LSBF Blog - Global Matters

72% of UK adults unaware of Open Banking, study shows

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

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

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

August 01 ,2018 | by LSBF Blog Staff

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

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

August 01 ,2018 | by LSBF Blog Staff

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

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 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

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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Traditional banks benefiting the most from Current Account Switch Service

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

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 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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Number of accountants reaches record high, FRC figures show

Number of accountants reaches record high, FRC figures show

Figures from the Financial Reporting Council (FRC) showed strong growth in the number of accountants in the UK, with membership figures at accountancy bodies reaching a five-year high.

The regulator’s report, titled Key Facts and Trends in the Accountancy Profession showed that the membership at accountancy bodies has hit 530,000 worldwide, up by 16,706 from last year.

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APSCo figures show strong increase in permanent finance workers

APSCo figures show strong increase in permanent finance workers

The latest figures from the Association of Professional Staffing Companies (APSCo) showed that the financial services sector was one of the strongest in terms of hiring activity in the 12 months to June 2018.

The figures, which focus on professional recruitment, also revealed an increase in permanent workers across the UK, with a year-on-year rise of 9%.

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UK SMEs feeling positive about post-Brexit future, survey shows

UK SMEs feeling positive about post-Brexit future, survey shows

Research from OCO Global found that SMEs are feeling optimistic about their future, with more than 30% believing that the UK’s exit from the EU will have a positive impact on their business.

The business management consultant’s SME Brexit Survey showed that businesses in London are feeling the most optimistic, with 50% believing that Brexit will have a positive impact, a higher percentage than in many other regions in the UK.

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Accountancy firms providing most Brexit expertise

Accountancy firms providing most Brexit expertise

A study by Source Global Research, a research provider for the management consultancy industry, has found that accountancy firms are leading the way when it comes to Brexit expertise, with more than 80% of Brexit specialists in the UK’s consultancy industry working for an accountancy business.

The report highlighted the need for more workers that specialise in Brexit matters to keep up with the expected volume of demand.

 

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Research shows strong economic growth in London

Research shows strong economic growth in London

Research collected by Instant Offices has shown that London’s economy has strengthened over the past ten years, with financial and insurance being among the sectors that have helped to drive growth.

The office space provider gathered data from the Office for National Statistics (ONS) and the Greater London Authority to highlight growth trends in London and the rest of the UK.

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Facebook aiming to boost UK economy with new London office

Facebook aiming to boost UK economy with new London office

Facebook plans to open a new office in London as part of the social networking company’s plans to grow its business and boost the UK economy.

The company’s new office will span two buildings in London’s King Cross, taking up nearly 600,000 square feet of space and providing enough room for over 6,000 workstations.

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UK businesses feeling confident despite Brexit uncertainties, data shows

UK businesses feeling confident despite Brexit uncertainties, data shows

The latest job market data from CV-Library has shown that businesses across the UK are feeling confident, despite the ongoing economic uncertainties caused by Brexit.

The UK job board compared data from Q2 2018 with the same period in 2017 and found that jobs in the UK increased by 11.6% in the second quarter of 2018, suggesting that firms continued to feel confident about their recruitment plans.

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Start Up Loans delivers more than £100m to London businesses

Start Up Loans delivers more than £100m to London businesses

The Start Up Loans Company (SULCo) has lent more than £100m to small businesses in London since its launch in 2012.

SULCo’s London Data showed that 14,000 London-based businesses have benefitted from the government-backed scheme, with the average loan amounting to £7,600.

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Consumers prefer their own bank for money services, research shows

Consumers prefer their own bank for money services, research shows

Research from financial services firm ING Group has shown that despite the rise in popularity of online shopping via mobile phones, people prefer to use their own bank when it comes to accessing money services.

The ING International Survey questioned around 15,000 people from 15 countries to explore money trends in Europe, the US and Australia and found that more than 55% of Europeans prefer to use their own bank for money services.

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Finance leaders are feeling positive about automation, research shows

Finance leaders are feeling positive about automation, research shows

Research from finance and accounting recruitment firm Robert Half UK has shown that finance leaders are feeling positive about automation and digitalisation, with more than 65% believing that it has led to improved collaboration.

The study also found that 63% of chief financial officers believe that digitalisation and automation are helping to improve innovation among their teams, while better communication and team spirit were also cited as benefits by 57% and 45% respectively.

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UK leading the way for tech startups, figures show

UK leading the way for tech startups, figures show

Figures from card payment solutions firm Paymentsense have shown that the UK is leading the way when it comes to Europe’s tech startup scene, with 1.8 million new businesses being registered over last five years.

The UK came in third in the rankings with a start-up growth rate of 5%, with access to a variety of flexible finance options being one of the main drivers of growth.

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FCA publishes report on duty of care in financial services

FCA publishes report on duty of care in financial services

The Financial Conduct Authority (FCA) has published a report exploring the need for duty of care requirements for businesses in the financial services sector.

The financial regulatory body’s report looks at how a new duty of care could help to boost good conduct and culture in the sector and enhance the protection of consumers.

 

 

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