Credit, Collections & Insolvency News
At a basic level, Open Banking, which commenced its roll-out on January 13th, is just a data standard. Subject to a customer’s consent banks take a customer’s current account transaction history and provide direct access to this financial data to a verified third-party organisation advised by the customer. The whole process takes place through a…
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Advances in AI and machine learning will impact organisations beyond simple technical capability. They will face new types of challenges in terms of skills gaps, different approaches to implementation and new methods for monitoring models. In this blog, Ben O’Brien, Managing Director at Jaywing, explores how lenders can prepare for AI implementation, to ensure they…
Read moreSomeday you may find yourself without enough money to pay your suppliers and you’ll end up asking ‘what can a creditor do if I can’t pay them?’ We take a look at the actions that can be potentially used. In some cases, legal action can be sought by creditors through the County Court or High Court. However,…
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The role of the finance leader is evolving — with the last few years, in particular, seeing a clear shift from financial guardian to strategic partner, and key adviser, on the future direction of the business. More and more, finance leaders find themselves alongside business leaders at the heart of the organisation — not just…
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As the dust begins settling on the collapse of Carillion, we move to the damage assessment phase – but question marks remain over the fate of at least 43,000 jobs. 30,000+ small businesses are thought to be owed money by the firm, and although credit insurers have confirmed that they will pay out compensation totalling…
Read moreFor debt purchasers, such as Cabot, Arrow Global and 1st Credit, the relationship between purchases of portfolios and the revenue which arises from them is subject to time lags and variations depending on quality of debt, collections environment, regulations and other factors. This makes debt purchase a complex industry for outsiders to analyse and adds…
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Over the past decade we have witnessed significant commercial and regulatory changes in the financial services sector generally, but in the last 5 years especially, we have seen the particular focus placed on Consumer Credit. The mortgage sector has seen major changes through the MMR and more recently the EMCD. Other forms of consumer credit,…
Read moreLast month the Financial Conduct Authority (FCA) published an update, as part of their review of High-cost credit. In the update, the FCA outlined key areas of concern with the sector, including arranged and unarranged overdrafts, rent-to-own, home-collected credit and catalogue credit. The regulator has also continued to gather evidence from firms and its consumer…
Read more2018 is set to revolutionise risk. With significant advancements, such as solutions that solve the ‘black box’ issue for using AI in credit scoring, through to significant reforms in Basel III, lenders will seek change to stay ahead of their peers. In our latest whitepaper, Seven risk predictions for 2018, we explore which trends lenders…
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Cash flow problems are common; this an issue that we come across far too often. The reality is that more than half of SMEs don’t survive longer than 5 years, and we have found that poor cash flow is a very good indicator of things going downhill. Cash flow – what is it? The money…
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The new rules came into force on 6 April 2017 to achieve the following: incorporate various changes in the law which are intended to reduce the burden of red tape; consolidate the existing rules into one single set of rules; modernise the rules by updating the structure and simplifying the language used. What has changed?…
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The New Year is a good opportunity to analyse your credit management performance to highlight your strengths and weaknesses. Look back on last year and see if you can identify areas that should be adapted to improve your performance in the year ahead. We think there are certain credit control practices that all businesses would be better…
Read moreAmid current fascination with driverless cars, it’s worth considering how far we are from a driverless credit process, as it were – what do algorithms and AI have to offer, and what still requires human consideration? Algorithmic and manual lending processes have distinctive and often complementary characteristics. At ThinCats, we believe both are necessary to…
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