How do you know when it’s time to make your next big career move? With International Women’s Day around the corner, we are excited to feature Avni Patel Thompson, Founder and CEO of Milo. Avni is building technology that directly supports the often overlooked emotional and logistical labor that falls on parents—especially women. Milo is an AI assistant designed to help families manage that invisible load more efficiently. In this episode, Avni shares her journey from studying chemistry to holding leadership roles at global brands like Adidas and Starbucks, to launching her own ventures. She discusses how she approaches career transitions, the importance of unpleasant experiences, and why she’s focused on making everyday life easier for parents. [01:26] Avni's University Days and Early Career [04:36] Non-Linear Career Paths [05:16] Pursuing Steep Learning Curves [11:51] Entrepreneurship and Safety Nets [15:22] Lived Experiences and Milo [19:55] Avni’s In Her Ellement Moment [20:03] Reflections Links: Avni Patel Thompson on LinkedIn Suchi Srinivasan on LinkedIn Kamila Rakhimova on LinkedIn Ipsos report on the future of parenting About In Her Ellement: In Her Ellement highlights the women and allies leading the charge in digital, business, and technology innovation. Through engaging conversations, the podcast explores their journeys—celebrating successes and acknowledging the balance between work and family. Most importantly, it asks: when was the moment you realized you hadn’t just arrived—you were truly in your element? About The Hosts: Suchi Srinivasan is an expert in AI and digital transformation. Originally from India, her career includes roles at trailblazing organizations like Bell Labs and Microsoft. In 2011, she co-founded the Cleanweb Hackathon, a global initiative driving IT-powered climate solutions with over 10,000 members across 25+ countries. She also advises Women in Cloud, aiming to create $1B in economic opportunities for women entrepreneurs by 2030. Kamila Rakhimova is a fintech leader whose journey took her from Tajikistan to the U.S., where she built a career on her own terms. Leveraging her English proficiency and international relations expertise, she discovered the power of microfinance and moved to the U.S., eventually leading Amazon's Alexa Fund to support underrepresented founders. Subscribe to In Her Ellement on your podcast app of choice to hear meaningful conversations with women in digital, business, and technology.…
Welcome to Credit Shift, the podcast that dives into the challenges and opportunities, tools, and strategies shaping the world of credit, digital debt collection, and digital transformation. Brought to you by Webio.com, Credit Shift explores key industry trends and innovations, featuring insights from Webio experts and industry leaders. Whether you're navigating AI in collections, customer engagement strategies, or the future of digital debt collection, this podcast is your go-to resource for staying ahead.
Welcome to Credit Shift, the podcast that dives into the challenges and opportunities, tools, and strategies shaping the world of credit, digital debt collection, and digital transformation. Brought to you by Webio.com, Credit Shift explores key industry trends and innovations, featuring insights from Webio experts and industry leaders. Whether you're navigating AI in collections, customer engagement strategies, or the future of digital debt collection, this podcast is your go-to resource for staying ahead.
In this episode of Credit Shift , Mark Oppermann and Graham Bragg chat about the often overlooked power of SMS in digital debt collection and customer engagement. While it might be one of the older technologies in the mix, SMS still has loads to offer – and many businesses aren't using it to its full potential. They dig into how personalisation, automation, and AI can take SMS beyond the basics, helping businesses create smarter, more effective conversations. There’s also a reminder that compliance is key when it comes to messaging strategies. With its broad reach and low costs, SMS remains a seriously effective tool, especially for the debt collection industry. Mark and Graham wrap up by sharing what’s next for SMS, including rich business messaging and other exciting updates on the horizon. Key Takeaways SMS is still one of the most underused channels for customer engagement. Younger generations? They’d much rather get a message than answer a phone call. Adding a personal touch to your SMS can make a big difference in how people respond. Automation helps keep those conversations flowing smoothly without adding extra work. AI can take SMS to the next level—making it smarter and keeping things compliant. It’s affordable, easy to use, and works on pretty much any mobile phone. People aren’t as fed up with SMS as they once were—message fatigue has really eased off. Hooking SMS up to your backend systems makes for a much smoother customer journey. Real-time messaging means customers get what they need, right when they need it. And looking ahead? Rich business messaging is set to make SMS even more powerful.…
