DEMSA Summary: DEMSA update: Credit Union & Community Banking / AI / Customer Service week / Economic Abuse / Collaborations / Training / Events

Summary – Read the full update here (including all the links & more)

This weeks update delves into topics such as economic abuse, open banking, and the use of AI in customer service. Additionally, highlighting upcoming events and training opportunities related to vulnerability management and the Consumer Duty.

Key Points

Key Points

  1. The potential impact of falling house prices and rising interest rates on homeowners.
  2. An increase in the national living wage to £11 per hour in the tax year 2024/25.
  3. The issue of energy firms holding £8.1 billion of customers’ money is highlighted, emphasizing the importance of refunds and customer protection.
  4. Debt packager websites and their compliance with new regulations.
  5. The challenges faced by individuals with dementia in managing their finances and the need for dementia-friendly financial services.
  6. Updates on the Credit Union and Community Banking event scheduled for December 12, 2023, are provided.
  7. The focus on economic abuse and its impact on vulnerable consumers is discussed.
  8. The role of AI and automation in improving customer service and financial inclusion is explored.
  9. Upcoming industry events, including the Credit Strategy Collections & Vulnerability Summit and the MALG conference, are highlighted.
  10. The document mentions the availability of vulnerability training aligned with the Consumer Duty and mental health support.

Key Statistics

  1. Approximately 400,000 borrowers are on fixed-rate deals set to finish by the end of the current year.
  2. Energy firms held £8.1 billion of customers’ bill overpayments at the start of 2023.
  3. OVO Energy Limited had to refund and compensate 10,987 customer accounts, resulting in a total package of £2,001,755.
  4. There are 850,000 people living with dementia in the UK.
  5. Deloitte predicts an average growth rate of 30% year-on-year from AI.
See also  DEMSA Summary: FIN073 / PS24-2 / AI / Collaborations / Events

Key Takeaways

  1. Rising interest rates and falling house prices could impact homeowners’ finances significantly.
  2. The increase in the national living wage to £11 per hour will affect income levels.
  3. Energy firms holding substantial amounts of customers’ money highlight the importance of timely refunds.
  4. Compliance with new regulations is crucial for debt packager websites.
  5. Dementia-friendly financial services are necessary to support individuals with dementia.
  6. Collaborations among regulators aim to enhance consumer protection.
  7. Economic abuse awareness and prevention are essential for vulnerable individuals.
  8. AI and automation play a significant role in improving customer service.
  9. Upcoming industry events provide opportunities for networking and learning.
  10. Vulnerability training aligned with the Consumer Duty addresses critical industry needs.
  11. Open banking solutions can help individuals manage their finances effectively.
  12. Plain Numbers’ role in communicating financial data is highlighted as a valuable resource.

Access all the updates here

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