Credit, Collections & Insolvency News
The UK banking sector faces significant job losses as banks invest heavily in artificial intelligence (AI). A report from Juniper Research and Zopa Bank indicates that 27,000 roles, or 10% of the workforce, are at risk by 2030. The industry plans to invest £1.8 billion in generative AI, aiming for productivity gains primarily in back…
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Housing association Thirteen Group has become the first social landlord across England and Wales to introduce Open Banking payments as part of a partnership with PayPoint. The partnership between PayPoint and Thirteen was first established in June 2024. At the core of the partnership is ensuring customers have more control, more choice and a simpler way…
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The winners of the 2025 Credit & Collection Industry Awards have been announced following a live in-person event yesterday (Thursday 22nd May) at the Milner Hotel in York There were eighteen winners (four of which were partnership wins) from the twenty awards categories, which were presented by awards compare’ Brennan Reece. The Credit & Collections…
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Global business and technology leaders are already seeing benefits from the use of AI and automation, with over three-quarters (78%) reporting measurable improvements in the ability to detect fraud and manage risk after their organisation’s integration of the technology, according to research by FIS in collaboration with Oxford Economics. To combat this disharmony, businesses across…
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The Financial Conduct Authority (FCA) has announced that it is seeking views from firms about how its live AI testing service can help them to deploy safe and responsible AI, which will benefit UK consumers and markets. The live testing service would be a new component of the FCA’s AI Lab, which has been supporting…
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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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