In this episode of Credit Shift , we dive into the world of AI in debt collection. They break down the key differences between custom language models and large language models, tackling the big question—why does it matter? The conversation gets into the challenges of using AI in regulated industries, the importance of truly understanding customer intent, and where AI is headed in customer interactions. We also chat about why one-size-fits-all AI doesn’t cut it in debt collection and how tailored solutions can boost efficiency and compliance. Key Takeaways: Custom language models are built for specific industries, making them more accurate and reliable. Large language models can sometimes miss the mark, generating irrelevant or incorrect responses. AI improves customer interactions by recognizing intent and understanding context. Industry-specific training is essential to ensure AI provides meaningful and compliant responses. AI hallucinations can be risky, especially in finance, where accuracy is critical. Recognsing customer vulnerabilities is key to ethical and effective debt collection. AI isn’t a magic fix —it’s a tool that needs the right setup and oversight. The future of AI includes smarter features like conversational summaries and co-pilot assistance. Tailored AI models can dramatically cut down failed conversations in debt collection. Keywords AI, debt collection, custom language models, large language models, digital transformation, finance, generative AI, digital debt collection, NLP, compliance Watch On YouTube https://youtu.be/rqjK9lhXFSM…
In this episode of Credit Shift, Mark Oppermann and Graham Bragg discuss the future of AI in digital debt collection, focusing on the advancements expected by 2025. They explore the lessons learned from 2024, the role of AI in enhancing customer experience, and the importance of understanding AI's capabilities and limitations. The conversation also delves into the impact of conversational summaries and co-pilots, navigating compliance and vulnerability detection, and the overall future of AI in the industry. This episode refers to the webinar that goes into more detail on AI and Digital Debt Collection in 2025. To Watch Webinar On-Demand https://www.webio.com/webinar/winning-in-2025-ai-digital-debt-collection-strategies-that-work Takeaways The use of custom language models is essential in debt collection. AI can significantly increase the number of conversations handled by agents. AI will enhance sentiment analysis in conversations. Customers prefer digital channels when interactions are well-designed, leading to higher engagement & better payment outcomes. The focus should be on improving customer experience through AI. Automation will lead to more personalised customer journeys. AI is not a replacement for agents but a tool to assist them. Understanding AI's limitations is crucial for effective implementation. Conversational summaries will improve agent efficiency. Compliance and vulnerability detection are key concerns in AI deployment. Businesses should build AI in layers – start simple, measure success, and scale gradually to avoid costly mistakes. Keywords AI, digital debt collection, digital transformation, customer experience, conversational AI, compliance, vulnerability detection, automation, sentiment analysis, technology trends…
In this episode of Credit Shift News, Paul Sweeney and Cormac O'Neill discuss the latest trends and challenges in the credit industry, focusing on scams, consumer protection, cybersecurity, council tax collection, AI adoption in financial services, and the evolving landscape of fraud. They highlight the importance of security and compliance in financial institutions and the need for innovative approaches to tackle these issues effectively. Takeaways Scam victims are gaining new protections with reimbursement arrangements. The rise in customer complaints in utility companies indicates a need for better service. Cybersecurity is a critical concern for all companies, especially in finance. Council tax collection processes need a radical overhaul to be more consumer-friendly. AI adoption in finance is rapidly increasing, with significant implications for the industry. Fraudsters are increasingly using social engineering tactics to manipulate individuals. The majority of authorized fraud cases are originating from social media platforms. Consumers must be vigilant and aware of the latest scams and fraud tactics. Financial institutions are under pressure to enhance their fraud prevention measures. The future of finance may involve more autonomous systems driven by AI.…
Summary In 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 collections The challenges faced by small businesses due to late payments The growing popularity of Buy Now Pay Later services among young consumers The role of automation in customer service The evolving trust in financial services, emphasising the importance of a seamless checkout experience Takeaways AI 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.…
