33 min
News Update: Trust in BNPL, AI Performance and Consumer Duty Challenges Credit Shift
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- Technology
In this episode, Paul Sweeney (CSO) and Cormac O'Neill (CEO) discuss recent news stories and trends in the credit industry. They provide updates from their recent attendance at a financial PEVC All Things Funding Summit in London.
The conversation covers topics such as Customer Duty and the need for early warning systems, the closing gap in performance between OpenAI and other models, the growing significance of brand and trust in borrowing decisions, concerns and challenges of Buy Now Pay Later (BNPL) schemes, and the impact of AI on the contact center industry.
Takeaways
The BNPL part of the credit industry is seeing a shift towards the importance of brand and trust in borrowing decisions, alongside interest rates.
Buy Now Pay Later schemes are gaining popularity, especially among younger customers, but there are concerns about their impact on vulnerable groups and the need for regulation.
AI is having an impact on the contact centre industry, reducing the need for new agents and increasing efficiency. However, there is still a need for trained personnel to handle complex cases.
The adoption of AI in the credit industry is a gradual process, but it is expected to have a significant effect in the future.
Chapters
00:00 Introduction and Updates
01:03 Financial PEVC All Things Funding Summit
06:54 OpenAI Gap Closing
10:25 The Significance of Brand and Trust in Borrowing Decisions
12:19 Concerns and Challenges of Buy Now Pay Later
Sources
https://www.credit-connect.co.uk/news/bnpl-three-times-as-popular-as-pay-day-loan-lending/
https://synthedia.substack.com/p/inflection-reveals-a-new-model-rivaling
https://fintech.lenvi.com/consumer-borrowing-report-2024?
https://www.nojitter.com/contact-center-customer-experience/ai%E2%80%99s-impact-contact-center-staffing-%E2%80%93-bittersweet-update
In this episode, Paul Sweeney (CSO) and Cormac O'Neill (CEO) discuss recent news stories and trends in the credit industry. They provide updates from their recent attendance at a financial PEVC All Things Funding Summit in London.
The conversation covers topics such as Customer Duty and the need for early warning systems, the closing gap in performance between OpenAI and other models, the growing significance of brand and trust in borrowing decisions, concerns and challenges of Buy Now Pay Later (BNPL) schemes, and the impact of AI on the contact center industry.
Takeaways
The BNPL part of the credit industry is seeing a shift towards the importance of brand and trust in borrowing decisions, alongside interest rates.
Buy Now Pay Later schemes are gaining popularity, especially among younger customers, but there are concerns about their impact on vulnerable groups and the need for regulation.
AI is having an impact on the contact centre industry, reducing the need for new agents and increasing efficiency. However, there is still a need for trained personnel to handle complex cases.
The adoption of AI in the credit industry is a gradual process, but it is expected to have a significant effect in the future.
Chapters
00:00 Introduction and Updates
01:03 Financial PEVC All Things Funding Summit
06:54 OpenAI Gap Closing
10:25 The Significance of Brand and Trust in Borrowing Decisions
12:19 Concerns and Challenges of Buy Now Pay Later
Sources
https://www.credit-connect.co.uk/news/bnpl-three-times-as-popular-as-pay-day-loan-lending/
https://synthedia.substack.com/p/inflection-reveals-a-new-model-rivaling
https://fintech.lenvi.com/consumer-borrowing-report-2024?
https://www.nojitter.com/contact-center-customer-experience/ai%E2%80%99s-impact-contact-center-staffing-%E2%80%93-bittersweet-update
33 min