Video: Introduction to the Consumer Finance Industry

The Consumer Finance industry encompasses a broad range of services and products designed to help individuals manage their personal finances. This includes services such as personal loans, credit cards, mortgages, auto loans, and student loans, as well as savings and investment products. The industry is driven by both traditional financial institutions like banks and credit unions, and by alternative lenders and fintech companies, which use technology to offer innovative financial solutions. Key functions include assessing credit risk, managing lending and borrowing, and providing financial advice. The industry plays a vital role in enabling consumers to achieve financial goals, manage debt, and enhance their purchasing power. Trends such as digital transformation, regulatory changes, and shifts in consumer behavior continually shape the landscape, making it a dynamic and evolving sector.