Summary In this episode of Credit Shift News, Paul Sweeney discusses recent trends and reports in the credit industry, focusing on customer experiences in mortgage queries, the rise of buy-now-pay-later debts, and the transformative role of AI and generative AI in financial services. He highlights the importance of data management for successful AI implementation and the potential benefits of AI in improving operational efficiency and customer satisfaction. Takeaways 42% of homeowners prefer phone calls for mortgage queries. Buy-now-pay-later debts for smaller amounts increasingly common. Economic abuse in joint mortgages affects many women. AI is revolutionizing customer engagement in financial services. The generative AI market in finance is projected to grow significantly. AI can lead to substantial reductions in operational costs. Customer satisfaction can improve with AI-driven solutions. Data organization is essential for effective AI deployment. AI can enhance productivity and reduce handling times. Digital interactions often result in more accurate customer information. Chapters 00:00 Introduction to Credit Shift News 01:10 Customer Experience in Mortgage Queries 03:07 The Impact of Buy-Now-Pay-Later Debt 06:02 AI Innovations in Financial Services 09:12 Generative AI's Role in Credit and Collections 11:55 Data Management Challenges in AI Implementation Sources https://www.credit-connect.co.uk/news/one-in-five-borrowers-say-technology-is-falling-short/ https://www.credit-connect.co.uk/news/domestic-abusers-weaponising-joint-mortgages-against-750000-women/ https://www.researchandmarkets.com/reports/5998921/generative-ai-in-financial-services-market-size ? https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/the-promise-of-generative-ai-for-credit-customer-assistance…
In this conversation, Paul Sweeney and Cormac O'Neill discuss various topics related to the financial industry, including the increase in inquiries handled by the Citizens Advice Bureau, the decline in cash machine usage, and the challenges and benefits of implementing AI in organizations. They also touch on Apple's upcoming update and the potential impact of OpenAI's ChatGPT 5.0. The conversation concludes with a discussion on the importance of data quality and the time it takes for organizations to realize the benefits of AI. Takeaways The Citizens Advice Bureau in England and Wales saw a 10% increase in inquiries, indicating a rise in inbound customer interactions. Cash machine usage is declining, with a 7.7% decrease in transactions and a 5.2% decrease in the number of machines. Apple's upcoming update may introduce new AI features that could redefine how users interact with technology. Implementing AI in organizations can help improve productivity and customer service, but it requires overcoming technical debt, acquiring AI skills, and addressing data quality issues. The expectations surrounding AI technology, fueled by massive fundraisers like OpenAI's, need to be tempered with the understanding that AI implementation takes time and effort. Sound Bites "A 10% increase in inquiries means that people are going to see even higher volumes of inbound inquiries in the following year." "The decrease in cash machines indicates a move to other forms of interactions like digital on mobile apps." "Apple's new features could signal the birth of a real assistant, not just Siri, creating another layer between companies and their end users." Chapters 00:00 Introduction and Summer Break 00:53 Rise in Inquiries and Decline in Cash Machine Usage 06:25 Apple's Upcoming Update and the Potential of AI 12:20 Challenges and Benefits of Implementing AI in Organizations 19:52 The Importance of Data Quality in AI 24:11 Managing Expectations in the AI Industry Sources https://www.apple.com/apple-intelligence/ https://linas.substack.com/p/fintechpulse695? https://www.publicissapient.com/insights/banking-actionable-genai-report…
In this episode of Credit Shift, Paul Sweeney (Webio CSO) highlights the profitability of UK neobanks, Monzo and Starling Bank, as well as online bank Revolut. Paul also mentions the importance of credit monitoring and the potential benefits for companies to offer such services for free. Paul then discusses Apple's withdrawal from the buy now pay later market and its focus on AI with the launch of Apple Intelligence. Sweeney explores the potential impact of AI assistants connected to Apple Wallet and the need for privacy and user experience. The host also mentions the EU's requirement for Apple to allow other AI services on its platform. Lastly, Paul shares insights from Deloitte's State of AI report, emphasising the challenges and benefits of scaling generative AI in organisations. Takeaways UK neobanks Monzo and Starling Bank have reported profitability, driven by growth in their loan books. Credit monitoring can help consumers manage their credit usage and reach their financial goals. Apple has withdrawn from the buy now pay later market and is focusing on AI with the launch of Apple Intelligence. AI assistants connected to Apple Wallet have the potential to disrupt the financial services industry. The EU has required Apple to allow other AI services on its platform. Scaling generative AI brings challenges related to data security, data quality, and worker trust. Generative AI can lead to both productivity gains and strategic impact in organizations. Chapters 00:00 Profitability of UK Neobanks 02:16 The Importance of Credit Monitoring 02:45 Apple's Focus on AI and Apple Wallet 03:14 The EU's Requirement for Apple 09:04 Challenges and Benefits of Scaling Generative AI Sources https://sifted.eu/articles/monzo-results-2024-news https://sifted.eu/articles/starling-profitability-news https://www.transunion.co.uk/content/dam/transunion/gb/business/collateral/report/transunion-consumer-credit-monitoring-report.pdf https://thepaypers.com/payments-general/shopify-amazon-pay-partnership-to-end--1268875 https://www.fintechbrainfood.com/p/apple-intelligence-worked-open-finance https://www.pymnts.com/artificial-intelligence-2/2024/anthropics-claude-lets-businesses-create-ai-helpers-from-scratch/ https://www2.deloitte.com/content/dam/Deloitte/us/Documents/consulting/us-state-of-gen-ai-report-q2.pdf Produced by: Webio…
