Insights on “Jobless Growth” and Proactive Support for Consumers at Credit Week

The concept of “jobless growth” was a key topic of discussion at Credit Week, with experts warning about the impact of technological advancements on employment opportunities. Lakshmi Shyam-Sunder, the chief risk officer of the World Bank, highlighted how businesses are increasingly turning to AI and technology, leading to a situation where economic growth is not translating into job creation.

Sir Vince Cable also weighed in on the issue, pointing out that the global economy has been struggling to recover from the 2008 financial crisis, with factors such as the pandemic, geopolitical tensions, and Brexit further hampering progress. This has resulted in a situation where many countries, including India, are experiencing growth without a corresponding increase in employment opportunities.

In response to the growing financial strains faced by households, lenders at Credit Week detailed proactive measures to support customers before they fall into arrears. From early intervention policies to better communication and advice referrals, financial institutions are working to help customers navigate challenging economic times.

Speakers at the event also emphasized the importance of skilled personnel in the financial industry, warning against over-reliance on technology at the expense of human expertise. As new technologies continue to evolve, the human element remains crucial in providing empathetic and efficient customer service.

Overall, Credit Week showcased the industry’s commitment to enhancing customer experience through a balance of innovative technologies and human interactions. With a focus on robust training and personalized support, financial institutions are striving to meet the evolving needs of customers in an increasingly complex economic landscape.