Banks will need to strike a balance between technology innovation and risk mitigation according to a new report by HSBC. The report says that technology and data advances will enable banks to provide customers with a hyper-personalized largely automated service within the next decade, replacing the traditional retail products-based approach. But the extent of the…

Recent research from the University of Edinburgh Business School has revealed that including gender information in credit scoring models increases the proportion of women accepted for consumer credit without altering the predictive accuracy of these models, The reseearch suggests that women can benefit from gender being taken into consideration in automated decision-making processes, increasing their…

New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market grew 4% by volume and 7% by value in September, compared with the same month in 2018.  In Q3 2019 as a whole, new business grew 3% by volume and 5%…

A decade of low pay has driven working families deep into the red, and in nominal terms, household debt has risen 1.5 times faster than wages since 2010. according to new analysis published by the TUC. Real wages in the North East still haven’t recovered to their 2008 levels – the longest pay squeeze in centuries.…

New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew by 8% in September, compared with the same month last year. In Q3 2019 as a whole, new business grew by 4% compared with the same quarter in 2018. In September, credit card and personal loan new business together…

New figures released  by the Finance & Leasing Association (FLA) show that the second charge mortgage market has reported that volumes are up by 20% in September Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Interim Director General of the FLA, said “The second charge mortgage market reported…

Consumer spending grew by just 1.5 percent in October, narrowly falling behind the current rate of inflation, as consumers remained cautious with their spending according to new data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, shows that essential spending grew slightly by 0.2 percent, bolstered by a 1.5…

The latest data from the Bank of England showed that growth in consumer credit slowed to six percent in the year to September, the lowest since July 2014. While mortgage approvals were little changed, credit card borrowing fell to the lowest this year and overall consumer credit growth slowed. The figures also showed that total…

A third of young adults use their credit card to pay bills according to new survey findings from 118 118 Money. The research shows that the credit cards are used to purchase holidays (53%), clothes (50.9%) and food (47%). A number even admitted to paying their monthly mortgage or rent payment with a credit card (4%).…

Remortgages as a share of total searches have risen 5.3% in the last year, new analysis from Experian has revealed. Over a quarter (28.7%) of September’s mortgages searches via Experian’s comparison service were for remortgages compared to 23.4% in September last year. Correspondingly, the proportion of first-time buyer mortgage searches fell by 5.3% to 55.3%…

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