NEWS - INNOVATION & TECHNOLOGY
Financial services firms are being urged to focus on security after figures from the Financial Conduct Authority (FCA) showed that cyber-attacks on firms in the sector increased by more than 80 per cent in 2017.
Speaking at the PIMFA Financial Crime Conference in London, FCA Head of Technology, Resilience and Cyber Robin Jones discussed the areas in which financial services firms need to boost security, with firms being urged to place more focus on staff training and raising awareness.Read more >>
Lloyds Banking Group has announced it will be helping to boost digital skills across the UK to enable adults to have easier access to work and education.
The bank has teamed up with The Tech Partnership to lead a consultation that aims to improve the way Basic Digital Skills are measured.Read more >>
Mastercard has set a challenge for banking providers by requiring them to offer biometric authentication by the spring of next year.Read more >>
As new banking regulations come into effect in Europe this month, a number of small UK fintech companies are poised to take advantage.
The introduction of the Second Payment Services Directive (PSD2) this month has brought open banking to the UK, and financial institutions are grappling with the opportunities and challenges presented by the changes.Read more >>
Financial technology start-up Curve is to disrupt the conventional banking system with the launch of its payment-switching card.
The service, which was previously a beta version that was only available to the start-up’s business users, has now been launched to 50,000 members across the UK.Read more >>
A London-based banking app has received approval from the Financial Conduct Authority (FCA) to enable it to provide payment services.
Emma Technologies, which is aimed at millennials, is a mobile-only app that aims to improve the financial wellbeing of its consumers by helping them to save money, track debt and avoid overdrafts.Read more >>
Research from Swiss investment bank UBS has shown that online banking is now becoming a global trend, with more than half of transactions being done digitally.
The study surveyed 24,000 customers in 19 countries and found that 52 per cent of transactions are now carried out online, up from 33 per cent two years ago.Read more >>
The Federation of Small Businesses (FSB) has launched a new fintech platform to provide small businesses and self-employed people with more access to funding.
The FSB Funding Platform, which is regulated by the Financial Conduct Authority (FCA) and developed by business finance platform Finpoint, will help potential borrowers get access to funding by matching them with more than 100 providers.Read more >>
Figures compiled by Pitchbook for London & Partners show that the UK’s fintech sector led the way for VC investment in 2017, attracting a record £1.34 billion in funding.
Fintech start-ups in London were the main driver of the record figure, accounting for more than 90 per cent of all funding raised by the UK’s financial technology companies last year.Read more >>
Research commissioned by digital workplace provider Invotra has found that 85 per cent of senior managers in the financial services industry consider data and security systems to be their top priority after sophisticated cyber-attacks were revealed to be their biggest fear for 2018.
The survey of 504 senior managers found that despite cyber-attacks being a top concern in the financial sector, confidence is at a high amongst financial services professionals, with 94 per cent believing that they are well-equipped to defend against attacks.Read more >>
Lloyds, Barclays and Halifax are now offering a service that enables customers to pay in cheques with their mobile phone.
Lloyds and Halifax quietly introduced the feature, which is available to customers who use mobile banking, back in October, whilst Barclays is still testing the service.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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’.Read more >>
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.
Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>