NEWS - INNOVATION & TECHNOLOGY

Digital-only banks leading the way, research shows

December 11 ,2017 | by Erin O’Neill

Research commissioned by data management vendor Relay 42 has shown that digital-only banks are becoming increasingly popular with Brits, with 27 per cent having already moved to a mobile-only bank and 26 per cent considering doing so.

The study surveyed over 2,000 Brits and identified the main reasons for respondents choosing to switch to digital-only banks, with more than half citing a better online experience and functionality.

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Mobile payments becoming more popular among Brits, research shows

More people in Britain are taking advantage of mobile payments, according to research from payment systems company Vocalink.

The company’s State of Pay 2017 report surveyed more than 2,000 British consumers across all age groups. They found that payment services provided by applications including Apple Pay, for example, are rising in popularity across the UK.

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Tech-savvy Millennials lead the way with online investment platforms

December 06 ,2017 | by Erin O’Neill

Millennials are using their knowledge of technology and social media platforms to seek out new online investment platforms, according to a report from peer-to-peer (P2P) business lending platform ArchOver.

The report, entitled Next Gen: Investors and Savers, questioned 2,000 UK adults on how they feel about risk and investment in the current climate and found that more than 65 per cent are savers, with these respondents choosing banking methods such as savings accounts and pensions.

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Starling Bank and Yoyo Wallet put open banking into action

November 27 ,2017 | by Erin O’Neill

Starling Bank has teamed up with mobile payment and loyalty platform Yoyo Wallet to give customers the opportunity to benefit from loyalty reward programmes from specific retailers whenever they make payments through Starling.

The challenger bank is the first bank in the UK to fully comply with the PSD2 EU-wide directive, which is a new open banking rule set to be introduced early next year that will enable consumers to select which third-party providers they wish to share their data with.

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NatWest launches software robots to help consumers make investments

November 21 ,2017 | by Erin O’Neill

NatWest is to help its customers achieve their financial goals by launching an automated investment advice service.

NatWest Invest is an online platform that enables the bank’s customers to receive advice and keep track of their investments, with the service being available to customers that have a minimum of £500 to invest.

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Barclays partners with Flux to trial instant digital receipts

Barclays has teamed up with London based fintech start-up Flux to trial itemised digital receipts to 10,000 of the bank’s customers.

The trial, which will be rolled out through the Barclays Launchpad app, will mark the first time that Flux has entered a ‘tier one bank partnership’. 

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Tesco Bank incorporates Face ID into its mobile banking app

Tesco Bank has incorporated facial recognition technology into its mobile banking app, enabling customers to quickly access the app and authenticate payments.

The changes are available to iPhone X customers, who can access the Face ID feature by enabling it on their device. The new Face ID technology will be optional to users.

 

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Millennials favour banking apps over traditional branches, research shows

Research from Visa has shown that millennials are choosing banking apps over traditional bank branches, with 53 per cent of 18 to 34-year-olds regularly using a banking app on their mobile phone.

The research surveyed more than 2,000 Brits and found that 38 per cent routinely use a banking app on their phone. However, banking apps have not quite yet taken over, with 31 per cent of millennials admitting that they have never used one.

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Financial services firms would benefit from fintech strategies

Having a fintech strategy in place would be beneficial to financial services firms in the future, according to a report from professional services and Big Four firm KPMG.

The report, “Forging the future”, surveyed 168 finance firms from 36 countries.

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Xero to launch online learning tool for students and employees

UK cloud accounting software company Xero is to launch an online learning tool aimed at students and employees to help boost their skills.

The Xero Lifelong Learning Platform was one of many new products that were demonstrated at Xerocon in London.

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Lloyds boosts digital services with new flagship store

Lloyds has opened its first flagship store in Manchester as part of an investment into a group of flagship sites.

The £3 million store will combine face-to-face services with the latest technology as digital services become more important to the bank’s customers.

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Research reveals what UK consumers want from banking sector

September 28 ,2017 | by Anisa Choudhary

A new online global survey from ACI Worldwide and YouGov has revealed the services UK consumers want from their banks.

The research surveyed more than 9,000 consumers in the US and Europe. It found consumers worldwide expect their bank to provide new and innovative services. 

