Credit, Collections & Insolvency News
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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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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