NEWS - INNOVATION & TECHNOLOGY
The Tax Incentivised Savings Association (TISA) has launched a project that aims to help consumers have better control over their finances and boost their financial well-being.
The trade body, which focuses on improving the financial well-being of people in the UK, is now piloting Digital ID, which the association believes is a revolutionary project that will benefit consumers, fintech firms and the UK economy.Read more >>
Nationwide is backing an Open Banking initiative that aims to connect financial technology companies with debt and money charities to help boost financial inclusion.
The building society will be inviting the fintech community to develop solutions using Open Banking technology to help one in four households in the UK to improve their lives.Read more >>
A report from Big Four accountancy firm PwC has predicted that the Open Banking sector could be worth £2.8bn by the end of the year and £7.2bn by 2022.
The report, entitled “How to Seize the Open Banking Opportunity”, highlighted the challenges of getting businesses to make use of the initiative, which involves banks sharing customer data with third-party firms.Read more >>
A study from Network Research has shown that Open Banking is set to revolutionise the way that UK consumers manage their personal finances.
The research has been tracking 500 UK consumers since May 2018 to monitor their awareness of Open Banking and to find out if they are making use of the initiative and how likely they are to use it in the future.Read more >>
A new competition has been launched to help the UK’s most promising financial technology start-up companies boost their growth.
Applications are now open for the competition, which is being delivered by tech entrepreneur network Tech Nation as part of the Treasury’s fintech strategy.Read more >>
New figures have shown that the UK is the tech unicorn capital of Europe, with 37% of Europe’s tech firms that are unicorn status being based in the UK.
The figures, which coincide with London Tech Week, show that the UK is home to 13 of Europe’s 34 unicorn firms, which are companies that are valued at £1bn.Read more >>
The technology sector in the UK is moving far ahead of its European competitors, with data revealing that in 2017, the UK was able to attract more venture capital investment than France, Germany and Sweden put together. Tech businesses in the UK pulled in £7.8bn in funding in 2017, nearly twice as much as the year before.
Research from Tech Nation and Dealroom demonstrated that venture capital investment in the UK in 2017 was far ahead of the £3.2bn total of Germany and the £2.8bn brought in by France. The boost to the tech sector has also assisted with propelling foreign direct investment growth in the UK, enabling it to remain the number one destination for this kind of funding.Read more >>
The ways in which people are managing their money are being transformed by digital innovation – with apps at the forefront of the changes – as consumers in the UK logged into their banking apps as many as 5.5 billion times in 2017.
Customers are increasingly making use of new technologies to consult with experts away from normal banking hours instead of having to do so during their working day, with over 5.5 million customer web chats taking place last year, according to the major banks.Read more >>
Up to £40,000 is to be invested by the Department for Environment, Food and Rural Affairs into projects that make use of digital technology to track the way that waste moves through the UK economy.
The investment represents one aspect of the UK government’s GovTech Catalyst project, which aims to give businesses incentives to create intelligent solutions to challenges in the public sector.Read more >>
The Emerging Payments Association (EPA) is calling for the Open Banking Implementation Entity (OBIE) to make amendments to the Open Banking initiative’s framework to help financial technology firms to realise its potential.
The UK payments industry trade body believes that banks should be forced to help fintechs have access to Open Banking and that more should be done to boost consumer trust in the initiative.Read more >>
A report from UK banking and financial services trade association UK Finance and Big Four accountancy firm EY has shown that consumers in Britain are embracing fintech, with more people using new technology to interact with their bank.
The study showed that more UK consumers are using mobile banking, with the number of log-ins from mobile apps hitting 5.5 billion in 2017, up by 13% from the previous year.Read more >>
UK financial regulatory body UK Finance has urged banks to use new technologies, such as artificial intelligence and machine learning, to fight cybercrime.
