Credit, Collections & Insolvency News
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…
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New research from the LSB (Lending Standards Board) has revealed significant disparities in customers’ experiences across financial services providers’ ‘webchat’ services – including key differences in experience between webchats supported by AI tools and by humans. The LSB’s study, carried out by ESA Retail, was conducted via 190 mystery shopping customers, who were asked to…
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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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Banks are accelerating their investment in trade finance technology to unlock growth, according to research by FIS. The research found that over the next 12 months, 55% of global banks surveyed plan to increase spending on their trade finance platforms. For all survey respondents, key priorities include improving operational efficiency (28%), enhancing customer experience (28%),…
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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…
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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 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…
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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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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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Consumers who are using digital financial management tools report being on average £37.08 better off per month, or £445 better off per year, compared to pre-adoption according to new research released by Tink. The research comes at a time when an estimated three quarters (75%) of consumers surveyed across the UK say they are mindful…
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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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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…
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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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