Meet Dr Pål Vik, Senior Research Fellow here at the University of Salford.
Pål began his academic journey as a Research Assistant on a World Bank Group research project, where he developed an interest in understanding how the financial industry can foster greater financial inclusion for low-income households.
Here at Salford, he brings this curiosity into his research, exploring how credit unions can provide low-income communities with access to ethical and affordable financial services, while investing in community-led organisations that work directly with them.
In this blog, Pål reflects on his academic journey and his career highlights at Salford, while sharing insight on the research he’s currently working on.
How did you get into academia as a career path?
As a student, I realised that I had a knack for academic writing and an interest in research. I was lucky to get a work placement with a Dutch foundation as part of my undergraduate degree and a Research Assistant role on a World Bank Group-funded research project. This experience helped me get my first permanent academic role at the University of Salford as a Research Assistant, and later a Research Fellow.
Why did you choose to work at the University of Salford?
I chose the University of Salford because of its focus on industry engagement and on generating real world impact. For me, academic research is primarily a pathway to make the world a better place to live. I also like that the University provides opportunities for social mobility for local students.
What’s the best thing about being an academic at Salford?
The biggest thing I enjoy about being an academic at the University of Salford is the opportunity to continue learning new skills and acquiring new knowledge through professional development opportunities, colleagues and industry connections.
For instance, I was part of the mid-career researcher leadership and development programme where I learned how to promote myself and my research, become more resilient, and how to reframe and learn from failure.
Can you tell us about any of your career highlights to-date?
Together with a colleague, I developed a code of practice for European microfinance institutions, which is a mandatory condition for accessing EU (European Union) funding. It has been adopted by more than 60 institutions, and it has been written into legislation in at least one country. I now sit on the steering group awarding the code to institutions. The rewarding aspect has been seeing a real-world change as a direct result of your own research, as well as the close collaboration with industry stakeholders.
What’s your current research focused on?
My most recent research focused on the cost for credit unions to lend low-income consumers. Credit unions have the potential to provide low-income communities with access to ethical and affordable financial services.
However, it is costly to lend to these consumers, as they often lack a credit history (needed for automated underwriting) and they typically need to borrow small amounts. I found that larger and more efficient credit unions had lower lending costs.
Do you have any published papers we can read?
My most recent paper title, what determines the demand for online high-cost credit? Evidence from loan applications from digital credit intermediaries, examined the causes of demand for online high-cost credit. Worryingly, we found high levels of repeat borrowing and high levels of financial vulnerability.
And finally, the all-important question, where in Manchester or Salford is best to grab a coffee?
My favourite coffee shop is Kith + Kin, a friendly family-run bakery on Chapel Street with a fabulous range of cakes.