Discussing the issue in a speech at the FCA’s Cross-Border Anti-Money Laundering TechSprint, the regulatory body’s executive director of supervision - investment, wholesale and specialist, Megan Butler, stated that technology is crucial to the protection of institutions when it comes to financial crime.Read more >>
A report from banking and financial services sector trade association UK Finance and management consultancy Parker Fitzgerald has highlighted the importance of financial services firms making operational resilience a priority as they adopt new technologies.
According to the study, the speed at which technology is advancing is creating new non-financial risks in the financial services sector and so businesses need to address these risks in order to protect themselves from new threats.Read more >>
A report from industry analyst CACI has predicted that more consumers will be banking via a mobile app instead of from a computer by 2019.
The study showed that more than 20 million people used a mobile phone to manage their account in 2017 and predicts that 35 million adults in the UK will be banking via a mobile by 2023.Read more >>
A survey from global professional services firm Genpact has shown that customers want access to both new technologies and personal services from traditional banks.
The study surveyed 6,000 people globally, including 2,029 UK-based banking customers, and found that while more than one in four would be comfortable with using technologies, such as digital assistants, to open an account, more than 50% believe that opening an account is easier when done face to face at a bank branch.Read more >>
Spanish bank Santander is to create a standalone digital bank in the UK to help more SMEs to achieve success and give the bank a bigger online presence.
The move comes after Royal Bank of Scotland announced that it would be launching a separate brand, with both banks looking to compete with the digital services offered by fintech start-up companies such as Tandem Money and Monzo.Read more >>
A study from private investment platform Capitama has shown that fintech is now the most popular sector when it comes to investment, with 70% of high-net-worth and professional investors looking to invest in fintech opportunities.
The research also showed that more than 65% of high-net-worth and professional investors are interested in software and technology deals.Read more >>
A study from money management app Yolt has shown that more consumers in the UK are using financial apps to help them keep control of their finances.
The research showed that 70% of UK consumers are now using financial apps, up from nearly 40% in 2016.Read more >>
Research from Innovate Finance and WPI Economics has shown that fintech could help to boost employment in the UK, with the industry creating 30,000 new jobs over the next ten years and the number of people employed in the sector expected to reach 100,000 by 2030.
The report highlighted the importance of global talent to the UK’s fintech sector and called for a flexible immigration policy to be put in place to prevent the UK from losing over £350 million.Read more >>
A report from professional services and Big Four firm KPMG and industry body UK Finance has urged finance firms in the UK to work together to fight cybercrime.
The report stated that a revamped approach is needed as cybercrime becomes a growing threat to the financial sector.Read more >>
A study from insight research company Strive has shown that more than 50 per cent of the British public believe that big banks should acquire fintech.
The study surveyed more than 1,000 people, exploring their views on how the finance industry should incorporate technology innovation, and found that 13 per cent believe that it should be done through big tech companies such as Google, whilst 28 per cent said that it should be done through expansion of online-only banks.Read more >>
A report from professional services and Big Four firm EY has shown that fintech businesses in the UK are embracing Open Banking, with 59% seeing the initiative as an opportunity to reconsider their collaborations.
The study, which surveyed more than 30 UK fintech businesses, found that more than 80% of businesses are getting ready for Open Banking, whilst 29% said that they are fully prepared for the initiative.Read more >>
Later this week, Chancellor Philip Hammond is to reveal a new fintech strategy to support the UK’s fintech industry.
The plan is set to be announced on Thursday this week at an international conference, with the Chancellor expected to discuss how the UK’s involvement in the digital economy can be improved.Read more >>
Estonian banking and financial services company LHV Bank is to open a branch in London to service the UK’s financial technology industry.
The bank will use the branch to engage with London fintechs and provide services for financial intermediaries.Read more >>
A study commissioned by digital banking solutions provider CREALOGIX Group has highlighted the need for more information on the Open Banking initiative for consumers.
The research surveyed 2,000 consumers and found that more than 85% have not heard of or are unsure of what Open Banking is, suggesting that banks need to educate their consumers about the initiative.Read more >>