Recent research by Bottomline into the thorny area of late payments shows that 92% of financial decision makers admit to having paid suppliers late. In 2017, a slow payer ethic emerged as the biggest challenge to getting paid on time. In 2018, we found that a surprising number of financial decision makers were actively pursuing…

Over the past decade, banking apps on smartphones have given people the freedom to manage their finances when and how they want. But even bigger benefits are just around the corner. In the next 10 years new technology will offer customers personalised financial support, instant home-buying decisions and even tougher cybersecurity. A key factor driving…

Late payment and bad debt can become serious and sometimes fatal problems for one-man or small businesses. In August 2019, the ICAEW Business Confidence Monitor (BCM) reported that one in five businesses (or 24% of SMEs) were facing serious challenges due to late payments. There are lots of reasons that issues relating to debt arise…

Following the 2008 recession, economic modelling has increased in prominence in credit risk management, as regulators expect financial institutions to be able to predict the impact of an economic downturn on portfolio losses, to ensure they could withstand another recession. In this blog, we compare the pros and cons of traditional modelling methods with non-linear…

In this age of diminishing brand loyalty, the survival of consumer credit providers hinges on two things: their ability to differentiate and to exceed their customer expectations. Data holds the key to both. Creditworthiness assessments are, of course, the starting point for lenders’ use of data. But thanks to the increasing variety of data and…

Annually, thousands of businesses fall victim to fraudulent customers. Footlocker, for example, recently got swindled for 1.8 million Euros by a fake company called Ups Consultancy. This case also involved ING being fined on grounds of negligence in its due diligence of fraud and was widely reported on in the media. So, fraud not only…

The FCA Consultation Paper announcement marks the move from traditional motor finance commission models – which incentivise the dealer/broker to raise customer interest rates in order to get higher commissions – to an approach that provides more positive outcomes to car buyers. As we saw in the report from earlier this year, the FCA want…

Hardly a day passes without there being a new report on shrinking manufacturing output, increasing costs to business and fears of an emerging global recession. UK manufacturing activity is at its lowest level since July 2012; sales to the EU have dipped as European purchasing managers look closer to home in Brexit uncertainty; and US…

The benefits of adopting new technologies, such as artificial intelligence (AI), are not always immediately apparent for businesses in all industries and sectors. But for the risk sector, it is now obvious that there are enormous gains to be made. Its application can serve a wide range of functions – including fraud detection, risk management,…

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