Credit, Collections & Insolvency News
NewDay and John Lewis have agreed on a new partnership to assess the next evolution of the retailer’s consumer credit offering.
The deal includes relaunching John Lewis’ Partnership card. The partnership follows John Lewis’ announcement that it plans to invest over £50 million in its consumer finance capabilities to offer innovative financial products and services to customers.
John Lewis says the decision to partner with NewDay includes the Company’s leading digital capabilities, award-winning customer service, as well as its 20-years of underwriting experience and proprietary credit decisioning capability. This capability allows NewDay to responsibly say “yes”, providing more customers with access to credit.
NewDay uses extensive real-time information to analyse behaviours to gain a more complete credit picture, rather than just relying on credit bureaux ‘snapshots’. Consequently, NewDay can achieve a fuller understanding of affordability, while at the same time accepting more customers and providing greater credit support and services that customers may not have been eligible for with other lenders.
John Hourican, CEO of NewDay, said “We are hugely excited to be working with the team at John Lewis to help power their business through the integration of innovative credit products. We believe the combination of our fully FCA-regulated product set, proprietary technology and two decades of underwriting experience mean we are ideally placed to help John Lewis deliver meaningful business growth through the use of responsible, accessible consumer credit.”
Amir Goshtai, Director of John Lewis Financial Services, said “We are very much looking forward to joining forces with NewDay to relaunch our Partnership Card this summer. NewDay has a long track record of delivering innovative and trusted credit products. We have no doubt that our customers will continue to enjoy the first class service they expect from John Lewis.”
