This week we have been talking quite a bit around digital processing and how this can help with the expected wave of economic stress.
The accepted timeframe for this is still around October, and not only in the UK, but in other markets too. If you look closely at the data some of the early signs are there already too.
This graph from the BBC is a good example. You can start to see redundancy notifications already spiking… with the impact waiting to come through.
Digital and digital processing certainly still seems like the hot topic, especially to help with this volume…. 66% of firms are looking to increase automation was reported this week too.
More news on credit cards this week, with a UK Finance report on card spending. One interesting bullet was that consumers seem to be paying off their balances faster than they are spending and building them new ones… this is an interesting dynamic for the industry, one which will need they will need to adjust for if sustained.
Lastly, there were new rumors swirling of to BoE thinking about negative interest rates. Definitely one to stay close to and think about.
Traffic jams are starting, with people clearly outside and in the office last week. It was quite a full week, and like many people, was glad for the weekend, and some warmer weather. The last hurrah before autumn maybe? Observations for the week.
I have definitely been in lockdown too long… tried some hot chilli sauce on a meal out last week and it seemed just really mild… not like the stuff cooked at home… maybe I have been overdoing it with those hot peppers!
My fuel consumption is also starting to increase… filled up the car again… I mean 25 weeks and only 2 tanks used (and this included a trip to Scotland and back)… 2 more weeks and another tank gone…things are starting to change
Workwise, there is more and more concern over economic impacts expected in October… discussion on how to handle this and using this as an opportunity to re-engineer processes for customers were definitely, themes coming through
More this week no doubt… have a good week everyone… @chris_w_tweet
Looking at other markets, many of whom have different government support models that the UK, delinquencies are starting to rise… is this potentially a view into the future for the UK? (it is expected, unfortunately)
Controls were in the news again with a story on Bank signature forgeries… it seemed to disappear as soon as it was reported… but obviously important for the industry that everything is done to ensure this sort of thing does not happen
There were also some interesting statistics from ONS on the impact of COVID on the economy. They really show the polarised impact of lockdown on different sectors in society.
Food and Accommodation, the impact has been dramatic, hard and sustained, but other sectors seem to have been only lightly impacted…. Public sector hardly at all, with minimal impact in financial services.
All of this points to a lopsided impact and recovery. This is against a background of rising cases again remember too.
Of course, economic doom and gloom is not the only news going on and the topic of Brexit was back in the news this week… with the UK government seemingly appearing to want to tear up its previous agreement with the EU… all of which does not bode well for the future relationships, both with the EU and internationally, which are largely built on trust… one to watch closely through the end of the year.
The return to the office discussion also continued with some companies proudly announcing they are permanently office free. However I have also been hearing stories of businesses asking people to return, it will rumble on I suspect.