NEWS - INNOVATION & TECHNOLOGY

Technology failures changing consumer attitudes in banking, study shows

Technology failures changing consumer attitudes in banking, study shows

A study from data analytics firm Consumer Intelligence has highlighted the impact of technology failures in banking, with more than 40% of consumers saying that they would be put off applying to a bank that has technical issues.

The research showed that technical problems such as security issues have led to consumers being more vigilant, with more than 45% saying that they have changed their behaviour.

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Contactless payments become top choice for UK adults, research shows

Contactless payments become top choice for UK adults, research shows

Research from comparison website GoCompare Money has shown that contactless payments have become the top choice for UK adults, with more than 75% using this method of payment in the past year. 

The study explored payment trends and found that UK adults now favour contactless payments over traditional payment methods, with more than 19 million people in the UK using contactless payments for purchases under £30.

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UK tops US for fintech investment, KPMG figures show

UK tops US for fintech investment, KPMG figures show

Figures from KPMG have shown that the UK has topped the US in terms of investment in financial technology in the first half of 2018.

The Big Four accountancy firm’s “Pulse of Fintech” report showed that the UK also topped Europe for fintech investment, accounting for more than half of the total investment, which stood at $26bn.

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Financial services firms are adopting new printing technologies, research shows

Financial services firms are adopting new printing technologies, research shows

A study from technology services firm Ricoh Europe has shown that financial services firms are adopting new printing technologies in order to meet the demand for paperless interactions and more personalised banking services.

The study surveyed 785 finance professionals from Europe, including the UK, and found that more than 80% of respondents believe that meeting the demand for paperless interactions and personalised banking services from customers is a key challenge for the finance industry.

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Research calls for more finance professionals to implement AI systems

Research calls for more finance professionals to implement AI systems

Research from recruitment specialist Reed Accountancy & Finance is calling for more finance professionals to adopt artificial intelligence (AI) systems.

The report surveyed more than 600 UK finance professionals to explore the impact that AI is having on the workplace and found that just 4% of businesses have implemented AI systems.

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Trade body launches Digital ID to benefit consumers and fintechs

Trade body launches Digital ID to benefit consumers and fintechs

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.

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Nationwide supports Open Banking challenge to boost financial inclusion

Nationwide supports Open Banking challenge to boost financial inclusion

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.

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Open Banking could be worth £7.2bn by 2022, report shows

Open Banking could be worth £7.2bn by 2022, report shows

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.

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Open Banking to revolutionise how UK consumers manage personal finances

Open Banking to revolutionise how UK consumers manage personal finances

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.

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New competition launched to support UK’s promising fintech start-ups

New competition launched to support UK’s promising fintech start-ups

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.

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UK named tech unicorn capital of Europe

UK named tech unicorn capital of Europe

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.

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Overseas investment doubles in UK tech firms

Overseas investment doubles in UK tech firms

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.

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Digital innovation transforming financial services

Digital innovation transforming financial services

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.

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Funding applications encouraged for smart tracking of waste

Funding applications encouraged for smart tracking of waste

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.

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EPA calls for open banking amendments to boost fintech access

EPA calls for open banking amendments to boost fintech access

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.

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British consumers are embracing financial technology, report shows

British consumers are embracing financial technology, report shows

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.

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FCA advises banks to use new technologies to tackle cybercrime

FCA advises banks to use new technologies to tackle cybercrime

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.

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Report calls for financial firms to prioritise operational resilience

Report calls for financial firms to prioritise operational resilience

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.

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Mobile banking apps to overtake online banking

Mobile banking apps to overtake online banking

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.

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Customers want new technologies and traditional banking services, research shows

Customers want new technologies and traditional banking services, research shows

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.

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Santander to create UK standalone digital bank for SMEs

Santander to create UK standalone digital bank for SMEs

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.

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Fintech most popular sector among high-net-worth and professional investors

Fintech most popular sector among high-net-worth and professional investors

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.

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More UK consumers are using financial apps, study shows

More UK consumers are using financial apps, study shows

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.

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Fintech expected to bring 30,000 jobs to UK

Fintech expected to bring 30,000 jobs to UK

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.

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Report urges UK finance firms to fight cybercrime

Report urges UK finance firms to fight cybercrime

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.

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