NEWS
London’s economy continues to be buoyant, research shows
New research from think tank Centre for London has shown that the city continues to be buoyant, despite a slowdown in its population growth and political uncertainties caused by the UK’s exit from the EU.
The analysis was published in The London Intelligence, a quarterly publication that looks at key data in the city, including employment and economic data.
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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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FCA announces consultation phase for global fintech sandbox
The Financial Conduct Authority (FCA) has announced a consultation phase in its plan to create a global fintech sandbox.
The UK financial regulatory body announced plans for a global version of its domestic regulatory sandbox in February this year with the aim of tackling common cross-border issues and enabling financial technology firms to conduct tests in different countries concurrently.
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Fintech entrepreneurs contributing to rise in young millionaires, figures show
Data from HM Revenue and Customs, that was provided to financial advice firm Salisbury House Wealth, has shown that the number of millionaires aged under 30 is rising in the UK, with fintech entrepreneurs among those who are contributing to the increase.
The figures showed a 33% rise in the number of people under 30 earning an annual income of more than £1m over the past year.
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Digital-first banks leading the way for customer service, research shows
Research from FIS has shown that digital-first banks are outperforming the world’s top 50 banks when it comes to customer services such as security and privacy.
The Performance Against Customer Expectations (PACE) study surveyed thousands of banking consumers from the UK, the US, Germany and India to identify the most important performance indicators in banking and to rank the performance of service providers against consumer expectations.
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University education could boost UK economy, according to research
A report from Universities UK, an advocacy organisation for universities in the UK, has highlighted the importance of university education and the continued upgrading of skills to the UK economy.
The study, entitled Solving future skills challenges, showed that challenges, such as the UK’s exit from the EU and the rise of technologies such as artificial intelligence, are driving demand for higher skills.
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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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Barclays partners with MarketInvoice to boost access to finance
Barclays has become the first high street bank to enter a partnership with leading financial technology firm MarketInvoice in a move that will help to change the way that small and medium-sized businesses in the UK manage their cash flow and accelerate growth.
The deal comes as part of the bank’s plans to invest in up-and-coming business models for growth and MarketInvoice’s aim to extend its services to business across the UK.
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London one of top locations for talented staff, research shows
Research from CV-Library has shown that London is one of the top cities in the UK for finding talented staff.
The UK job board compared data on its website from July 2018 with the same period last year and found that average growth in candidate interest in London increased by 13.9%.
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KPMG launches 2019 graduate recruitment scheme
KPMG has launched its 2019 graduate scheme, with the Big Four accountancy firm looking for a more diverse talent pool.
The scheme, which will be recruiting for the firm’s audit, tax, pensions and legal services for September next year, is available to graduates with any degree, with job roles available across the UK.
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Digital transformation driving demand for new finance skills, research shows
Research from finance and accountancy recruitment firm Robert Half has shown that digital transformation is driving demand for new skills in the finance sector.
The study surveyed almost 14,000 Chief Financial Officers across 14 countries, exploring hiring trends and career ambitions, and found that more than 40% of UK CFOs believe that more focus is being placed on skills such as data analysis as digital transformation becomes a priority for businesses.
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UK SMEs positive about growth, research shows
Research from Wesleyan Bank has shown that UK SMEs are feeling positive about their future, with nearly two-thirds expecting growth of up to 40% over the next couple of years.
The bank’s annual “SME Heroes or Zeros” report surveyed more than 500 business owners and found that over 50% have more confidence over their company’s growth prospects than they did last year, while just 11% are concerned about the impact that the UK’s exit from the EU will have on their business.
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72% of UK adults unaware of Open Banking, study shows
A study carried out by market research and data analytics firm YouGov has shown that 72% of UK adults are not aware of Open Banking.
The research surveyed more than 2,000 adults to explore their views on the Open Banking initiative, which was launched earlier this year and requires banks to share financial data with third-party providers with the permission of their customers in order to boost services.
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Data shows increase in demand for finance and insurance professionals
Figures from labour market analytics data provider Innovantage have shown an increase in online advertising activity for front-line roles across a number of sectors, including finance and insurance.
The data analysed job posting trends, exploring original job adverts and reposts of job roles to identify which sectors saw the highest increase in demand for front-line workers.
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UK financial services exports reached record high in 2017
Figures published by the Office for National Statistics have shown that UK exports of financial services hit a record high in 2017.
The ONS Pink Book 2018 showed that financial services exports reached £59.6bn last year, up by £3.6bn on 2016.
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Lloyds Bank barometer shows rise in London business confidence
Research from Lloyds Bank Commercial Banking has shown that business confidence in London increased in July, rising by 7 points to 47% after dipping in June.
The bank’s latest Business Barometer, which surveys 1,300 businesses each month and explores economic trends regionally and nationwide, found that businesses were feeling confident about their prospects and the wider economy.
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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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Innovate UK launches Women in Innovation Awards 2018
Innovate UK is now searching for inspirational businesswomen to participate in the Women in Innovation Awards 2018.
The innovation agency, which is part of UK Research and Innovation, is aiming to find women with ambitious and inspiring ideas that will tackle the biggest challenges of the government’s Industrial Strategy.
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Access to finance a key factor for launching a business
Research commissioned by the International Business Festival has found that access to finance is one of the biggest factors behind SMEs launching a new business.
The study, which was carried out by business research agency Coleman Parkes, surveyed 500 UK-based owners, directors and senior managers of SMEs with 9-100 employees, exploring topics such as access to finance, business confidence and generating ideas.
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Research highlights demand for flexible finance options
Research from finance solutions provider Duologi has shown that consumers want access to flexible finance options, with 20% saying that they would be more likely to go elsewhere if a company did not offer them.
The study, entitled Finding the right balance: the future of credit, found that point-of-sale (POS) finance, which enables customers to purchase a product or service through a loan, could be critical to a company’s survival.
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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 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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Traditional banks benefiting the most from Current Account Switch Service
Research from payments body Bacs has shown that traditional banks are benefitting the most from the Current Account Switch Service (CASS), a scheme that was launched in 2013 to simplify the process of switching banks.
The CASS data showed that 965,317 people in Britain switched their current account in 2017, a year-on-year rise of 6%.
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Virgin Money’s SME franchise to deliver £500m of new deposits
Figures published by Virgin Money showed that the challenger bank is on target to deliver £500m of new SME deposits through its SME savings franchise by the end of 2018.
The bank’s H1 2018 figures showed that its underlying profit reached £141.6m in the first half of the year, up by 10% from £128.6m in the first half of 2017.
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Finance organisations commit to improving BAME representation
Finance firms have committed to boosting their support for Black, Asian and ethnic minority (BAME) employees.
The Bank of England and HSBC are among the firms that have signed up for the Investing in the Ethnicity and Race Initiative, which was launched in 2017 by Labour MP Dawn Butler and diversity and inclusion specialists SPM Group, with the aim of improving the representation of BAME employees.
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