Credit, Collections & Insolvency News
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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With the rise of artificial intelligence (AI) and machine learning, the way consumer loans have been offered and priced has been quietly revolutionised, opening up opportunities for more consumer-centric, personalised products. As a data scientist and advanced analytics consultant to the banking industry, I’m fascinated by modern AI tools and their ability to give pricing committees a much deeper view of their…
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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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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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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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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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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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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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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 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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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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