CA Consumer Finance’s new strategic plan, CA CF 2022

Changing consumer trends

The consumer credit business has new challenges to face. A growing number of consumers prefer financing their use of goods (car, high-tech, household equipment…) over ownership. With e-commerce on the rise, financing and payment offers are converging. Digitalisation makes for simplified processes and a seamless customer experience, while data strengthens customer relationships. New solutions for mobility are available, and consumers also expect support regarding actions for energy change.
CA CF has prepared for these global trends in the framework of CA CF 2022 that also takes into account a challenging economic context (long-lasting low interest rates, cost of risk normalising, strengthening regulation…).

CA CF 2022

 

 

Building on the achievements of its previous MTP, accelerating and expanding its initiatives, CA CF has defined six strategic orientations to contribute to Crédit Agricole Group's projects and address its own business challenges.

3 pillars contributing to Crédit Agricole’s Group plan

CA CF 2022 is embedded in Crédit Agricole Group's strategy and contributes to its three strategic projects: the Customer Project, the Societal Project and the Human-centric Project.

 

THE CUSTOMER PROJECT AT CA CF: “UPGRADE OUR CUSTOMER EXPERIENCE THROUGH CUSTOMISATION, INNOVATION & DIGITISATION”

This means offering a best-in-class customer experience mixing the best of digital and human, capitalising on the company’s capacity for innovation and the potential of data. CA CF is today in the top 2 for customer satisfaction in the different countries where it operates.

 

Target: To be number one in the Customer Recommendation Index (CRI) everywhere CA CF does business. 

 ***

THE SOCIETAL PROJECT AT CA CF: “MOBILISE FOR SOCIETY AND THE ENVIRONMENT”

This translates into the following actions: extending access to credit to all customers, providing them with appropriate support, notably for the most vulnerable customers (excess debt prevention, financial education), strengthening cooperation with innovative ecosystems and supporting customers' energy transition in terms of mobility and home equipment.

Target: €1 billion in ‘green’ financing granted in 2022.

 

 ***

THE HUMAN-CENTRIC PROJECT AT CA CF: “FURTHER ENGAGE & EMPOWER OUR EMPLOYEES”

In real terms, this involves building up engagement among CA CF’s staff in its 19 countries, improving employee experience at every stage in their career, as company transformation will enable people to take on more responsibilities and be more empowered in their jobs. This support promotes development and constant improvements in relation to an individual’s employability.

Target : To raise the Employee Engagement and Recommendation Index 2 points above the financial sector average in Europe.

 

3 pillars focusing on CA CF’s core business

 

CONTRIBUTE TO GROUP RETAIL BANK LEADERSHIP IN CONSUMER FINANCE AND AMPLIFY SYNERGIES WITH CRÉDIT AGRICOLE

Capitalising on CA CF 2020 achievements, CA CF Finance will continue to support the growth of Crédit Agricole Group's retail banks in France, Italy, Morocco and Poland in the consumer credit market.

Target : To help Crédit Agricole's retail banks in France gain one percentage point in consumer credit market share by 2022.

In addition, CA CF will accelerate in its insurance business with CA Assurances.

 

***

STRENGTHEN OUR CORE BUSINESS AND LEVERAGE ON NEW CONSUMER TRENDS

CA CF will harness the full power of its partnerships with Bankia in Spain, Banco BPM in Italy and with Fiat Chrysler Automobiles. In parallel, the company will develop new offers to meet new consumer trends (use vs. ownership, convergence of payments and financing).
In e-commerce, CA CF will launch new products and services replying to expectations in this sector.
In the automotive financing market, CA CF will complete its product offering and distribution channels to provide even better support to car manufacturers.

Target : €5 - 6 billion in car leasing outstandings.

 

 ***

SHIFT OUR OPERATING MODEL TO BE MORE EFFICIENT AND AGILE, TOGETHER

In short, CA CF aims to achieve operational excellence, controlled management of its scarce resources and increasingly diversified sources of refinancing.

 
Target : A cost/income ratio under 46%.

 

And what are the key figures?

In a nutshell, here are CA CF’s ambitions in numbers for 2022: