In today’s ‘Meet the CEO’ segment we talk to Paul Smith, CEO of Morses Club, which is one of the largest home credit providers in the UK. The segment is hosted by David Buik, Senior Market commentator for Panmure Gordon. He is joined by Simon French – Chief Economist at Panmure Gordon.
Smith addresses a range of questions put forward by Buik and French intended to understand the company’s business model, target customers, finances and vision. With a no fuss, straightforward and at the doorstep service, Morses Club is going from strength to strength despite not having a banking license, which as per Smith is more of an advantage rather than disadvantage.
Key highlights of the video:
Target customers – are those which cannot be cross checked for credit in a sense that they do not use credit cards, bank cards and prefer to use prepaid services.
Niche – as home credit specialist based on adoption of technology, we adopt best in class partners in our supply chain.
Monthly survey – shows the customers want to interact via mobile technology.
Morses seeks to be a consolidator in a fragmented sector. Strong performance in the H1 was the result of emphasis on high quality lending and the continuation of successful acquisition policy.
The challenge now is to keep sobriety and not getting carried away by announcing very ambitious plans/targets.
Would you like to have a low risk stock in your portfolio that beats banking sector returns? – Watch this segment to know more.