people can afford to repay, so we structure our loans in a way that takes account of customers’ circumstances. And if they hit a bump in the road, our close relationship with them means we can respond quickly and flexibly. Lending responsibly helps our customers to meet their repayments and the company to keep impairment to a minimum. And as well as looking after our customers, we also invest in their communities, making them safer and more vibrant places in which to live and work.