FICO and Atto agree data partnership

11th April 2024 Company News |

Credit risk solutions provider, Atto has announced a strategic partnership with FICO, which will enable lenders to integrate Open Banking data into the credit scoring process. Atto and FICO are combining their expertise to deliver transaction-based scores that rank-order consumers’ risk by analysing up-to-date consumer-permissioned current account and tradeline transaction data. The combination of Attos…

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Lending Technology Think Tank 4.1 Review

Credit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…

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Tymit and Equifax announce open banking partnership

31st January 2024 Company News |

Credit reference agency Equifax has announced a new Open Banking partnership to support affordability decisions and transparency for Tymit’s credit products in the UK. The partnership will allow Tymit to improve the accuracy of affordability decisions with real-time insights and more granular transaction data. This provides direct benefits to Tymit customers, helping those with ‘thin’…

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2024 Credit & Collections Technology Awards opens for entries

The 2024 Credit & Collections Technology Awards have opened for entries. Launched in 2017, the eighth annual awards seek to recognise excellence in credit and collections technology. The Credit & Collection Technology Awards powered by Credit Connect are judged by independently selected judges from across the industry, who have the enviable task of identifying the best and greatest innovations in…

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Three quarters of financial sector piloting generative AI

24th November 2023 Consumer Lending |

Nearly three-quarters (70 per cent) of financial services firms are in the pilot stage of testing the use of generative (content production-focused) AI, while nine out of ten (91 per cent) already use predictive AI for functions including fraud detection and risk analysis by UK Finance and global management consultancy Oliver Wyman. Three-quarters of firms…

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CEOs are ramping up investment in AI technology

21st November 2023 Consumer Lending | #AI technology

Chief Executive Officers (CEOs) are accelerating investments in generative artificial intelligence (GenAI) to maintain a competitive advantage, but most are facing challenges in developing and implementing AI strategies, according to the findings of the latest EY CEO Outlook Pulse survey. The survey of 100 UK CEOs which provides insights on AI, capital allocation, investment, sustainability and…

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Quarter of finance professionals fear AI could put them out of a job

19th September 2023 Consumer Lending | #AI#featured

Almost a quarter (23%) of senior finance professionals fear that artificial intelligence (AI) could put them out of a job, despite 24% of finance functions already underway with onboarding the new technology and 51% planning to in the next 12 months. These are among the findings of new research commissioned by AccountsIQ. The research found that…

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Credit & Collections Technology Awards announces 2023 shortlist

Credit Connect is pleased to reveal the companies, partnerships and individuals that have been shortlisted in this year’s seventh annual Credit & Collections Technology Awards. The Credit& Collections Technology Awards is the UK’s celebration of tech innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer outcome solutions. The shortlist…

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Credit scoring market predicted to generate almost $27bn

16th August 2023 Consumer Lending |

A new study from Juniper Research has predicted that credit scoring services will grow by 67% to $44 billion by 2028. The report anticipates emerging markets will experience greatest growth; projecting the African & Middle Eastern region to grow by 117% over the forecast period, achieving spend of $3.7 billion in 2028. Driving this growth will…

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Joint Regulatory Oversight Committee publishes Open Banking principles

27th June 2023 Consumer Lending |

The Joint Regulatory Oversight Committee (JROC) has published a joint paper setting out five high-level principles for banks and registered third parties to follow when agreeing to a premium Application Programming Interface (API) commercial model. Premium APIs will allow new open banking products and services to be offered. These include variable recurring payments (VRPs), which…

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Open Banking use predicted to surge in next 4 years

A new study from Juniper Research has found that Open Banking usage will grow by 470% over the next 4 years, with the total number of API (Application Programming Interface) calls generated via Open Banking to exceed 580 billion by 2027, from only 102 billion in 2023. Strong interest in new Open Banking-based services, such…

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Regulators back open banking advances

18th April 2023 Consumer Lending | #open banking

The Financial Conduct Authority and the Payment Systems Regulator have launched a fresh push to encourage more competition in banking services via third-party firms. As co-chairs of the Joint Regulatory Oversight Committee, the regulators issued a joint statement saying: “While significant progress has been made, there is more to be done to deliver the full…

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Open Banking sector at vital crossroads

31st March 2023 Consumer Lending | #open banking

New research by lobbying group Coalition for a Digital Economy (Coadec) that the sector is at a ‘vital crossroads.’ The open banking sector has created 4800 jobs and is valued at £4.1 billion. The policy group has based its analysis on data from 82 fintechs active in the open banking sector. The value of the…

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