UK

Banking competition, divestments and the rise of the digital challenger banks

The Competition and Markets Authority has recently embarked on a full investigation into the so-called competitive stranglehold the four big banks – Lloyds, RBS, Barclays and HSBC – have over the UK market place. The CMA ended a five month consultation with the announcement of the investigation into accounts for customers and corporate accounts for small businesses – the CMA has already identified large branch networks and free current accounts as being barriers to entry for new banks

London Stock Exchange to begin trading Turkish derivatives

The London Stock Exchange is to begin trading Turkish futures and options, following a deal with Borsa Istanbul. The agreement will help to open up the Turkish market to more investors; it will also help to deepen the LSE’s derivatives market, which it has been trying to build up in recent years.

BT gets personal with on-the-fly video message service

BT has formally today the availability of a personalised video capability as part of its Cloud Contact portfolio of services following pilot project with two UK retail banks. The system, which allows businesses to email individually tailored videos to millions of customers by integrating relevant data with video templates, was developed by Israeli marketing technology specialist Idomoo.

Financial regulation drives London jobs growth despite economic and political uncertainty

London-based financial services professionals moving to new jobs in 2014 boosted their salaries by an average of 18% – and an increasing number of people did so, with year-on-year figures showing a 51% increase in people looking for new positions. But gloomy economic forecasts, combined with the seasonal drop in hiring over the Christmas period suggest that firms have postponed major hires to the current quarter.

Political risk, SME and data tools to headline at FinTech Innovation Lab London 2015

Seven startup financial services companies have been chosen by the FinTech Innovation Lab London, which returns to the city for its third year running. Candidates include a web-based program for real-time geopolitical risk assessment, tools that help small business owners manage their finances and faster data exchange and reconciliation technologies.

Cryptocurrencies overcome California legal hurdle – but the battle is not over yet

Digital and alternative currencies, including Bitcoin, can now be used for transactions in California, following the implementation of bill AB129 on 1 January 2015. The new bill is a step forward for cryptocurrencies which have faced tough opposition and scrutiny from global regulators. However, serious doubts about the safety of digital currencies have been voiced by banks.

“Big four” banks lose ground in current account market

The big four high street banks lost ground in the current account market in the first year of the UK Payments Council’s current account switching service, mainly through poor customer service. But the guarantee did not accelerate the pace of account switching, according to an independent survey of bank customers.

Keep it personal – supporting customer-centricity with relevant financial products and services

Since the beginning of the global economic crisis, the financial services industry has faced challenges like never before. Headlines around bankers’ bonuses, PPI miss-selling and Libor manipulation have led to a lack of trust from consumers. In response, traditional banks need to join the new generation of financial service providers and their customers in their new natural habitat – online and on mobile.

UK Faster Payments scheme sets out to expand reach

Faster Payments, the UK payment clearing system, is planning to expand access to more payment service providers in the coming year. The organisation has set out its plans in a new Whitepaper, which explores possible cooperation with the Bank of England to develop new settlement models for non-bank payment service providers.

Barclays rolls out “anytime, anywhere” video banking

Barclays has launched a new video banking service on smartphone, tablet and computer, which it says will allow customers to have face to face conversations with the bank anytime, anywhere, without having to visit a branch.

European banking industry under the competition and regulatory spotlight

It has been a busy week for the banking industry. The first big news was the publication of a comprehensive health check of 130 large European banks by the European Central Bank, which was commissioned in response to the sovereign debt crisis in the Eurozone. Brussels lauded the latest investigation as the most intense scrutiny that European banks have ever been put through.

CCP “contagion” fears spark derivatives debate

Controversy over the handling of derivatives dominated talk at the Mondo Visione Exchange Forum this week, where panellists contested the value of interoperability and whether CCP contagion might bring down the financial system.

FSB ‘too big to fail’ proposals welcomed by industry

The Financial Stability Board is proposing a new minimum standard for total loss-absorbing capacity, which is designed to provide confidence that systemically important global banks can absorb losses without upsetting financial stability and the wider economy.

IT teams need to address the challenges facing UK banking

The challenger banks are coming of age. Aldermore, the UK’s fastest growing bank, is rumoured to be preparing for its IPO, just like OneSavings Bank, which was the first bank to list on the stock exchange since Bradford & Bingley in 2000.

