Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has initiated a review into the impact of artificial intelligence (AI) on retail financial services. Sheldon Mills, an outgoing FCA executive, will explore how AI could reshape markets and consumer behaviour. While AI may enhance financial management, Mills warned of potential risks, including biased decision-making and increased fraud. AI is…
Read more
New research from American Express has found that nearly a third (29%) of adults either plan to, or will consider using, AI assistants and tools when they shop this year, rising to nearly four in ten (37%) for younger consumers aged 18-34. American Express says that for younger consumers, AI is rapidly becoming woven into…
Read more
Lloyds Banking Group research has shown that more than 28 million (56% of UK population) adults are now turning to Artificial Intelligence (AI) to help manage their money. ChatGPT is referenced as the most popular platform, used by six out of ten. With more than half of people who use AI employing it for budgeting,…
Read more
Most banks and financial service providers in the UK are now using artificial intelligence (AI) to power their services, according to new research from CRIF. Six in ten (62%) finance professionals, rising to over two-thirds of banking professionals (68%) specifically, report that their company is already using AI, with one in five (19%) saying that…
Read more
The vast majority of businesses using AI say the technology has helped them to boost their productivity and profitability according to new research from Lloyds’ Business Barometer. The data showed that of the 59% of UK companies currently using AI, more than three quarters say it has improved their productivity (82%) or profitability (76%). Productivity…
Read more
New research from Uswitch has found that nearly a quarter of entrepreneurs (23%) are pushing back against the use of Artificial Intelligence (AI) in their small businesses. Among the 29% who see AI as a threat, over half (52%) say they fear it could replace their jobs. When asked what’s influencing their stance, 27% of…
Read more
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…
Read more
New research from Microsoft has found that businesses and public sector organisations with clear AI strategies are significantly outperforming those without. The study, led by Dr Chris Brauer at Goldsmiths, University of London, reveals that the highest performing businesses and most productive public sector organisations have a clear AI strategy in place and are preparing…
Read more
New research by by Sidetrade and PwC France and Maghreb hs found that 80% of companies are investing in Artifical Intelligence (AI) to improve cash flow despite budget cuts. The research revealed a significant shift in investment and renewed boldness within the finance function, driven by a sharpened emphasis in 2024 on cash flow generation…
Read more
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…
Read more
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…
Read more
2.4 million business leaders could be left behind by the advances in Artificial Intelligence (AI), posing a huge economic risk to the UK recent findings from Be the Business have found. The analysis found that over half of SMEs say AI is not being used in their business, with just below half saying they have…
Read more
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…
Read more