LSBF Blog - Global Matters

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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British Business Bank reports increase in finance supply to businesses

British Business Bank reports increase in finance supply to businesses

Figures from the UK’s national economic development bank, the British Business Bank, have shown an increase in the bank’s supply of finance to smaller businesses.

The bank’s Annual Reports and Accounts for 2017/18 showed that the total amount of finance provided through its programmes has reached £12.25bn, a rise of 33% over the last financial year.

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PwC to help boost commercial opportunities for female-led businesses

PwC to help boost commercial opportunities for female-led businesses

PwC is launching a scale-up programme that aims to boost commercial opportunities for female-led businesses.

The Big Four accountancy firm is teaming up with Blooming Founders, a London-based company that focuses on providing support for female entrepreneurs, to launch the Scale | Female Founders programme.

 

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Brexit-related roles among most popular London jobs, figures show

Brexit-related roles among most popular London jobs, figures show

Figures from eFinancialCareers have identified the most desirable banking jobs in London, with Brexit-related roles being among the most popular.

The financial services careers website looked at application figures from over the past three months and found that four out of ten applications were for roles related to Brexit preparations, while the majority of the remaining six applications were for project management jobs that were likely to focus on Brexit.

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London entrepreneurs influenced by Brexit uncertainty, study shows

London entrepreneurs influenced by Brexit uncertainty, study shows

Research from tech firm Studio Graphene carried out in partnership with marketing and communications agency City Road Communications has shown that the uncertainty surrounding Brexit is influencing entrepreneurs in London, with the majority of early-stage companies choosing to remain in the city rather than relocating.

The study surveyed more than 100 founders of London’s start-up businesses to find out how Brexit has impacted them.

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Employment rate reaches record high, ONS figures show

Employment rate reaches record high, ONS figures show

The latest figures from the Office for National Statistics (ONS) have shown that the UK’s employment rate has reached a record high of 75.7%, up from 74.9% a year earlier.

The number of people in employment reached 32.40 million, 137,000 more than for December 2017 to February 2018 and 388,000 more than the previous year.

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Financial services and banking among industries with happiest workers

Financial services and banking among industries with happiest workers

A study from workplace help platform Rungway has identified which industries in the UK have the happiest workers, with financial services and banking making the list.

The study surveyed 2,000 employees in Britain to find out how happy they are in their job role. The figures showed that while 40% of UK workers are satisfied with their job, there is room for improvement.

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Financial services helping to boost SME economy, research shows

Financial services helping to boost SME economy, research shows

Research from Amazon has shown that financial services are among the sectors that are leading the SME economy, with small and medium-sized enterprises in the sector seeing a 1.7% increase in revenues over the past year.

The Q2 2018 Amazon SME Growth Tracker from Capital Economics, which was commissioned by Amazon UK and Enterprise Nation, analysed the growth prospects and views on the wider UK economy from SMEs using data from a survey of more than 1,000 UK SMEs.

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Financial services making significant contribution to society, research shows

Financial services making significant contribution to society, research shows

Research from the City of London’s governing body, the City of London Corporation, has shown that the UK’s financial and professional services sector is making a significant contribution to society.

The sector was found to be making contributions through volunteering, charity donations and funding, with education and economic development being among the supported causes.

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UK adults want real-time interaction with banks, survey shows

UK adults want real-time interaction with banks, survey shows

A survey carried out by YouGov on behalf of mobile payment services firm Ondot has highlighted a demand for real-time interaction with banks among UK consumers.

The study revealed what consumers want the most from their bank, with 60% citing peace of mind when using their card online and 25% wanting their transaction alerts to be displayed in real time.

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