Where Did It All Go Wronga
This is the title of an article in the Sunday Times about Wonga, which describes how the company is not doing as well as it was and isn’t heading for world domination any more.
The article blames the usual reasons for the decline; bad publicity, hostile politicians and regulators, which is probably partly true.
But I’ll throw in another reason.
Wonga undoubtedly has world class technology as Robert Peston said here.
But as in my time, I’ve been a programmer at the top of my profession, I know that it is difficult to stop competitors imitating what you have done.
So I do wonder if other lenders with a higher moral stance, have got their technical act together, so that they have reduced the size of Wonga’s territory.
It may be now, that if you ask a reputable financial institution, by using similar and possibly better technology than Wonga, the result of your loan application is given earlier. And of course in some of those decisions, lenders will get their loans.
All the fuss about Wonga, may have persuaded people that there are better ways to organise your finances.
So it looks like Wonga’s bubble has been pricked!
No comments yet.
The Anonymous Widower 
Leave a comment