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UK banks and insurers have shifted thousands of jobs and over £1 trillion in combined assets out of the UK and into European Union hubs due to the impact of Brexit, a new study has confirmed. According to research from think tank New Financial, more than 440 firms in the UK banking and financial services
Morgan Stanley on Friday disclosed a loss of almost $1 billion from the collapse of private fund Archegos Capital Management, undercutting an otherwise upbeat 150% jump in first-quarter profit. The Wall Street giant was one of six banks that had exposure to Archegos, a family office fund run by controversial former hedge fund manager Bill
US stock indexes were set to rise on Wednesday following positive earnings reports from investment banks. JPMorgan Chase & Co and Goldman Sachs Group Inc both beat analysts’ expectations for first-quarter profit. Goldman saw its overall investment banking revenue jump 73% to $3.77 billion, the highest amount seen since 2010. The bank managed to effectively
Contactless and digital payments have without doubt grown in popularity during the last year, accelerated by the COVID-19 pandemic and consumers trying to avoid using cash to reduce the spread of the virus. As a consequence, the contactless limit in the UK has recently been increased to £100. While a welcome move for both consumers
Unsurprisingly, financial services firms and their troves of sensitive data were a big target for threat actors in 2020. The rapid shift to remote work, coupled with insufficient budgets and a lack of training and awareness to mitigate attacks, led to an increased risk for many sectors. Despite the need for cybersecurity and the cost
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.
In mapping out a strategy for change, SME banking leaders should consider how they can confront the threat of nimble, digital-first challengers coming to market with offerings more tailored to SMEs’ needs in an era in which SME customers’ demands are transforming faster than ever before. Read More
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
A tipping point has been reached whereby financial institutions need to solve their digital account opening processes for good. The last year has made this an absolute imperative, with the pandemic pushing such processes into the digital realm and away from the branch, in most cases for good. Tuesday 30 March 2021 at 15:00
