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Key Takeaways
The credit industry is undergoing a significant shift towards the integration of AI and digitalisation, becoming a major topic at conferences and among financial services firms.
Younger generations exhibit considerable trust in buy now, pay later (BNPL) services, indicating a notable change in consumer confidence compared to traditional banking institutions.
The UK government is tackling the issue of late payments affecting small businesses, which costs around £22,000 annually and contributes to company closures.
There is growing concern regarding young consumers' reliance on BNPL services for essential purchases, such as groceries, highlighting potential financial instability.
A stark contrast exists between the advertised zero-interest rates of BNPL services and the significant costs incurred through late fees, which can burden consumers if payments are missed.
The BNPL market is projected to grow at a compound annual growth rate...
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