Credit, Collections & Insolvency News
The Government has announced that it is investing £121 million in quantum technology to tackle crime, fraud, and money laundering. The technology will be used to tackle the first signs of fraud and halting money laundering which could save billions for the economy. The funding is being made available over the next year to expand…
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More than two in three UK fintech companies (68%) are reporting higher fraud volumes compared with one year ago, according to new data published by Alloy. The research showed that 79% of UK fintechs say they lost at least £500,000 to fraud in the 12 months to October 2024. Two in five (38%) fintechs reported…
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A new study from Juniper Research has found the number of Open Banking API calls globally will increase 427%, from 137 billion in 2025. The report predicts Artificial Intelligence (AI) will become increasingly integrated with open banking offerings; creating personalised banking solutions for users for finance management and customisable loan allowances, driving the growth of…
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Digital-only financial providers (including neobanks such as Monzo, Starling and Revolut and fintechs such as Klarna), expanded their reach from 16% of adults in 2018 to a staggering 50% in 2024 according to research from RFI Global, the only global data and insights company focusing exclusively on financial services. RFI Global’s UK banking research surveyed…
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A new report from UK Finance has shown that firms are benefitting from their investment in generative Artificial Intelligence (AI) and that ongoing collaboration with regulators, government and customers is important to support further innovation. The report found forms are innovating with the technology but equally are being careful to manage the potential risks and ensure…
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New research from KPMG International has found that over seven in ten (71 %) businesses are using artificial intelligence (AI) to some degree in their financial operations. Currently, 41 % of them are using AI to a moderate or large degree – and this is predicted to rise to 83 % over the next three…
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The 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
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New research by Finova has found that one in five (19%) of homeowners feel that the technological features offered by lenders are falling short of their expectations. The study found that a considerable 42% of respondents still believe that speaking on the phone is the most effective method to address queries about their mortgage. The…
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Jaja Finance has announced that it has reduced customer response times by 90% using a newly launched Generative Artificial Intelligence (GenAI) chat assistant called Airi. The new technology means that the digital lender can now answer customer enquiries in just under fifteen seconds, versus the three minutes it took prior to launch. Having already had…
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Almost £60 million has been reported stolen through card fraud over the past three years in the UK according to new research from Trustly, The figures were obtained via a freedom of information request sent to the National Fraud Intelligence Bureau run by City of London Police. The research found that credit card fraud is the…
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New findings show that adoption rates of Open Banking payments are increasing, with 11% of credit unions now offering this type of payment for financial services products. The report by Access Group, highlighted the importance of providing customers with a range of options, including Open Banking, to meet their evolving expectations. Since its launch in 2018,…
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New research has indicated that businesses that use Artificial Intelligence (AI) to drive innovation can see 38% larger impact on growth according to IDEO research The research also shows that using AI to accelerate innovation rather than efficiency can increase growth by more than a third. Business leaders who received AI generated questions to help…
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Four high street banks – HSBC, Lloyds, TSB and Allied Irish Bank (AIB) failed to comply with banking rules put in place by the Competition and Markets Authority (CMA) to help their customers. Under the Retail Banking Market Investigation Order 2017 – put in place by the CMA after it found competition concerns in the retail…
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