News Update: Rising Costs, Generative AI, and the CEO Perspective

Credit Shift

This week, we have our co-host, Webio CEO Cormac O’Neill, back with us to explore recent news stories, events, reports, and trends in the credit industry. As we navigate the highs and lows of the credit industry.

Listen in as we unpack the impact of record-breaking wage growth in the UK, the surge in rental costs, and the worrying increase in tenants with only a month's worth of savings. We also analyse the repercussions of the year's energy cost surges and explore the UK government's initiative to ensure fee-free access to ATMs for all. Additionally, we discuss the importance of data for utility companies and delve into the world of embedded finance.

We explore the potential and risks of generative AI in organizations, drawing from research by McKinsey and highlighting companies already reaping its benefits. We also discuss the potential of co-piloting offers and the advantages of niche companies investing in generative AI.

The episode concludes with an insightful CEO perspective on the credit business, the current state of the industry, and an exciting sneak peek into our next guest interview. Tune in for this thought-provoking conversation that delves into the heart of the credit industry and its digital transformation.

Sources:

https://www.theguardian.com/money/2023/aug/22/third-of-working-tenants-in-england-lack-savings-to-pay-rent-if-they-lose-job

https://www.credit-connect.co.uk/news/13-million-homes-didnt-turn-on-heating-when-cold-last-winter/

https://www.creditstrategy.co.uk/latest-news/government-sets-out-free-access-to-cash-framework

The Paypers Embedded Finance and Banking as a Service Report 2023: https://thepaypers.com/reports/embedded-finance-and-banking-as-a-service-report-2023/r1263680

https://www.apple.com/newsroom/2023/08/apple-cards-savings-account-by-goldman-sachs-sees-over-10-billion-usd-in-deposits/

The State of AI in 2023: Generative AI’s Breakout Year:

https://www.mckinsey.com/capabilities/quantumblack/our-insights/the-state-of-ai-in-2023-generative-ais-breakout-year

https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier#business-value

For more information visit:

Webio.com

This podcast is produced in partnership with Podlad.com