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Atom bank cites regulatory uncertainty – postpones current account launch
Atom bank, the UK’s first app-based bank, is reported to be delaying the launch of consumer current accounts until at least 2018. Atoms CEO blames forthcoming regulations that make the UK’s personal banking market too “ambiguous and uncertain”. The digital-only lender, which has amassed close to £500m in loans and almost the same amount of deposits since its launch in [...]
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The role of analytics in the new open banking age
What is a bank? The definition is in flux. As the regulatory-driven Open Banking agenda powers innovation and accelerates the fragmentation of a heavily concentrated banking market, incumbent banks must act quickly to stay relevant. As customers look far and wide to satisfy their financial needs, some are questioning the need for a bank at [...]
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PSD2 access to accounts: A huge hidden revenue opportunity for banks
There is a widely-held belief in the banking industry that PSD2 access to accounts (XS2A) has to be provided for free. This is not true. Sure, Europe’s banks must grant customer-permitted Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs) access to their bank accounts and financial data, but crucially, PSD2 says nothing [...]
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25% drop in global correspondent banking relationships linked to de-risking
Recent correspondent banking research has revealed that between 2009 and 2016, correspondent banking relationships, where one financial institution provides services on behalf of another in a different location to facilitate cross-border payments, have reduced globally by 25%. This comes despite the fact that global GDP per capita grew during the same period, following the 2008 [...]
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Complaints to FCA against UK finance groups hits 5-year high
The FCA says that UK financial institutions have recorded nearly 3m complaints over their products or services in the last six months of 2016. The figures, published on Wednesday, provide a snapshot of continued customer ire, even as British banks are trying to draw a line under costly mis-selling scandals. The spike in the number of complaints [...]
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