Trends in the Credit Industry for 2025: Navigating Uncertainty & Driving Change
As we look further into 2025, one thing is clear: economic uncertainty is reshaping behaviours across both creditors and customers. At Access, we are fortunate to have a unique, cross-industry perspective, which helps us identify trends others may not see — this lets us connect our clients and our customers in new and innovative ways.
Some key trends we’re observing:
A Renewed Push for Digitisation
Even businesses that are already digital-capable are looking to expand their digital capabilities. The focus is on flexibility and testing new solutions in a safe, low-cost manner.
This also means rethinking and re-baselining what digital experiences can be. Companies are pushing the boundaries of what’s possible in digital interactions, exploring innovative ways to improve customer engagement. Previous ‘taboo’ digital only experiences are being tested, often with great feedback from customers.
External partnering beyond servicing – chasing capability and speed
We are seeing the market increase external partnering of traditional tasks, like customer contact, digital experiences, and payment. This is increasingly to both:
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Help companies accelerate value – it’s not that it can’t be done internally, but it’s faster to get benefit happening now while technical project delivery is 12 months away
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Supplement client BAU to test new strategies. It’s all about gaining insights that can be brought back in-house to improve efficiency.
Expanding Channel Strategy for Complex Cases
While there’s a growing focus on digital contact, there’s also a recognition that more complex situations, like disengaged or vulnerable customers, require a more personalized approach. Face-to-face interactions, specialised skip reviews, and ensuring all avenues are exhausted before taking action are becoming more common — especially in hardship cases
The investment in this can pay off when paired with advancements in digitisation, often being “digital-funded” to let credits have their cake and eat it too.
Leveraging Workforce Flexibility
Clients are increasingly turning to us not only for activity partnerships but also for additional support to handle unpredictable customer demand. This can include:
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Dedicated resources for client portfolios
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Short-term engagements to address immediate needs
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In-sourcing talent to work alongside client teams, co-designing processes
The key here is agility — being able to scale quickly when needed.
Reshaping End-to-End Strategy through a customer lens
It's all about understanding the customer journey and responding with the right actions at the right time. The days of putting customer contact in a “spin cycle” with a human element is going away. Clients are asking themselves more and more:
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When’s the last time you spoke to your customer?
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What was the result of last contact, and what can be done differently?
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How can you best inform the customer of our next steps they don’t know is coming?
At the core, it’s about balancing customer experience, contact strategy, and cost to achieve the best possible outcomes while minimizing trade-offs.
Interested in discussing how these trends are shaping the industry? Learn more at www.accessmercantileservices.com.au