News Update: UK Neobanks' Profit, Apple's AI Move and the Rise of AI in Banking

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.TakeawaysUK 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loan books.Credit monitoring can help consumers manage their credit usage and reach their financial goals.Apple has withdrawn from the buy now pay later market and is focusing on AI with the launch of Apple Intelligence.AI assistants connected to Apple Wallet have the potential to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.Chapters00:00 Profitability of UK Neobanks02:16 The Importance of Credit Monitoring02:45 Apple's Focus on AI and Apple Wallet03:14 The EU's Requirement for Apple09:04 Challenges and Benefits of Scaling Generative AISourceshttps://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