Auto lenders are incorporating artificial intelligence into their processes to improve customer service automation and credit decisioning while eyeing uses for underwriting. Subprime auto lenders can use AI to ensure staff and resources are assigned to tasks that help navigate affordability challenges, operational costs and credit risk, Harvey Singh, chief operating officer at Veros Credit, said during a…
The UK has become a nation which is dependent on the data provided by comparison sites but is this such a good thing? Gone are the days of sitting with a phone book, ringing round all the insurance companies yourself. The internet made collecting quotes easier, but it still required visiting many different providers. Enter…
Union Bank October 2, 2023 At Union Bank, we think making investing accessible to everyone, regardless of your background or experience. That’s why we’re excited to launch our next generation investment management app! This easy-to-use app makes managing your investments simple, approachable and enjoyable. In fact, you can start investing with as little as 10…
Krishan Shah, Phil Bunn and Marko Melolinna An important way in which monetary policy impacts the economy is through its effects on the capital expenditure of firms. When policy rates are raised (and as long as risk-premia remain unchanged) firms’ cost of capital increases. A higher cost of capital should lead firms to increase their…
Citizens Bank is investing in its API infrastructure, migrating operations to the cloud and teaming up with vendors to ready its operations for impending open banking regulations expected to be finalized in the United States in the fall. “We have been investing in this for over three years,” Michael Ruttledge, chief information officer and head…
Bank account numbers are an integral part of banking and are issued to you when you open a new account. However, bank account numbers do much more than just provide you with a number to use! Check out our comprehensive guide to bank account numbers below and learn what they do and how they do it!…
Union Bank October 30, 2023 Cold weather and snow can damage not only the structure of your home but also wreak havoc on your utility bills. In order to avoid high energy costs and expensive repairs, homeowners should take steps to winterize their homes each year. Whether you are new to Vermont and New Hampshire,…
Vania Esady and Stephen Burgess A summary measure for UK households’ resilience High levels of household debt have been shown to amplify recessions. For example, in the global financial crisis (GFC), UK households with more debt tended to cut back their spending disproportionately, amplifying aggregate demand effects and potentially making the recession worse. High levels…
Grasshopper Bank has reduced manual reviews in its onboarding process by 57% through fintech Alloy’s risk-management solution. The bank implemented Alloy’s Identity Risk Solution in March 2022. At the time, 20% of its applications were reviewed manually to monitor for fraud, Lauren McCollom, head of embedded finance at Grasshopper, told Bank Automation News. With Alloy’s…
The Department for Work and Pensions (DWP) oversees benefits and pensions in the UK. As part of their oversight and to check if the correct amount of funds are being sent to individuals and prevent fraud, the DWP can and do run checks on bank accounts. While this process worries some, understanding the reasons behind…
