banks

How will Open Banking affect UX?

On the 13th January 2018, Open Banking officially came into effect in the UK. This means that all regulated banks are now required to let customers share their financial data with authorised third-party providers through API’s. 

Essentially, the wider aim is to make financial services more innovative and competitive, as well as make banking an all-round better experience for customers. 

Six ways fintech startups could hurt incumbent banks

For years, there has been much talk about the impact of fintech startups like Monzo and Atom Bank on incumbent banks but little has been done to quantify the actual effects fintechs are having on big banks.

New data from The Bank of England (BoE), published as part of its 2017 stress test of the UK banking system, however, is shedding light on this subject.

Can Wells Fargo’s new brand platform help it restore consumer trust?

Wells Fargo has paid a hefty price for its fake account scandal.

While the bank has fired more than 5,000 employees implicated in the scandal, clawed back $75m in compensation from executives it blamed for the fraud, and agreed to pay $110m to settle a class action lawsuit over its opening of more than a million unauthorized customer accounts, consumers apparently aren’t willing to forgive the company, at least not yet.

Could established financial services firms lose a quarter of their revenue to fintechs?

Upstart fintech companies are disrupting established financial services players, namely large banks, but just how serious a threat are these upstarts to firms that collectively control trillions of dollars of capital?

According to a new study conducted by PricewaterhouseCoopers, which polled more than 1,300 executives, established financial services firms could lose nearly a quarter (24%) of their revenue to fintechs in the next three to five years.

How will Donald Trump’s policies affect fintech?

Last week, new US President Donald Trump signed a directive asking his Treasury secretary to review The Dodd–Frank Wall Street Reform and Consumer Protection Act.

Dodd-Frank was signed into law in 2010 by former President Barack Obama and was aimed at preventing another financial crisis like the one that struck the US banking system in 2008.