Consumers Seek More Bank Support as Debts Mount
- 5 months 1 week ago
- Personal Finance
According to new research, the average British consumer has almost £2,700 of credit card debt, and more than a third have, or contemplated taking out, a payday or short-term loan to cover rising debt costs in the last 12 months. Despite this mounting debt, over a third (39%) of consumers are not using any tools to help manage their spending. Around one in four (26%) are still using manual software such as Microsoft Excel to track their expenses.
Personetics Recognized by Celent as a Global Leader in Personal Financial Engagement (PFE) for Retail Banking
- 5 months 1 week ago
- Personal Finance
Personetics, the global leader in AI-based personalized engagement solutions for financial institutions, has been prominently featured in a new report from leading analyst firm Celent titled "Personal Financial Engagement Solutions for Retail Banking." The report provides an in-depth analysis of the rapidly evolving personal financial engagement (PFE) solution space and the capabilities of 13 vendors.
44% of U.S. Consumers Are Open to AI in Banking – With a Few Caveats
- 5 months 1 week ago
- Personal Finance
U.S. banking customers are warming up to the idea of artificial intelligence (AI), with some parameters, according to a new report released today. The Banking Disruption Index from global digital transformation company GFT finds that 44% of U.S. consumers say they are happy with AI being used within their personal banking experience, as long as banks allow them visibility into how it’s being used. They also have strong opinions about which... more
Consumers Are Crowdsourcing Their Financial Services, While Banks Risk Losing Primary Status
- 5 months 2 weeks ago
- Personal Finance
85% of consumers say they have positive experiences with their primary financial institution (FI), yet they’re using as many tools or services with other financial providers as they are with their primary FI, according to a new study released today by Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc.
SmartSave Launches Two-Year Fixed-Rate Savings Product at 5.06% AER
- 5 months 2 weeks ago
- Personal Finance
SmartSave, part of the UK digital bank Chetwood Financial Limited, has launched a two-year market-leading fixed-rate savings product at 5.06% AER. SmartSave has more than £3.7 billion in direct deposits, and its accounts are fully FSCS protected, with a minimum deposit of £10,000 and a maximum of £85,000. The two-year bond will be available for a limited time only.
U.S. Bank, Greenlight Partner to Bring Financial Empowerment to Families
- 5 months 2 weeks ago
- Personal Finance
U.S. Bank announced today a partnership with Greenlight® Financial Technology, Inc. (“Greenlight”), the leading family fintech company on a mission to help parents raise financially-smart kids, to provide an innovative banking solution for families.
Mastercard’s Holiday Season Recap & 2023 Outlook: Key Trends and Insights
- 5 months 2 weeks ago
- Personal Finance
The 2022 holidays marked another positive season for retail, with consumers continuing to prioritize experiences over physical goods. U.S. retail sales (excluding automotive) increased by 7.6% YOY, according to Mastercard SpendingPulse™. Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment and is not adjusted for inflation. But what should retailers be considering as we move ahead in this uncertain... more
From G's and Ps to Interest and APR, Remitly Reveals the Most Confusing Financial Phrases, Potentially Costing Brits an Estimated £26 Billion During Their Lifetime
- 5 months 3 weeks ago
- Personal Finance
Navigating complex money terms and phrases commonly used in the UK can sometimes feel like decoding a secret language, and when it comes to avoiding money mistakes, checking a dictionary is just as valuable as checking your maths, as new research reveals that being caught out by confusing financial terms has potentially cost people in the UK an estimated £26 billion during their lifetime.
Moneyhub and Teradata Launch Financial AI at Scale to Revolutionise Customer Experiences
- 5 months 3 weeks ago
- Personal Finance
Moneyhub, the market-leading data and payments platform today announces its partnership with Teradata, the global analytics and trusted data platform for AI with the aim of opening up more opportunities for consumer-facing organisations across the UK and EMEA.
In Singapore, Consumers Increasingly Choosing Digital Wallets Over Credit
- 5 months 3 weeks ago
- Personal Finance
Digital wallets are projected to be the most popular payment method in Singapore according to findings in the 2024 Global Payments Report from Worldpay, leading payments technology and solutions company. By 2027, wallets are projected to account nearly S$34 trillion in global transaction value, or 49% of e-commerce and point-of-sale (POS) sales combined. Singapore is expected to account for S$89 billion across POS and e-commerce.
GoHenry Launches Manifesto Urging Next Government to Improve Financial Education in Schools
- 5 months 4 weeks ago
- Personal Finance
GoHenry, the prepaid debit card and financial education app for 6-18-year olds, today announces the launch of its manifesto outlining how the next Government can improve the delivery of financial education in schools.
Pension Savers Call for Transparency and Accountability in AI Practices
- 6 months 5 days ago
- Personal Finance
Pension savers are concerned over the risks Artificial Intelligence (AI) developments by tech giants Alphabet (owner of Google), Meta (owner of Facebook), and Amazon - could pose to society, as well as a lack of online content moderation, a PensionBee survey has revealed.
Building Societies Rank Highest for Customer Satisfaction but Are Failing to Convert Customers as Neobanks Grow Market Share
- 6 months 5 days ago
- Personal Finance
Building Societies are failing to convert high customer satisfaction rates into expanding their customer base, and risk losing market share within the younger demographic to challenger and neobanks with superior digital offerings, according to a new report from Moneyhub. Younger generations show a marked preference for Open Banking and Open Finance enabled interactions and to secure a future, Building Societies must align their offerings with... more
UK Cost of Living Crisis Drives 118% Increase in Prepaid Card Use, With 1 in 4 Users Using Them To Avoid Debt
- 6 months 1 week ago
- Personal Finance
Despite Britain announcing last week that it is officially out of recession, Brits are increasingly turning to prepaid cards and adjusting their spending habits to manage the ongoing cost of living crisis and to avoid debt, according to a new survey conducted by research firm Opinium, commissioned by leading online prepaid payment firm Recharge.
One Third of Savers Expect to Save More This Year
- 6 months 1 week ago
- Personal Finance
Consumers are expecting to save more this year yet are unaware that the interest earned on their savings could result in being eligible to pay tax. Almost a third (31%) of savers are expecting to save more and almost half (44%) expect to save the same. However, according to the latest survey by NatWest, more than one in three (36%) do not know they may be eligible to pay tax on the interest earned on their savings.