This podcast episode covers industry news, fintech developments, and the expected impact of GenAI on the UK competitive landscape. Host, Paul Sweeney (Webio CSO), discusses the rise in UK debt repayments, the cost of living pressures, and the financial vulnerability of millions of people. Paul also explores the development of Stripe over the past 10 years and its new product launches. Additionally, our host delves into a new report from London Business School and the Institute of Directors, assessing the expected impact of GenAI on the UK competitive landscape. Takeaways Rise in UK debt repayments and cost of living pressures Financial vulnerability of millions of people Development of Stripe and its new product launches Expected impact of GenAI on the UK competitive landscape Sources https://www.credit-connect.co.uk/news/rise-in-debt-repayments-continues-to-hit-household-budgets/ https://www.credit-connect.co.uk/news/nearly-1-million-people-only-10-a-week-away-from-poverty/ https://jasshah.substack.com/p/fintech-rr-stripe-growth-product https://www.iod.com/app/uploads/2024/05/IoD-LBS-Policy-Paper-Assessing-the-expected-impact-of-generative-AI-on-the-UK-competitive-landscape-90514166d3cf6e8f4ee9211073a9ae30.pdf…
In this episode, Paul Sweeney (Webio CSO) and Delia Jones (Webio COO) discuss the latest credit and finance stories such as vulnerable customer identification and OpenAI's voice assistant. They also touch on the ethics and privacy concerns surrounding AI and data usage, the scrutiny of payment system regulators, and the potential of on-device computing. Takeaways Identifying vulnerable customers and managing conversations appropriately is crucial in the credit industry. Telecom customers often turn to their service providers for information about debt support. MasterCard and Visa are facing scrutiny over their market dominance and fees. Klarna is using AI to draft legal contracts and its employees are using AI tools for communication and marketing. OpenAI has released an impressive voice assistant, but there are concerns about the ethics and privacy of AI and data usage. Visa is introducing initiatives such as flexible credential, tap to confirm identity, and data tokens to enhance payment experiences. On-device computing and personal AI assistants are becoming more prevalent, but trust and control over data usage are important considerations. Chapters 00:00 Introduction and Webio finalist for Credit Award: "Best Technology Provider – Vulnerable Customer Identification" 01:44 General Industry News: Credit Card Balances and Telecom Customer Debt Support 04:07 Scrutiny of MasterCard and Visa 05:05 Klarna's Use of AI in Legal Contracts and Communication 12:19 Visa's Initiatives to Enhance Payment Experiences 14:14 OpenAI's Impressive Voice Assistant and Ethics Concerns 20:51 The Future of AI and Personal AI Assistants 23:57 Conclusion and Invitation to Explore Webio's Interviews Sources https://www.creditstrategy.co.uk/creditawards/credit-awards-shortlist https://www.credit-connect.co.uk/news/outstanding-balances-on-credit-cards-continue-to-increase/ https://www.credit-connect.co.uk/news/telecoms-customers-turning-to-their-providers-for-debt-advice/ https://www.ft.com/content/e3e6a1d6-f412-4ee7-95af-be95db2c0c37 https://www.celent.com/insights/263739649 Produced by: Webio…
Chris Booth, the product owner for NatWest Group's AI assistant Cora, discusses the accessibility work NatWest has been doing and the journey of improving their conversational AI. NatWest started by building their own front-end chat interface to make Cora more accessible and usable, allowing users to control such aspects as font size and typing speed. They are now also exploring dynamic interfaces and voice for accessibility to create a more fluid and conversational experience. Chris talks about the challenges of using large language models in customer-facing environments and he further explores the concept of language models and their role in AI systems. The speakers go on to discuss the use of prompting in language models and the need for tools to control and assure the quality of the prompt and response. The conversation then looks into the validation and oversight of AI systems and the speakers discuss the limitations and boundaries of LLMs and the potential impact of multimodal inputs. Takeaways NatWest has built their own front-end chat interface to make their AI assistant, Cora, more accessible and usable. Using large language models in customer-facing environments requires careful governance and risk management. There is potential for creating a trans-organisational repository of conversational content