Blockchain adoption lift for 65% of financial organisations

New data from Visma | Onguard’s Fintech Barometer has found that 65% of organisations have either adopted blockchain technology or worked out the first ideas for future adoption in 2021, up from 51% in 2018. Of this 65%, almost a third are already utilising the technology – a significant 12% increase on last year’s levels.…

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Credit & Collections Technology Awards announces 2021 winners

5th November 2021 Arrears and Recoveries | #innovation

The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…

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Credit & Collections Technology Awards announces line up

Credit Connect has confirmed the line-up for next week’s Credit & Collections Technology Awards which takes place at the Midland Hotel in Manchester next Thursday (4th November). The awards are judged by a panel of industry experts who have reviewed technological excellence in four different categories sections: creditor and lender, collections and recoveries, applied technology, and…

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Expanding digital transformation initiatives are sparking a fintech revolution

Despite the turbulence of the last year, UK businesses are continuing to make positive strides towards technological innovation. This has been highlighted in fresh analysis of four years of data from Visma | Onguard’s Fintech Barometer, which shows that number of organisations planning to undertake a digital transformation strategy within the next 6 to 11…

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Over half of credit providers planning to implement Open Banking this year

13th October 2021 Consumer Collections | #open banking

Over half (55%) of UK credit providers plan to implement Open Banking in 2021, with 93% of those businesses expecting to do so in the next 12 months, according to the latest Open Banking Research Report by credit reference agency, Equifax. With the pandemic accelerating consumer adoption of new technologies, and more digital data available…

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Digital transformation curtailed by inadequate technology skills

8th October 2021 Commercial Credit Management |

Data management initiatives in the finance sector, such as data collection, integration, and automation, are being constrained by a severe lack of digital skills and maturity. This is the overall feeling amongst up to two-thirds of technical decision makers, surveyed for a new report from Encompass Corporation. The report, conducted via independent polling agency, Pulse,…

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SME leaders to spend £85,000 on technology in next 12 months

7th October 2021 Commercial Credit Management |

SME leaders plan to invest £85,000 on average in new digital technologies and systems over the next 12 months, indicating Covid-19 has sparked a longer-term shift to digital among UK businesses, according to new research by Nucleus Commercial Finance. Expected digital spend climbs to £125,000 among younger, more tech-savvy SME leaders (those aged 18-34), compared…

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Chair of Open Banking resigns

4th October 2021 Appointments |

The Chair of the Open Banking Implementation Entity (OBIE), the body set up to deliver open banking in the UK, has resigned as an investigation found that the agency allowed’“a culture of bullying and intimidation to prevail.” The Competition and Markets Authority (CMA) says Imran Gulamhuseinwala tendered his resignation as trustee and chair as part…

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Aryza launches digital transformation product for SMEs

29th September 2021 Alternative Business Lending |

Insolvency, credit and debt recovery software solutions provider, Aryza has announced the launch of a new SME Open Finance product called Vantage. Combing various data sets, Vantage is the first B2B2C platform that delivers actionable insights within a customer permissioned environment that allows all parties to benefit from its shared components. It offers a best-of-breed…

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Open Banking objectives may take over a decade to complete

23rd September 2021 Consumer Collections |

New research by European open banking platform Tink has revealed that in spite of growing positivity, the complete implementation of open banking will take financial institutions many years to realise. The survey of 308 executives across 12 countries found that four in ten (40%) believe it will take their institution between 5-10 years to realise…

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Technology helping three in four small businesses become more efficient  

17th September 2021 Commercial Credit Management |

New research from Hitachi Capital Business Finance has revealed that more than three-quarters of small businesses across the UK (76%) have used technology in the last year to improve their business operations and become more efficient. This rises to 84% of small businesses that have expected modest growth – and 91% for those enterprises that…

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Experian and Open Banking Reporting agree commercial lending partnership

9th September 2021 Commercial Credit Management |

Experian has partnered with Open Banking Reporting (OBR), a data-driven risk management fintech, to enable UK lenders to provide crucial business support as they look to bounce back from the impact of COVID-19. OBR’s solution OpenRep uses advanced analytics and robotic automation, connecting the SME’s accounting software and banking transactions with commercial credit and macro-economic…

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Only 14% of consumers ‘completely understand’ Open Banking

8th September 2021 Consumer Collections |

New research by ECOMMPAY has found that only 14% of consumers ‘completely understand’ Open Banking, with even fewer businesses grasping how it could help them grow their business. Introduced in 2018, Open Banking makes it easier for consumers to view their finances, take out loans or pay for things online, while businesses also benefit from…

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