At the UK Customer Focus Summit, Dennis Sanford-Casey, Director of Data Strategy at Equifax, paints a candid picture of a UK economy that feels strangely familiar. Despite years of disruption, from post-pandemic recovery to geopolitical tensions, the overall outlook remains steady rather than strong. Growth is minimal, consumer confidence is still subdued, and while inflation has eased slightly, global pressures continue to create uncertainty. Yet beneath this “Groundhog Day” narrative lies a more nuanced story about how consumers are adapting rather than retreating. 

Understanding changing customer behaviour

What stands out is not widespread financial distress, but a shift in behaviour. Consumers are borrowing more across credit cards, unsecured loans, and Buy Now Pay Later, yet arrears remain relatively stable. This suggests a level of control and resilience, even as pressures build. At the same time, subtle warning signs are emerging. Payment-to-balance ratios on credit cards are falling, insolvencies are beginning to rise again, and more borrowers are turning to longer mortgage terms or temporary forbearance. These signals point to a population carefully managing finances in a challenging environment rather than collapsing under it.

Why data and fundamentals matter more than ever

Sanford-Casey also highlights the growing role of new data in understanding risk and improving customer experience. From alternative data sources like driving behaviour to more granular financial insights, organisations now have the tools to make smarter, more personalised decisions. However, his message is clear. Innovation only works if the fundamentals are right. Strong data practices, accurate processes, and a clear understanding of customer reality remain essential. For anyone navigating the evolving financial landscape, this session offers valuable insight into where the real shifts are happening and why they matter. The full video dives deeper into these trends and what they mean for the future.