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News Update: Worrying Economic Trends, EU's Digital Identity Mandate & Game Changing AI
Manage episode 383112484 series 3492818
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Paul Sweeney, Co-Founder and Chief Strategy Officer at Webio, and Cormac O’Neill, CEO and fellow founder, delve into the latest developments in the credit industry.
In General Industry News, the hosts discuss the UK economy's lack of growth, reflecting broader trends in the eurozone. A Money and Pensions Service survey reveals that 30% of UK adults missed a payment in 2023, with Credit Card payments being the most common. StepChange Debt Charity identifies a concerning trend as more women seek debt advice, with the rising cost of living being a significant worry, particularly for single parents.
The second section explores BNPL, FinTech, and related news. Klarna's Q3 results showcase a 56% reduction in credit losses as a percentage of Gross Merchandise Value, emphasizing partnerships and innovative features like Klarna Shopping Lens. Affirm Holdings experiences a surge in shares, reporting a 37% jump in net revenue and a narrowing net loss. The European Parliament and Council's consensus on European Digital Identity Wallets marks a pivotal step in streamlining online interactions across the EU. The hosts also spotlight SocialCard from Germany, a balance-based debit card facilitating quick and digital payout of social benefits.
In the AI or Reports Section, the hosts discuss OpenAI's recent updates, including a more sophisticated AI model and customizable digital assistants. They examine the potential impact on businesses, particularly those heavily reliant on Generative AI, and hint at an upcoming special episode to delve deeper into this evolving landscape. As the episode concludes, Credit Shift News and Update leaves listeners with a comprehensive overview of the latest happenings in the credit industry and the evolving role of AI.
Sources:
https://www.nytimes.com/2023/11/10/business/uk-economy-gdp.html
https://www.creditstrategy.co.uk/latest-news/copy-of-gender-gap-revealed-in-debt-crisis-data
Generative AI News Synthedia https://youtu.be/pR16wgglLm4
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