Retail Banking Systems Insights

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Chief scientist applies forensic skills to TSB meltdown

30th August 2018

Company: bobsguide
In April 2018, the UK's TSB bank left up to 1.9m customers unable to access accounts, due to a botched system migration that was rushed, inadequately tested with poor internal communication. TSB, previously part of the Lloyds Banking Group was bought in 2015 by Sabadell Bank and was due to migrate to Sabadell's in-house system, Proteo,... read more
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Banks to address mobile connectivity issues

23rd August 2018

Company: CommScope
Recent data from the Office of National Statistics (ONS) revealed that the UK is currently in the midst of a productivity crisis, with the country’s output per worker 16.6 percent below the average for the rest of the G7 nations in 2016. While the financial services sector was one of only a few to show any productivity growth, this was still... read more
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South African tax authorities target crypto traders

22nd August 2018

Company: bobsguide
South Africa’s economy has been in trouble for a while now. The GDP of Africa’s most industrialised nation started off 2018 by contracting at its sharpest rate in nine years, and there’s little reason to believe things are going to improve much in the near future. That’s why consumer demand for a decentralised and stable... read more
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Banking on tech alone not enough for digital challengers

22nd August 2018

Major banks have long held all the cards, operating in closed environments and keeping their customer data under lock and key – but no more. In the new opening banking landscape, banks must establish open application programming interfaces (APIs) to enable third parties to access customer account information for gathering data or the... read more
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Open Banking driven forward by data-sharing millennials

21st August 2018

Company: bobsguide
“Fintech companies are on a mission to make financial services and products accessible to everybody,” according to Michelle Pearce, CIO and co-founder of Wealthify, the online investment service. Firms such as Wealthify can embrace Open Banking, and give everyone “the chance to have an investment portfolio built and managed by... read more
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Banks need to act quickly to implement cryptocurrencies

21st August 2018

Company: Crealogix
For many years, bitcoin and other cryptocurrencies remained a fringe movement, generally unknown to those outside the immediate community. In 2010, a year after its invention, one bitcoin was never worth more than $0.50, but the unprecedented attention that cryptocurrencies and blockchain have received in the last two years has led to sharp price... read more
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Challenger CEO reacts to CMA’s bank rankings

20th August 2018

Company: bobsguide
On the 15th of August, the UK's Financial Conduct Authority (FCA) and Competition & Markets Authority (CMA) released data on quality of service for the first time, marking a historic step for Open Banking and putting a mass of customer data in the hands of fintechs and comparison websites. Of particular interest was the omission of a... read more
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5 impacts the OCC ruling could have for bank CTOs

16th August 2018

Company: bobsguide
The US OCC will soon be accepting applications from non-deposit taking fintech organisations to operate as banks on a nationwide basis, and early predictions suggest many firms will seize the opportunity. The ruling could shake up the retail and business banking sectors but there could be significant changes for fintech buyers. Here’s just... read more
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UK's FCA/CMA banking surveys: fintechs given crucial market intelligence

16th August 2018

Company: bobsguide
As reported yesterday, the UK's Financial Conduct Authority (FCA) has enforced new rules requiring providers of personal and business bank current accounts to publish information on service quality twice yearly that will help customers to compare accounts from different providers. The survey data from the Competition & Markets Authority... read more
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US OCC fintech charter to change banking landscape

15th August 2018

Company: bobsguide
The new ruling that will see the US Office of the Comptroller of the Currency (OCC) begin accepting national charter applications from fintech firms – essentially granting tech-first companies bank-like status – could see agile, progressive entities enter the market. “The OCC has truly opened a window for all those fintech... read more