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Developments in the Credit Industry, Reports and AI Trends in Customer Engagement

Developments in the Credit Industry, Reports and AI Trends in Customer Engagement

Paul Sweeney | Chief Strategy Officer
Credit Shift podcast on Spotify Credit Shift podcast on Apple 
 

Paul Sweeney, Co-Founder and Chief Strategy Officer at Webio, discusses the top stories effecting the credit and finance sector this week.

Section 1: General Industry News

  • UK Inflation Update: Inflation fell by more than 2% between September and October, with a current rate of 4.6%. Despite this, overall price levels are still 16% higher than in October 2021.
     
  • UK Mortgage Trends: UK Finance reports an 18% increase in residential mortgage arrears and a 29% rise in buy-to-let mortgage arrears in Q3 of 2023.
     
  • Irish Household Debt: Economist Dan O’Brien notes a decrease in Irish household debt in 2022, with annual disposable income now exceeding outstanding debt, a significant change from the 2007-2011 period.

Section 2: BNPL, FinTech, and Related

  • A16z’s New Tax Venture: The US VC firm backs a new AI-first tax solution aimed at accounting and tax consulting firms, promising faster and more accurate tax compliance.
      
  • Irish Banks vs. Instant Payments: Irish banks end a venture to compete in instant payments, conceding the space to companies like Revolute and Wise.

Section 3: Reports on Customer Experience

  • KPMG’s Customer Experience Report: Highlights a 3.8% decline in UK customer experience to pre-COVID-19 levels, with empathy dropping by 6.4%. First Direct's "dot the bot" initiative in autonomous banking is a notable example of using AI to enhance customer experience.
      
  • Forrester Research on Chatbots: Emphasizes the importance of conversational design, intelligent routing using intents, embracing next-generation conversational AI, and continuous evaluation for effective chatbot implementation.

Key Takeaways:

  1. AI Assistants Boost Customer Experience: Implementing AI assistant strategies leads to higher customer experience scores.
      
  2. AI’s Role Across the Customer Journey: AI's versatility is evident in its applications across all stages of the customer journey.
      
  3. AI Alignment with Business Models: Aligning AI with value streams and networks can transform business operations and customer value delivery.
     
  4. Conversational AI’s Evolution: Success in conversational AI requires attention to design, routing, ongoing advancements, and continuous performance evaluation.

Recommendation: Review these reports for insights on integrating AI and effective design into customer experience strategies.

Sources 
https://www.creditstrategy.co.uk/latest-news/price-cap-forecast-to-rise-by-five-percent
https://www.credit-connect.co.uk/news/landlords-and-homeowners-mortgage-arrears-rises/
https://fuse-uploads-public.s3.eu-west-2.amazonaws.com/fuse-vulnerability-report.pdf
https://www.blackore.ai/articles/black-ore-emerges-from-stealth-with-60-million-funding
https://assets.kpmg.com/content/dam/kpmg/uk/pdf/2023/11/cee-uk-report-2023.pdf
https://www.forrester.com/blogs/people-avoid-chatbots-heres-how-your-company-can-make-its-bot-better/

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