Summary

 In this episode of Credit Shift News, Paul Sweeney discusses recent trends and reports in the credit industry, focusing on customer experiences in mortgage queries, the rise of buy-now-pay-later debts, and the transformative role of AI and generative AI in financial services. He highlights the importance of data management for successful AI implementation and the potential benefits of AI in improving operational efficiency and customer satisfaction.

Takeaways

• 42% of homeowners prefer phone calls for mortgage queries.
• Buy-now-pay-later debts for smaller amounts increasingly common.
• Economic abuse in joint mortgages affects many women.
• AI is revolutionizing customer engagement in financial services.
• The generative AI market in finance is projected to grow significantly.
• AI can lead to substantial reductions in operational costs.
• Customer satisfaction can improve with AI-driven solutions.
• Data organization is essential for effective AI deployment.
• AI can enhance productivity and reduce handling times.
• Digital interactions often result in more accurate customer information.

Chapters

• 00:00 Introduction to Credit Shift News
• 01:10 Customer Experience in Mortgage Queries
• 03:07 The Impact of Buy-Now-Pay-Later Debt
• 06:02 AI Innovations in Financial Services
• 09:12 Generative AI's Role in Credit and Collections
• 11:55 Data Management Challenges in AI Implementation

Sources

https://www.credit-connect.co.uk/news/one-in-five-borrowers-say-technology-is-falling-short/

https://www.credit-connect.co.uk/news/domestic-abusers-weaponising-joint-mortgages-against-750000-women/

 https://www.researchandmarkets.com/reports/5998921/generative-ai-in-financial-services-market-size?

https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/the-promise-of-generative-ai-for-credit-customer-assistance