In 2021 roughly a third of the entire global adult population remains unbanked — an estimated 1.7 billion people that have been left behind by the shortcomings of an outdated, inadequate, and inefficient financial system. If we are going to make this right, we need to overhaul current legacy systems and create something that’s fair,
Liz Barclay’s appointment as Small Business Commissioner was the latest development that reflected the UK’s longstanding and worsening slow payments crisis. Liz’s new role will see her serve as guardian of invoices owed to SME suppliers, championing their prompt payment against a backdrop of drawn-out payment terms: a problem which has worsened over the past
Most businesses have some problem they need to solve at any given point in time. These days, getting stellar growth may be a challenge, and the cost of acquiring a new customer seems to go only one way. Up. Ouch! For others, it may be that the business you set up a few years back
Open Banking now has three million active users in the UK as of January 2021 according to the Open Banking Implementation Entity. However, since PDS2 came into force, the big transformation that was expected has not come to fruition. The directive paved the way for data sharing from multiple accounts from different providers, helping people
Three months into 2021 and we are seeing more bank branch closures on the cards with HSBC unveiling their plan to close branches. Of course, this isn’t unusual news. Legacy banks are suffering a perfect storm; massive reductions in customers utilising traditional banking channels and new entrants seizing market share with innovative digital only solutions.
Despite significant efforts by schools and media to give more attention to financial skills, the level of financial literacy in the general population remains low. Basic financial budget management appears very difficult for many people, let alone understanding more complex concepts like the correlation between risk and return, the need for diversification or fiscal optimization. read
The foreign exchange or forex market is the biggest financial market in the world. It is even bigger than the stock market. Moreover, the forex market continues to grow, and one major reason for this is the use of the latest technologies, including artificial intelligence. In fact, it wouldn’t be wrong to say that AI
In today’s times of economic stress – driven and accentuated by the effects of the Covid-19 Pandemic – financial inclusion has become ever more important. Financial inclusion addresses society’s need to help all global citizens obtain financial services and products at affordable prices. From deposits and loans, to fund transfers, it’s imperative we at FIS assist financial institutions in
The beginning of 2020 has proved exceptionally difficult. High costs, the risk of human error, fraud or overpayment, and the impact on customer satisfaction and loyalty of ineffective claims processes creates an urgent need for innovation, automation and a business transformation roadmap – including the shift to hyper-personalized Digital Claims Management. Read More
The Chartered Institute of Insurance has some brutal news for the profession. There is a crisis of trust in insurance. Under-insurance is the prime symptom. In the UK one in four homes has no form of home insurance. Fewer than one in three UK citizens has life insurance. It leaves families unprotected and vulnerable. Worse,
The digital solution needs of banks, insurers and other organisations offering financial services have increased significantly. Solutions for online onboarding & enrollment, setting up virtual branches and online assistance via remote video and co-browsing are already pre-requisites. Read More
The top business priority for life insurers? Customer experience. And with competitors pursuing the same aim, capitalizing on the insights that help insurers understand readiness to buy and up- and cross-sell opportunities and then tailor the sales experience is the way to stand over the rest. Read More
