Don’t bank on an Uber moment… yet June 10, 2016 It’s an interesting time to be working with most of the world’s largest banks. If economic instability, skills gaps and a tsunami of regulation weren’t enough, they now face stern warnings from respected ex-colleagues about the future of the industry. Step forward Anthony Jenkins, the ex-Barclays banker who reiterated last week that banks are facing their ‘Uber moment’. That’s [...]
Is fintech the new black? Lower trust in disruptors gives banks reason to cheer June 10, 2016 Digital innovation – and more specifically the impact of fintech – is currently the most intensely debated topic in the financial services sector. Two years ago hardly anyone outside the industry had heard of fintech. Now it’s the hottest investment class globally for VCs. PwC recently produced a report claiming that over 20 per cent [...]
Fintech startup GoHenry just smashed crowdfunding records (and that’s a problem) June 7, 2016 A fintech firm which teaches kids how to manage money has smashed its fundraising target, becoming the most highly funded crowdfunded business in Britain. The success of startup GoHenry, which raised just shy of £4m and surpasses the previous record of £3.5m for JustPark, has spurred crowdfunding platform Crowdcube to call for the existing limit on the value of investments to be raised. Early-stage businesses can currently raise [...]
Why the mortgage market is due to be shaken up by the tech revolution June 3, 2016 Scaling the housing ladder can feel like climbing Everest and nowhere more so than in the capital. From saving every penny for a first deposit, to scouring the tube map for the next undiscovered, reasonably priced gem, the affordability challenges are well documented. But there are other unnecessary challenges driven by an outdated industry that [...]
These are six ways banking is about to change, according to former Barclays boss Antony Jenkins June 2, 2016 Antony Jenkins thinks that banking is having an "Uber" moment, undergoing a transformation that will leave the sector looking entirely unrecognisable. Jenkins, who is currently chairman of Business in the Community and was previously group chief executive of Barclays, imparted his wisdom at an event hosted by the Institute of Chartered Accountants in England and Wales this evening, remarking "there [...]
This London startup claims it’s launched the first ever working blockchain platform for financial institutions June 1, 2016 A London startup which boasts the former chairman of Barclays bank on its board has launched a new blockchain platform for financial institutions which it claims is the first of its kind. Several organisations are in the race to build a distributed ledger platform with blockchain technology, which can be used across the industry for processing transactions more quickly and [...]
Monitise is keeping hold of its content business after all May 31, 2016 Monitise has cancelled a potential sale of its content business which includes the MyVoucherCodes website, sending shares diving as much as nine per cent in early trading on Tuesday morning. The firm first revealed talks were taking place in early March for the sale of Markco Media, sending shares soaring more than 40 per cent. It today said those [...]
Santander’s using blockchain right now May 26, 2016 Santander is the latest bank to experiment with blockchain technology, applying it to international payments with the promise of making the process quicker. It claims to be the first bank in the UK to use blockchain in this way, trialling it in an iPhone app used by staff that reduces the time it takes to transfer cash by [...]
Old Street credit-checking startup expands into Germany with Deutsche Bank partnership May 26, 2016 An Old Street fintech startup is moving into Germany in partnership with Deutsche Bank. Ormsby Street’s credit-checking tool, CreditHQ, is used by more than 27,000 small businesses in the UK, the startup said. The tool, which allows small business to check the financial health and credit status of customers or partners, launched in Italy last year. [...]
Ex-Barclays boss Rich Ricci: Fintech will eat banks’ lunch May 26, 2016 Rich Ricci, the former head of Barclays investment banking and right-hand man of Bob Diamond, has warned that fintech startups will snatch market share from established financial institutions and change the landscape of banking. Efforts of big banks to innovate will continue to be thwarted by their archaic technology as they face increasing competition from [...]