Demand for CTOs soars with digital disruption
Three quarters (73 per cent) of senior financial services industry decision-makers predict a big jump in demand for board-level chief technology officers (CTOs) in the sector over the next five years, as the challenge to find senior talent to leverage disruptive technology increases. Administrative services provider Intertrust surveyed over 500 executives covering the asset management, corporate, capital markets and private wealth sectors, finding that 40 per cent believe that by 2023 most firms in their sector will have hired CTOs with a mandate to drive strategic change, particularly by harnessing artificial intelligence (AI), blockchain and robotics.
Tide secures 1% of UK SME market
Tide has secured one per cent of the UK small to medium-sized enterprise (SME) banking market, two years since it first started operations. According to figures from the Federation of Small Businesses, by the end of 2018, 56,000 of a total of 5.6 million UK SMEs will have chosen Tide as their preferred banking partner, more than doubling its members in the last 12 months.
Squirro launches AI insurance solution
Squirro has launched a new suite of applications aimed at transforming elements of insurance, from underwriting and submission-handling, to improved lead generation and deeper customer insight. Squirro for Insurance contains three apps - Squirro Commercial Insurance, Squirro Reinsurance and Squirro Commercial Underwriting - which use its Augmented Intelligence platform to leverage siloed structured and unstructured data to improve the submission handling as well as the underwriting process.
Metro Bank launches international payments in-app
Metro Bank has launched international payments for personal and business customers via its app. The new service enables customers to make same day SWIFT and next day SEPA (Single Euro Payments Area) payments in euros, US dollars and sterling to more than 38 countries.
Barclays partners HCL and pulls out of Lithuania
Barclays has chosen Indian technology giant HCL to lead its investment in artificial intelligence (AI) and automated digital workplace systems for 80,000 employees worldwide, as it announced plans to wind down its operations centre in Lithuania.HCL Technologies, headquartered in Noida, India, will also be providing banking mainframe services to Barclays as part of the plan to expand their existing IT infrastructure services deal.
BoE uses automated detection against hacks
The Bank of England (BoE) has turned to automated technology in order to keep up with the growing threat of cyber attacks from rogue states, its heads of technology and infrastructure have told FStech. In an exclusive interview, Neal Semikin, head of technology infrastructure and security, and David Ferguson, a technology management principal, highlighted the critical role of new technologies and automated threat detection as they warned that the BoE is under regular attack from malicious actors and cyber criminals attempting to hack their systems.
11m money apps lay dormant on UK mobiles
The UK is now the third largest market in Europe for financial app downloads - with a 19 per cent growth since 2017 - yet Brits currently show significant ‘app-athy’ for technology that can help them save and invest. This is according to Wealthify, which revealed that 11.2 million downloaded money management apps remain unused on mobiles and tablets.
Consumers ‘don’t care about Open Banking’
The term Open Banking has become overused in the industry and customers don’t know or care about it, according to Nationwide’s head of transformation. Speaking as part of a panel at the FinTech Connect conference, Matt Perks argued that the problem is not about educating people about the changes which force banks to share personal data, “but developing the compelling products and services that convince them of the value of giving over their data”.
Ondot launches service to disrupt FinTechs
Mobile payments systems provider Ondot Systems has launched a range of digital solutions aimed at enabling the UK and Europe’s largest incumbent banks to compete with and disrupt emerging FinTech challengers. The firm uses a machine learning driven platform to offer control over card usage, digital card issuance, secure online and autonomous payments, and location tracking services to over 4,000 financial institutions worldwide.
R3 launches global payments on Corda
R3 has launched Corda Settler, an application built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based. XRP is the first cryptocurrency to be supported by the Settler, bringing the Corda and XRP ecosystems into closer alignment.
Banks see FinTechs as 'annoying mosquitos’
Established financial institutions should stop seeing FinTech startups as an “annoying mosquito” circling their business and strike up partnerships with their more nimble digital rivals, according to a panel of experts. Speaking at the FinTech Connect conference yesterday, a group of startup funding experts agreed that the only way for established players to adapt to the pace of digital disruption was to reach out to innovative challengers.