On this week’s episode of News & Views, The Fintech Times Podcast team speak about the fact that despite there being a desire for Generative AI, less than 1 in 10 banks have established a viable roadmap & Tink urging for reduced friction, as 22 per cent of young Brits abandon loan ‘arduous’ application process.
Tom and Polly take a look at what’s new in the fintech world this week, casting their eyes on the current banking landscape and the innovative technology that’s shaping it.
They kicked off the episode by discussing new research from Tink that found friction in loan application and banking onboarding processes is leading young people to abandon their applications and not accessing the financial services available to them. They discuss the careful line that has to be followed when it comes to friction in banking, and how these institutions should attempt to make the most of technology available to them to balance security with ease of access.
Sticking with the banking world, they went on to discuss banks apparent reluctance to establish a Generative AI Roadmap, despite the desire from internal teams. They discussed how traditional institutions are falling victim to their legacy technology holding them back, and how this could be an opportunity for challenger banks to get ahead.
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Read the articles discussed in this episode:
Despite a Desire for Generative AI, Less Than 1 in 10 Banks Have Established a Viable Roadmap
Tink Urges for Reduced Friction, as 22% of Young Brits Abandon Loan ‘Arduous’ Application Process
