Credit, Collections & Insolvency News
The UK risks developing an AI adoption divide between businesses embedding AI across their operations and those still experimenting with the technology, according to new NatWest research. The study of 1,400 UK SMEs and mid-market businesses found that 44% currently use AI and a further 41% expect to adopt it within five years. However, only…
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Restructuring, turnaround and insolvency professionals have made a good start on using artificial intelligence (AI) to support their work, but significant barriers are holding back wider adoption, according to new research published by R3 in association with Alph4. A new report based on a survey of R3 members and qualitative research with practitioners, legal professionals…
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New analysis from Lloyds Banking Group suggests that while younger adults have the digital know-how, it’s older generations who are using experience to make the most of tech when managing their money. The research showed that more than three in four (76%) 18 to 24-year-olds have used AI for personal finance – making them the…
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More than half (54%) of UK businesses say AI has created new jobs, according to research from the Lloyds Business Barometer, as firms increasingly view AI adoption as central to growth, skills and competitiveness. 58% of businesses say they plan to increase investment in AI to upskill their workforce in the coming year. Of those…
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Three in ten small business owners (31%) say they are already using AI to support their enterprises – although 27% say they either have no plans to use it – and a further 21% don’t regard AI as relevant to their business, according to new research from Novuna Business Finance. Whilst some small businesses see…
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A new Insolvency Service taskforce will target ‘abusive phoenixism’ by company directors. The Insolvency Service will use AI to root out rogue directors who deliberately fold their companies to dodge tax and walk away from their debts. Phoenixism accounted for 22 per cent of the £3.8 billion in total tax losses in 2022-23, according to…
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A new study released by Money Advice Liaison Group (MALG) and AI firm Wyser has outlined how generative AI could reshape the UK’s regulated debt advice landscape, if deployed with precision, humility and human oversight. The new research funded by the Money & Pensions Service (MaPS) highlighted the deep structural complexities, widespread vulnerability and a…
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Confidence in the UK’s ability to regulate fraud has collapsed to a historic low as the payments industry grapples with an explosion in AI-powered attacks, according to a comprehensive three-year analysis revealing the steepest decline in regulatory trust on record. according to analysis by The Payments Association. The research reveals a significant decline in confidence in…
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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…
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Nine in ten businesses (89 %) are looking to solve business problems with AI (Artificial Intelligence) over the next two years, with improving data analysis, forecasting or business intelligence, enhancing customer experience and reducing operational costs cited as the main opportunities according to new research by Barclays. Over the past year, businesses have already invested, on…
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