With today marking two years since the implementation of the Second Payment Services Directive (PSD2) in the UK, the Federation of Small Business (FSB) has highlighted figures which show the minimal impact of the legislation to date. The FSB says that PSD2 paved the way for Open Banking – a set of interfaces which give consumers…

Today (13th January 2020) is the two-year anniversary of Open Banking implementation. In response to the anniversary, an Open Banking Expert at Equifax believes that broadening Open Banking platforms will be a turning point in its drive to mass adoption in the year ahead. Robert McKechnie said “Open Banking, which was brought into inception two…

According to new research by GoCompare, only 43% of consumers will start the new decade with their finances in good shape. Younger adults are the least optimistic about their finances.  Just 29% of 18 to 24-year olds and 26% of 25 to 34-year olds feel they are in good order.  In stark contrast, over half…

The Financial Conduct Authority (FCA) has launched a Call for Input (CfI) on the opportunities presented by so-called ‘open finance.’ Open finance builds on the principles of open banking – the sharing of data which provides new ways for customers and businesses to make the most of their money. Open finance would extend those principles…

Here is an overview of The Money Charity’s latest statistics for November 2019: Personal debt in the UK People in the UK owed £1,661 billion at the end of September 2019. This is up from £1,612 billion at the end of September 2018, an extra £930 per UK adult over the year. The average total…

Business and consumer insights specialist Equifax and the Open Data Institute (ODI), the international organisation dedicated to improving the use of data, have launched an in-depth research report looking at the international consent framework for Open Banking. The report combines research into Open Banking and data portability initiatives from across a range of countries, as well…

Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…

Fintech start-up, Snoop has been granted regulatory approved by the Financial Conduct Authority (FCA). Snoop connects to a customers’ current accounts and credit cards through Open Banking, and using a combination of both artificial intelligence and human intelligence, delivers data-driven, personalised insights to help consumers avoid rip-offs and make the most of their money. As…

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…

Unexpected payments cost consumers £17 billion every year according to Lowell, which commissioned the research. The research also showed that one in five were left in debt after an unexpected bill, with a tenth having to move back in with their parents because they couldn’t afford to pay for their home. John Pears, UK Managing…

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