Credit, collections & insolvency news
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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A new report by Citigroup has found that over half of banking jobs are at risk of automation. The report found that 54% of banking jobs have a high potential to be automated. The report which analyses the role that artificial intelligence (AI) might play in changing the way both consumers and corporates bank indicated that…
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New research by emerchantpay has found that there is strong market potential for merchants who prioritise the adoption of Open Banking payments early in their payment strategies. The survey of consumers found that one in two people are unknowingly using Open Banking during checkout, with more than half (51%) of the population being unfamiliar with the term…
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Artificial intelligence (AI) is most commonly used in finance roles (63%) despite awareness of potential risks, according to new research by Sapio Research. The research surveyed 800 consumers and 375 senior business decision-makers with authority in their B2B finance departments, across the UK, Germany, France and the Netherlands. Across the board, there was majority consensus…
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Target Group has announced a new partnership with Atto to use its open banking solution. Target Group has enhanced its Mortgage Hub originations platform by using real-time transaction data from Atto. Atto, which rebranded earlier this year from DirectID, is working with Target Group to provide real-time open banking information and deliver instant insights into…
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Jaja Finance has announced it has become one of the first UK fintechs to launch a Generative Artificial Intelligence (Gen AI) chat assistant using Anthropic’s state-of-the-art Claude 3 model family, accelerating the fintech’s journey to becoming the UK’s leading digital lender. The new service, ‘Airi’, uses Amazon Bedrock, a fully managed service from Amazon Web…
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