RBS Group online banking outage 'resolved'
Online banking services across Royal Bank of Scotland Group - including RBS, NatWest and Ulster Banks - went down this morning, with millions of customers unable to access their accounts via online and mobile apps.The group said the issue has now been "resolved" across its network of retail banks.
PayTech startup Modulr raises £10.5m
Modulr, a FinTech startup offering digital payments accounts for businesses, has announced plans to open a new office in Edinburgh following its latest investment round. The London-based startup, founded in 2016, is to use the funding to create more than 30 new jobs and grow its software engineering, customer support, risk and compliance and finance teams as it seeks to take advantage of the burgeoning FinTech scene in Scotland’s capital.
Scottish FinTech awards launches
The Royal Bank of Scotland (RBS), FWB Park Brown, Dell Technologies and the Times Scotland have partnered to launch a competition to identify and support the next generation of financial technology pioneers in Scotland. With a prize fund totalling £125,000 on offer, the project aims to encourage and reward world-class ideas in FinTech innovation.
FinTech startup Cleo secures $10m funding
Cleo, a FinTech offering a money management app for Millennials, has landed $10 million in a Series A funding round. The investment round was led by Balderton Capital, which backed Nutmeg and Revolut, and will form part of Cleo’s plans to launch their own range of financial products.
ING FinTech fund invests £6.7m in Cobase
ING Ventures, a £300 million fund set up by the Dutch banking group, has invested £6.7 million in Cobase, an Open Banking platform which will expand its client network and develop functions such as a robo-assistant to monitor transactions. Cloud-based solution Cobase, which is an arms-length venture of ING Bank, allows users to view balances and transactions from several bank accounts in one place, initiate payments and use cash management services on a single platform.
Banks ‘must face up to tech competition’
In addition to traditional challenges, retail banks globally are now facing new forms of competition: the Open Banking ecosystem, emerging technologies and soaring customer expectations. This is according to the 2018 World Retail Banking Report from Capgemini and Efma, which surveyed more than 10,000 retail banking customers in 20 countries.
Equifax fined £500k for personal data failings
Equifax has been fined £500,000 by the Information Commissioner’s Office (ICO) after the data of 15 million Britons was left exposed by a massive cyberattack. The data breach occurred between 13 May and 30 July 2017 and affected information belonging to 146 million people worldwide.
InsurTech transactions hit new high in Q2
A total of 71 InsurTech funding transactions during the second quarter of 2018 marks a record high, although the total of $579 million invested is down 20 per cent against the previous quarter, according to Willis Towers Watson. The consultancy firm’s latest industry report found that the second quarter also set a new record for the volume of incumbent participation in InsurTech investments.
RegTech spending to exceed $115bn by 2023
Spending on RegTech platforms will exceed $115 billion by 2023, up from an estimated $18 billion in 2018. Analysis from Juniper Research found that increased regulatory pressures, as demonstrated by the recent General Data Protection Regulation (GDPR) implementation, are driving businesses towards regulatory technology solutions to meet greater compliance challenges.
UK banks web chat use to triple by 2020
UK financial services firms expect their use of web chat to grow from 24 per cent today to 89 per cent by the beginning of 2020, according to new research. A survey of over 200 UK contact centres by ContactBabel found that the use of interaction analytics is expected to rise from 33 per cent to 77 per cent in the next two years, while automated speech recognition is expected to increase from 17 per cent to 52 per cent over the same timescale. Much of the latter is being used to reduce fraud and the time required to take phone customers through security.
Banks back first commodities blockchain platform
Banks and trading firms are to launch the world’s first blockchain platform for commodities trading.The new platform developed by Komgo SA, a Genava-based company, is backed by 15 major investment partners and is expected to launch before the end of 2018.