News Update: The Job of Generative AI, Deepfakes and Cheapfakes, and Mortgage Arrears and Direct Debit Rejections (DDR’s)

In this podcast featuring Paul Sweeney and Cormac O'Neill, the conversation revolves around recent developments in the credit industry, customer trends, and technological advancements, particularly in conversational AI.

They kick off by discussing the relief that January's anticipated loan delinquencies didn't materialise as feared, suggesting an improvement in people's financial management. They also touch upon the increased demand for debt advice, with a noticeable uptick in searches related to scams, debt relief, and bankruptcy, indicating growing public concern over financial security.

Mortgage arrears and cost of living: The hosts transition to industry-specific insights, highlighting a significant rise in mortgage arrears and direct debit rejections, signalling a worsening financial situation for many. This observation contrasts with their initial optimism, pointing to underlying economic pressures on consumers. The discussion further delves into the cost-of-living crisis, noting that a significant portion of families end the month with little to no disposable income, underscoring the escalating financial strain on households.

Gartner weigh in on GenAI: Attention then shifts to technological advancements, particularly in conversational AI and its application within customer service sectors. They reference Gartner's forecasts on the rapid adoption and transformative impact of generative AI on customer service roles, projecting a substantial reduction in the need for human agents due to efficiency gains from AI integration.

Deepfake and Cheapfake: The conversation also explores the emerging threats of deepfakes and sophisticated scams, emphasising the need for financial institutions to bolster security measures against such frauds. The hosts advocate for enhanced communication strategies and technological safeguards to protect consumer data and financial assets.

Human and Digital Agent Collaboration: Finally, the discussion highlights a scholarly article on the collaboration between human and digital employees, suggesting that transparent and effective communication between AI and human agents can significantly enhance customer satisfaction and service delivery.

Throughout, Paul and Cormac emphasise the dynamic interplay between technological innovation, customer service improvement, and the ongoing challenges posed by the financial pressures on consumers, underscoring the need for strategic adaptation and proactive measures in addressing these complex issues.

Sources

https://www.credit-connect.co.uk/news/mortgage-arrears-rose-in-fourth-quarter-of-2023/

https://www.credit-connect.co.uk/news/demand-for-debt-advice-service-surged-34-in-first-week-of-2024/

https://www.credit-connect.co.uk/news/average-family-energy-bills-have-risen-by-63-since-2021/

https://www.gartner.com/en/newsroom/press-releases/2023-07-31-gartner-says-conversational-ai-capabilities-will-help-drive-worldwide-contact-center-market-to-16-percent-growth-in-2023

https://www.pindrop.com/deepfake

https://journals.sagepub.com/doi/10.1177/10946705241229419