to improve customer experiences. Personalised experiences are a key focus for NatWest, and they are exploring ways to leverage AI to provide personalised financial guidance. Version control is a challenge in AI systems and the use of smaller, more focused models can help address this issue. Understanding the limitations and boundaries of language models is important when building an AI assistant. Multimodal inputs have the potential to greatly impact the capabilities of language models. Agencies, startups, and small businesses can focus on fine-tuning and RAG stages to stay competitive in the AI space. Sound Bites "We had big ambitions on making Cora far more accessible and usable." "We're doing really early stages exploring with mobile. How do we create a much more dynamic, flexible interface?" "We're using it in a lot of ways at the moment. And I think what's so fun and interesting being with Cora and retail is we have by far the highest bar of governance and risk standards." "Multiple small models or tiny models will actually allow you to control because you can keep them small, you can keep them local and they'll do the job for you." Chapters 00:00 Introduction to Chris Booth 06:50 The Journey to LLMs 14:53 The Idea of Artificial Sentience 35:19 Understanding the Limitations and Boundaries of Language Models 41:31 The Importance of Continuous Analysis and Fit For more: Webio: https://webio.com Optima Partners: https://optimapartners.co.uk/ NatWest Group: https://www.natwestgroup.com/…
This episode covers the stories in the credit industry that caught our eye, including overdrafts, interest charges on personal loans, universal credit, FinTech, buy now pay later, and open finance. We highlight the high number of people in the UK who are overdrawn and the expensive nature of overdrafts. We also discusses the impact of interest charges on personal loans and the potential benefits of the new universal credit system. In the FinTech space, the episode explores tap-to-pay solutions, buy now pay later services, and technology innovations in payments. Lastly, it covers the opportunities and benefits of open finance for individuals and small businesses. Takeaways Many people in the UK are overdrawn and overdrafts can be an expensive way to borrow. Interest charges on personal loans can add up significantly, especially for those with lower credit scores. The new universal credit system in the UK is expected to benefit workers who rent. FinTech innovations include tap-to-pay solutions and buy now pay later services. Technology advancements in payments can improve the payment process and help small businesses with late payments. Open finance has the potential to improve access to finance for individuals and small businesses. Sound Bites "One in five people in the UK are overdrawn by an average of £697." "A lower credit score could add £2,499 worth of interest on a £3,000 loan." "UK workers who rent are set to be almost £4,000 a year better off with the new universal credit system." Sources https://www.credit-connect.co.uk/news/consumer-spend-1-4bn-on-bank-overdraft-interest-each-year/ https://businessplus.ie/tech/payments-uk/ https://uk.finance.yahoo.com/news/universal-credit-change-money-050028301.html https://cfit.org.uk/wp-content/uploads/2024/02/CFIT-Open-Finance-Blueprint.pdf…
In this podcast episode, Paul Sweeney and Cormac O'Neill cover topics such as company defaults, payment terms, transaction fees, and the adoption of AI in the banking sector. The hosts also explore the concept of Gen AI and its potential impact on various industries. The conversation highlights the importance of trust, ethics, and the human touch in the adoption of AI technologies. Takeaways Company defaults and payment terms are key factors in the credit industry. Visa Card and MasterCard have agreed to cut US transaction fees, which will save merchants billions of dollars. Gen AI has the potential to augment virtually every job in the banking sector. Trust, ethics, and the human touch are important considerations in the adoption of AI technologies. Sound Bites "For every 1% drop in profitability, it could increase payment terms by seven days." "Merchants will be able to charge different prices to customers based on which credit card they use." "LLMs raise the floor, not the ceiling." Sources https://www.theguardian.com/business/2024/apr/05/thames-water-parent-tells-creditors-it-has-defaulted-on-debt https://www.credit-connect.co.uk/drafts/profitability-squeeze-could-extend-business-payment-delays-further/ https://www.irishtimes.com/business/2024/03/26/visa-and-mastercard-agree-30bn-settlement-over-us-transaction-fees/ https://www.credit-connect.co.uk/news/klarna-launches-credit-card-challenge/ https://sytaylor.substack.com/p/generative-ai-word-salads-robinhoods https://reports.jpmorganchase.com/investor-relations/2023/ar-ceo-letters.htm? https://www.americanbanker.com/creditunions/list/banking-on-ai-how-financial-institutions-are-deploying-new-tech…
