Increased agility will be even more important for in-house

The Lawyer

22 June 2020

How has Zopa supported its customers during this financially strained climate?

Zopa’s Victoria Matthews on the similarities between private practice and in-house in economically challenged times.

How has Zopa supported its customers during this financially strained climate?

The Coronavirus pandemic has caused unprecedented economic disruption to a huge amount of people throughout the UK. The capabilities Zopa has developed across technology and our people throughout the last 15 years have allowed us to move quickly whilst maintaining a great service to all our customers during these extremely challenging circumstances.

In cases where customers have required financial assistance, we have worked with them on an individual basis to ensure they have the support they need and have implemented changes to our lending to protect our investors’ money.

Victoria Matthews
Victoria Matthews
What will be the impact of Zopa attaining its full banking license?

Securing our banking licence enables Zopa to play a wider role in the financial lives of our customers, as well as offering much needed choice and competition to the wider market. While customer behaviour towards and expectations of banks has been shifting over the last decade, the current crisis has put increased focus on whether the traditional players are best equipped to help people manage their finances. Zopa is uniquely placed to provide a compelling alternative to traditional banking. In fact, the opportunity for a digital first, consumer centric financial provider is clearer than ever.

During the 2008 financial crisis you worked at a law firm, what are the different considerations now that you’re in-house and the world is facing another potential recession?

Like many in-house lawyers that make the move from private practice, I found myself evolving into more of a generalist lawyer. This increased agility across different legal areas will become even more important for in-house lawyers in more cost constrained environments such as the one we are likely to see arising from the recent coronavirus crisis.

One consistent factor between private practice and in-house in an economically challenged environment is that you need to be able to demonstrate your value to your clients and teams as they navigate new challenges. The legal and regulatory landscape is currently evolving at a much faster pace than usual, so we all need to work even harder to keep up with the latest changes and how they are being applied in the market so we can keep the business informed and ready for change.”

Have you found a new hobby during lockdown?

As someone who probably ate out more than at home before lockdown, I’ve had to embrace cooking from scratch. I’m not convinced this hobby will survive when restaurants reopen, but I have enjoyed the challenge.

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