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UK businesses are embracing fintech, research shows

September 27 ,2017 | by Anisa Choudhary

Businesses in the UK are embracing financial technology, with 77 per cent being aware of fintech products and services, according to research from finance company MarketInvoice.

The research found 65 per cent of UK businesses have adopted at least one fintech application, while 19 per cent have adopted at least four. 

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Survey reveals what skills are needed to enhance AI

September 05 ,2017 | by Anisa Choudhary

Research from talent acquisition and management solutions company Alexander Mann Solutions, has revealed skills that HR professionals believe businesses should be developing in order to enhance the potential of artificial intelligence (AI) in the workplace.

The study surveyed more than 2,000 senior HR professionals and found just 23 per cent of respondents believe businesses are preparing professionals for the rise of AI.

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UK leading the way for contactless payment technology, research shows

September 04 ,2017 | by Anisa Choudhary

The UK is leading the way when it comes to contactless payments in Europe. Millennials are the biggest users of the technology, according to research from Visa.

The company’s latest digital payments study showed use of contactless payment technology reached a record high in June 2017, with 34 per cent of all card payments being made this way. 

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More UK adults using online banking, research shows

New research from Santander has found more UK adults are using online banking or mobile banking to check their balance.

Over 65 per of those surveyed use these methods at least once a week to access their accounts. 

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Survey reveals communication preferences of UK banking customers

A survey from technology company Avaya has revealed how banking customers in the UK prefer to be contacted by their bank.

The research, which surveyed 2,345 banking customers and was carried out by YouGov, found that 60 per cent of Brits prefer to go directly to their bank’s website or use automated services instead of speaking to their bank directly.

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Investment in fintech up by 37%, according to Innovate Finance

Figures from Innovate Finance have shown investment in the UK’s fintech industry has hit $564 million, with foreign investment playing a key role in growth despite Brexit.

Fintech investment increased by 37 per cent in the first half of 2017 compared with the same period last year.

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Santander becomes first UK bank to launch talking ATMs

Santander has become the first bank in the UK to launch talking ATMs for customers who are blind or partially sighted.

The ATMs have been launched in association with the Royal National Institute of Blind People (RNIB) and the Digital Accessibility Centre and are available in all of the bank’s branches.

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Research reveals how UK workers feel about remote working

Research from communication technology company Polycom, Inc has revealed how UK workers feel about remote working, with older workers and millennials being found to have regularly taken advantage of working this way.

The research showed that 63 per cent of people in the UK now work remotely, with fear of working longer hours being revealed to be the main concern among people who work this way

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TSB becomes first bank to offer iris recognition technology

TSB is to become the first bank in Europe to provide iris recognition technology through its mobile banking app.

The service will be launched in September 2017 and will be available to TSB customers free of charge.

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More Brits are using digital banking, research shows

More Brits are using digital banking to pay bills and manage their accounts, according to research from Swedish fintech company Trustly.

The research found that the UK is falling behind other countries when it comes to embracing online banking, but showed that Brits are still accessing their online bank accounts in record numbers.

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Britain leading the way in fintech adoption, report shows

Britain is leading the way in fintech adoption in the developed market, according to a new report from professional services and Big Four firm EY.

EY’s fintech adoption index showed that 42 per cent of consumers in the UK are now using fintech services. However, there has been growth worldwide when it comes to the adoption of financial technology, with usage rates being high in emerging markets such as South Africa, China, India, Brazil and Mexico.

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UK leading the way for educational technology, data shows

The UK ranks number one in Europe for venture capital and angel funding in the educational technology sector, according to London EdTech Week co-founder, and IBIS Capital Partner Benjamin Vedrenne-Cloquet.

The edtech sector is one of the fastest-growing in the UK, with angel capital and seed angel investors providing £178 million.

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Mobile banking rising in popularity, research shows

Mobile banking is becoming increasingly popular in the UK, with more people using a smartphone to access their bank account on a regular basis, according to research from market research company Forrester.

The European Financial Services Survey surveyed 3,870 online consumers in the UK and found that 35 per cent of respondents use a smartphone to log into their bank account every month, whilst 21 per cent use a tablet and 1 per cent use a smartwatch. 

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