In this episode, Paul Sweeney (CSO) and Cormac O'Neill (CEO) discuss recent news stories and trends in the credit industry. They provide updates from their recent attendance at a financial PEVC All Things Funding Summit in London. The conversation covers topics such as Customer Duty and the need for early warning systems, the closing gap in performance between OpenAI and other models, the growing significance of brand and trust in borrowing decisions, concerns and challenges of Buy Now Pay Later (BNPL) schemes, and the impact of AI on the contact center industry. Takeaways The BNPL part of the credit industry is seeing a shift towards the importance of brand and trust in borrowing decisions, alongside interest rates. Buy Now Pay Later schemes are gaining popularity, especially among younger customers, but there are concerns about their impact on vulnerable groups and the need for regulation. AI is having an impact on the contact centre industry, reducing the need for new agents and increasing efficiency. However, there is still a need for trained personnel to handle complex cases. The adoption of AI in the credit industry is a gradual process, but it is expected to have a significant effect in the future. Chapters 00:00 Introduction and Updates 01:03 Financial PEVC All Things Funding Summit 06:54 OpenAI Gap Closing 10:25 The Significance of Brand and Trust in Borrowing Decisions 12:19 Concerns and Challenges of Buy Now Pay Later Sources https://www.credit-connect.co.uk/news/bnpl-three-times-as-popular-as-pay-day-loan-lending/ https://synthedia.substack.com/p/inflection-reveals-a-new-model-rivaling https://fintech.lenvi.com/consumer-borrowing-report-2024? https://www.nojitter.com/contact-center-customer-experience/ai%E2%80%99s-impact-contact-center-staffing-%E2%80%93-bittersweet-update…
Alison Dunn, CEO of Citizens Advice Gateshead, discusses the structure and scope of Citizens Advice and the challenges they face in managing a wide range of services. Alison highlights the misconceptions about Citizens Advice being a homogenous group and explains that each local charity within the network is independent and can look and feel different. Alison also emphasises the importance of out-of-hours support and the barriers people face in seeking help and making contact. She shares insights into the complex issues clients bring, the need for empathy and understanding, and the impact of rising costs on household income, including the poverty premium. The conversation explores the factors that contribute to higher expenses for individuals living in poverty, such as insurance costs, limited access to affordable credit, and the inability to afford basic necessities. It also highlights the importance of accessible advice and information for low-income individuals and the challenges faced by advice agencies in providing support. The hosts and guest also look into the impact of debt on mental health and the need for creditors to adopt trauma-informed approaches. Additionally, the role of technology in improving financial services is discussed, with a focus on the potential of AI and automation to enhance customer experiences and support agents. Takeaways Out-of-hours support is crucial in providing assistance to individuals who may not be available during traditional working hours. Barriers to seeking help and making contact include embarrassment, feeling overwhelmed, vulnerability, and having multiple challenges. Digital channels can serve as a door opener, allowing individuals to engage and eventually transition to more meaningful conversations. Rising costs, such as mortgage payments and utilities, have led to an increase in middle-income earners seeking assistance from Citizens Advice. The poverty premium imposes additional costs on low-income households, exacerbating the difficulties of managing on a limited budget. Geographical and demographic factors can lead to higher expenses for individuals living in poverty, including increased insurance costs and limited access to affordable credit. Low-income individuals often struggle to afford basic necessities and may face additional challenges such as higher transportation costs and limited access to supermarkets. Accessible advice and information are crucial for individuals facing financial difficulties, and collaboration between creditors and advice agencies can help ensure support is available. Debt can have a significant impact on mental health, and creditors should adopt trauma-informed approaches to engage with individuals in financial distress. Technology, including AI and automation, has the potential to improve financial services by enhancing customer experiences and providing personalized support. Chapters 00:00 Introduction and Overview 00:52 Structure and Scope of Citizens Advice 03:29 Services Offered by Citizens Advice 04:49 Challenges of Managing a Wide Range of Services 05:44 Importance of Out-of-Hours Support 08:01 Barriers to Seeking Help and Making Contact 09:12 Uncovering Multiple Issues and Root Causes 11:46 Digital Channels as a Door Opener 12:53 Protecting Face-to-Face Services 14:11 Middle-Income Earners Seeking Assistance 21:14 Impact of Rising Costs on Household Income 23:39 The Poverty Premium 27:11 Factors Contributing to Higher Expenses 29:07 Cost of Living for Low-Income Individuals 33:37 Importance of Accessible Advice and Information 36:20 Impact of Debt on Mental Health 37:54 Challenges Faced by Advice Agencies 43:28 Role of Technology in Financial Services…
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