The hosts kick off the show by reflecting on Webio's five-plus years as a remote-first organisation in a world increasingly transitioning to remote or hybrid work settings.
Getting back to credit news. We start by discussing significant developments in the general industry, focusing on inflation trends and the challenges faced by consumers in accessing their financial services providers. Vulnerable consumers appear to be disproportionately impacted by the lack of support from financial institutions, which resonates with the discussions at a recent Vulnerability event in the UK.
Moving on to the second section, Paul and Cormac explore the rise of Buy Now, Pay Later (BNPL) services and their implications. The FCA's research reveals that BNPL users are more likely to accumulate credit card debt and use high-cost credit products. In the USA, credit card interest and late fees have reached alarming levels, particularly affecting consumers with low credit ratings.
In the final section, the hosts share insights from a new report by Accenture and Innovate Finance, highlighting the positive impact of UK FinTech firms on the economy. They address key areas, such as financial inclusion, reducing inequality, and tackling remittance fees. However, the report also uncovers challenges, such as low female representation in the FinTech workforce and concerns about identity verification and lending practices. The hosts express interest in having the report authors on the podcast due to their compelling framing of financial issues impacting individuals and communities.
Tune in to Credit Shift News and Update for an informative and engaging discussion about the latest happenings in the credit industry and how these developments affect consumers and businesses alike.
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