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Demographic Change and the Impact on the Credit & Collections Industry

In a recent live event, The Comms Summit by Saascoms, experts discussed the impact of demographic change on the Credit and Collections industry. Here’s a look at the key findings and recommendations for the future.

Demographic Change and the Credit and Collections Industry

The UK’s population is growing and is expected to reach 73.7 million by 2036. However, the way it’s growing is what’s most interesting for the Credit and Collections industry. Here’s a breakdown of the key demographic changes:

  • Growth from Net Migration
    The majority of the population growth isn’t due to the birth rate but from migration. This means a significant portion of the population will be new to the UK and may not have a credit history.

  • Religious Shifts
    The UK is becoming more religiously diverse. While the Christian population is declining, Muslim and Hindu populations are growing. This means traditional collection methods may need to adapt to religious sensitivities around credit and debt.

  • Ageing Population
    The UK population is ageing. This means there will be a larger population comfortable with traditional communication methods like phone calls, alongside a growing tech-savvy generation.

  • Geographical Shifts
    Creditworthiness can be impacted by location. The population is shifting, with younger people moving to cities and older generations moving to rural areas. The Credit and Collections industry needs to consider these geographical changes.

  • Cultural Diversity
    The UK’s cultural diversity is increasing. This means understanding cultural attitudes towards credit and debt collection will be crucial.

The Impact on Credit and Collections

These demographic changes will significantly impact the Credit and Collections industry. Here are some key challenges and opportunities:

  • Newcomers and Credit History
    Many migrants will lack a credit history, making traditional credit checks ineffective. The industry may need to explore alternative assessment strategies like Open Banking.

  • Financial Products and Services
    The growing Muslim population creates a need for Sharia-compliant financial products and collection practices that avoid interest.

  • Customer Experience (CX)
    Younger generations prefer digital communication channels. The industry needs to adopt omnichannel communication strategies with self-service options and AI-powered solutions.

  • Vulnerable Customers
    Digital platforms can aid in identifying vulnerable customers and provide appropriate communication methods.

Industry Recommendations

To stay ahead of the curve, the Credit and Collections industry needs to adapt to these demographic changes. Here are some key recommendations:

  • Establish Credit Facilities for Newcomers
    Explore alternative assessment methods like Open Banking to evaluate creditworthiness for migrants.

  • Develop New Financial Products
    Cater to the growing Muslim population with Sharia-compliant financial products and collection practices.

  • Strategic Customer Experience (CX)
    Implement omnichannel communication platforms with self-service options and AI chatbots.

  • Modernise Collection Technology
    Utilise Open Banking to assess affordability and creditworthiness during collections.


Understanding demographic change is crucial for the Credit and Collections industry to thrive. By embracing these changes and adopting new technologies, the industry can ensure successful customer engagement and remain relevant.

The Comms Summit – download the full report here

Is your business prepared for the impact of demographic change on the Credit and Collections industry?

Contact Saascoms today to discuss how our omnichannel customer engagement platform, Omnireach, can help you adapt and thrive.