The cost of slow progress
The cost of slow progress
Rob WalkerDirector, Coeus Consulting
As I write, the Bank of England has just raised interest rates to the highest level in almost three decades, from 1.25% to 1.75%โ Indeed, outgoing member Michael Saunders warned in a speech to the Resolution Foundation just recently that rates may in 2023 surpass two percent as the Bank of England acts to prevent high inflation becoming embedded in the economy. His views echoed a poll of economists that suggested UK interest rates were on course to rise from 1.25% to 2% or even higher in the coming year.
This backdrop presents many challenges to lenders, but it has shone a light on the need for operational excellence if lenders are to have any hope of delivering rapid effective responses in terms of propositions, markets and pricing.
In a market like this, the best laid plans are of no use to anyone if they cannot be implemented quickly. Systems and processes that take an age to change can kill a business โ even if the answer is properly understood.
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