IT skill shortage boost salaries as demand picks up

The fintech start-up sector and renewed spending by larger firms are combining to create a demand for IT skills that is outstripping supply in some areas. Cyber-security, big data, business intelligence and application development skills are all in demand.

Soon to be gone from a high street

Lloyds closures highlight shift to digital banking

Lloyds Banking Group’s decision to close 200 branches and axe 9,000 staff was to be expected – but the firm’s digital plans highlight the changing nature of retail banking and the bank branch in general.

The rise of the challenger banks

The face of retail banking in the UK is changing. In July 2010, the sector witnessed something not seen in over 100 years – the launch of a new high street bank. And where Metro Bank led the way, new and non-financial consumer brands are following suit.

LME Clear opens for business

The London Metal Exchange has launched its new clearinghouse LME Clear. Built by vendor Cinnober, the system is an important plank of the exchange’s ambitions, which have become more grandiose following its takeover by Hong Kong Exchanges and Clearing at the beginning of 2013.

Private banks set to benefit from UK account switching

As the UK Payments Council looks back on the first year of its current account switching service, numbers have risen but the change has been gradual and a disappointment to some. That could soon change as private banks make their move, according to senior financial services experts.

FCA issues considerations on the procurement of off-the-shelf technology solutions

The Financial Conduct Authority has recently issued a series of “considerations” for firms that are thinking about using third-party technology banking solutions. The considerations do not seek to tell firms how to structure their IT procurements but rather provide a useful framework for firms to demonstrate that their IT services are effective, resilient and secure.

Dark pools, market manipulation and benchmark rigging top risks warns report

Regulators in the US and Europe are stepping up investigations into dark pool activity, market abuse and manipulation of financial benchmarks following a spate of damaging incidents in recent months. Tougher regulatory oversight could have a significant impact on all three areas, according to a new report by financial services technology provider SunGard.

Barclays makes another move into biometric security

Barclays plans to offer corporate banking users a new security services based on Hitachi’s Finger Vein Authentication Technology from early next year and is considering introducing it to branches for consumers.

London Underground goes contactless as EE unveils NFC plans

London Underground, DLR and Overground trains are to accept contactless payments, following an announcement from Transport for London. The decision comes as mobile operator EE sets out plans to support NFC payments on London Underground, the UK’s biggest building society begins issuing contactless cards to its customers, and Apple explores cooperation with Visa on a potential new mobile wallet.

Tesco Bank under cyber attack

UK retail banks could lose out to supermarkets warns study

The UK’s high street banks are failing to satisfy consumers and may be in danger of falling behind the big supermarkets, leaving them vulnerable to competitors, according to a new report by VerintSystems and the Customer Contact Association.

UK to launch competition investigation into retail banking

Essential parts of the UK retail banking sector lack effective competition and do not meet the needs of personal consumers or SMEs, according to government body the Competition and Markets Authority, which is now planning to launch a full investigation that could last 18 months.

Fairbanking Foundation launches fair banking challenge

The Fairbanking Foundation, a non-profit charity focused on improving the financial health of consumers, has launched a drive to encourage banking providers to improve their products and achieve an additional 15 Fairbanking Mark certifications from the Foundation by October 2015.

BBA calls on Bank of England to protect challenger banks

The BBA has called for regulators to do more to improve competition in UK retail banking by making changes to the way payments, capital, access to funding and proportionality of regulation are handled and opening up more opportunities for challenger banks.

Bank of England tackles “critical” cybercrime attacks

A major new effort spearheaded by the Bank of England and the UK Treasury has been launched to shore up the cyber defences of the UK financial services industry, amid rising concerns that testing has exposed serious unaddressed weaknesses.

Card costs still too high say retailers

Despite falling costs, banks are continuing to charge “unjustifiable” fees that rip off retailers and consumers as they move away from cash towards debit cards and other forms of payment, according to the British Retail Consortium’s Payments Survey for 2013.

Half of UK traders still flout mobile voice recording rules

More than two years after the UK’s FSA introduced rules on mobile call recording for financial institutions, more than half of those affected still have not rolled out a solution – leaving many at risk of enforcement action, according to a new report by analyst firm Ovum and computer telephony specialist Teleware.

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