Morses Club CEO Paul Smith extraordinarily pleased with digitalisation strategy results (Interview)

Morses Club plc (LON:MCL) Chief Executive Officer Paul Smith joins DirectorsTalk to discuss its latest trading update. Paul explains how the company has performed since lockdown, changes implemented over the period, an accelerated shift towards the Company’s digitalisation and how Paul sees the rest of the year for Morses Club.

Morses Club is an established provider of non-standard financial services in the UK. The Group consists of Morses Club, the UK’s second largest home collected credit provider, and Shelby Finance Limited, the company’s digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account, which offers online e-money current accounts. The Group’s growing digital capabilities and scalable, highly invested IT platform has enabled it to deliver an increasingly broad range of financial products and services to the non-standard credit market.

UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered directly to customers’ homes. Repayments are collected in person during weekly follow-up visits to customers’ homes. UK HCC is considered to be stable and well-established, with approximately 1.6 million1 people using the services of UK HCC lenders.

The HCC division is the second largest UK Home Collected Credit (HCC) lender with 224,000 customers throughout the UK. The majority of the Company’s customers are repeat borrowers and the HCC division enjoys consistently high customer satisfaction scores of 97%2. In 2016, the Morses Club Card, a cashless lending product, was introduced and in 2019 the Company introduced an online customer portal for its HCC customers, which now has over 109,000 registered customers.

The Group’s growing digital division, Shelby Finance, operates under two online brands. Dot Dot Loans provides online instalment loans of up to 48 months to 37,000 active customers. U Account is a leading digital current account provider offering an alternative to traditional banking by providing a fully functional agency banking service. U Account currently has c. 18,000 customers.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Morses Club

More articles like this

Morses Club

Doorstep loans vs payday loans

When searching for a short-term loan, you may have come across the phrases ‘doorstep loan’ and ‘payday loan’. But what do these terms mean, and what’s the difference between the two?  Understanding the difference will help you choose

Morses Club

Rent or Mortgage?

When moving home, you may need to initially decide whether you should rent or own a property. This may feel overwhelming as there are many factors to consider, but don’t worry – you’ll soon be able to make

Morses Club

7 things to avoid with a credit card

Credit cards can be a great way of spreading the cost of larger items or covering emergency expenses. However, it can be easy to lose track of spending, forget to make a payment or miss those extra interest

Morses Club

What is APR?

APR stands for Annual Percentage Rate and relates to the total cost of the loan. The purpose of an APR is to help people compare loans and credit cards more easily. How is APR calculated? APR is calculated

Morses Club

Money advice every young person should know

Getting that first payslip and being able to spend your money on whatever you want can be exciting, but it can be easy to get carried away with your spending. Poor money management when you’re young can lead

Morses Club

Morses Club update on funding arrangements

Morses Club PLC (LON:MCL), an established provider of non-standard credit services, has provided the following update to investors.  The Company announced that it has agreed with its current funding consortium an extension of the term-out clause from September 2022 to

Morses Club

How to save money on your food bill

Feeding the family can be a big expense but there are ways to keep costs down. Here are our tips on how to save money on your food bill. Plan meals in advance Meal planning is a great

Morses Club

What does it mean to declare bankruptcy?

Declaring bankruptcy is a way of declaring yourself as insolvent and is a method used when someone cannot repay any of their debts or meet repayments. It costs £680 to apply for bankruptcy and it is a big

Morses Club

Why should I save for a rainy day?

It can be tough just making your money stretch to cover the bills, let alone being able to save some money too. However, if you can put a little aside each week or month, it does have some

Morses Club

7 ways you could improve your family finance

It can be hard to keep track of where we spend our money, and sometimes it just seems to disappear. Fortunately, there are some simple things you can do to make your income stretch further. Here are 7

Morses Club

How can I get a loan with bad credit?

A bad credit history may make loan providers worry that you will struggle to repay them each month – as they use past habits shown on your credit report to predict future behaviour. However, even if you have

Morses Club

7 ways you could improve your family finance

It can be hard to keep track of where we spend our money, and sometimes it just seems to disappear. Fortunately, there are some simple things you can do to make your income stretch further. Here are 7

Morses Club

Debt management & keeping track of what you owe

When we buy things on credit, it can be easy to lose track of spending. Unfortunately, if you don’t manage your debt properly, it can lead to missed payment fees, overspending and a reduced credit score. Here are

Morses Club

How to build your credit profile

Having no credit history can sometimes be just as damaging as having a bad credit history. This is because companies use your credit report to see how financially responsible you are. If they can’t get a picture of

No more posts to show