News Update: How AI is Disrupting Traditional Industries AI's Role in Transforming Financial Services
SummaryIn this episode of Credit Shift News, Paul Sweeney and Cormac O'Neill discuss the latest trends in the credit industry, focusing on:The impact of AI and digitalisation in collectionsThe challenges faced by small businesses due to late paymentsThe growing popularity of Buy Now Pay Later services among young consumersThe role of automation in customer serviceThe evolving trust in financial services, emphasising the importance of a seamless checkout experienceTakeawaysAI is becoming a key focus in the collections industry.Digitalization remains crucial for financial services companies.Late payments significantly impact small businesses' cash flow.Buy Now Pay Later services are increasingly popular among young consumers.Education on credit is essential for younger generations.AI is set to disrupt both finance and entertainment sectors.Trust in financial services is shifting towards digital providers.Automation can enhance customer service efficiency.The checkout experience is critical for customer satisfaction.Buy Now Pay Later usage is rising in grocery purchases, indicating economic stress.