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
Until recently, the micro segment was taken by banks and factors with a pinch of salt. The procedure of granting factoring or credit limits was just as complicated as in the case of the SME or corporate segments. Only few opportunities for cross-selling. Lots of hassle, little income. Read More
The group agreed that it is easy to think about D&I just as statistics but in the end of the day it’s about making sure you mirror the society in which you operate and service. Making prospect employees feel they can relate and current employees that they belong. Read More
However, with the advancement of the technology the new hot topic or one of those “elephant in the room” conversations banks like to avoid is the effectiveness of soft policies for monitoring personal mobile devices on trading floors. To avoid market abuse via personal mobiles and ultimately to help protect the consumer, banks and financial
FinTech is a high risk high reward industry. Most think about the “reward” side of the equation, but the real experts understand the value of risk mitigation. A common risk of software development is making compromises that will back the team into a corner with things like bugs or technical debt. These issues can be
Prior to the COVID-19 pandemic, the topic of digital transformation was on the agenda for most companies as they developed a strategy for 2020. The myriad benefits, efficiency enhancements and cost savings made possible by reimagining how people, technology and processes interact on a daily basis were alluring and innovative, but, at that time, not
Cryptocurrency has been a hot topic among senior banking and investment figures of late, with JPMorgan Chase CEO Jamie Dimon describing bitcoin as a “fraud”. Speaking at a conference, Dimon said the digital currency is “not a real thing,” adding “eventually it will be closed.” Usually when an industry giant speaks, you would be wise
At the beginning of 2020, it seemed that ‘digital transformation’ was going to be the dominant industry trend for fintech throughout the year. However, at the onset of Spring, this changed unprecedentedly for most of the world as the COVID-19 pandemic took hold. From that point onwards long-standing industry pain points could no longer be
