Yolt has added the first investment provider to its money management marketplace – Wealthify. The integration will enable Wealthify customers to view their accounts within the Yolt money app, making it the first in the UK to show users’ live investments alongside their bank account, credit card and savings accounts and even pensions.
Starling is expanding its banking-as-a-service and payment services offer, bringing white label banking to the UK. Access to the digital challenger banks’ proprietary, cloud-based technology via Application Programming Interfaces (APIs) will allow companies to launch their own bank accounts and provide customers with payment services such as debit cards.
Work and pensions secretary Esther McVey has finally backed the industry to deliver the long-awaited pensions dashboard. The dashboard should allow people to view all their pension pots in one place, from State Pension entitlements to company defined contribution and defined benefit schemes.
Aviva has partnered with Amazon to enable customers to find out how much they have saved in their pension fund through a conversation with AI bot Alexa. Customers registered on MyAviva are now able to link their account with Alexa, asking the voice assistant to tell them the value of their pension pot. Aviva Canada have also developed a skill which allows consumers to ask Alexa for a motor insurance quote.
Millennials are the generation most likely to embrace new technologies such as Open Banking but they also hanker after the human touch when it comes to managing their finances, according to new research. A survey of 1,000 adults conducted by Altus, a UK-based financial services consultancy, suggested that over half (53 per cent) of 25-34 year olds would be happy to allow a web-based service to review and manage their personal finances, compared to 35-44 year olds (51 per cent), 45-54 year olds (47 per cent) and the over 55s (38 per cent).
The Bank of England (BoE) is looking to explore the demand for introducing synchronised settlement to the renewed Real-Time Gross Settlement (RTGS) service. It has issued a call for interest from FinTech firms to help investigate the potential and understand the design implications for organisations which would interface with the system.
The European Insurance and Occupational Pensions Authority (EIOPA) has released a survey to collect views on the emerging InsurTech industry. The industry body is aiming to get a better picture of those not directly active in the insurance value chain on InsurTech and the technology-enabled innovation in insurance that could result in new business models, applications, processes or products.
The chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) has warned that FinTech cannot be complacent in the face of algorithms taking over. Speaking at an event in London yesterday, Charles Randell explained that algorithms are now everywhere in digital services, noting that some have suggested in the future democracy will be replaced by an algocracy, where algorithms decide everything on our behalf.
The Financial Conduct Authority (FCA) has announced the 29 firms that were successful in their applications to begin testing in the fourth cohort of the sandbox. Some 69 firms applied this year to take part in the sandbox, an increase on the number that applied last year. Successful applicants covered a range of sectors, locations and firm sizes.
Financial inclusion is on the rise globally, accelerated by mobile phones and the internet, but gains have been uneven across countries, according to a World Bank report. Globally, 69 per cent of adults – 3.8 billion people – now have an account at a bank or mobile money provider, up from 62 per cent in 2014 and just 51 per cent in 2011.
FinTech Australia has responded to calls from banks and industry bodies to phase the implementation of Open Banking legislation by urging the government to resist such delaying tactics. The consultation period for Australia’s review into Open Banking concluded last month, with the Australian Banking Association stating the Treasury should adopt a “phased approach” to including different banking products and calling into question the 12-month time frame for reforms.
Financial management platform Moneyhub has integrated with Monzo and Starling’s application programming interfaces (APIs) to offer the digital-only banks’ customers a holistic overview of all their assets. Users of the two UK challenger banks will now have access to Moneyhub’s proprietary categorisation engine and can link up current and savings accounts alongside any credit cards, pensions, loans, mortgages, properties, ISAs or investments.
Brightside Group has partnered with Data Capture Solutions to introduce robotics for the first time into its back office. DCS helped identify the most suitable parts of the operation for Robotic Process Automation (RPA), like compiling document packs where the insurance documents are coming from third parties portals, reconciling invoices and posting credits received from debt cases.
Nordea Bank is preparing for the digital revolution by ‘hiring’ a host of virtual employees across the Nordic countries. The Swedish Life and Pensions arm of the bank has designed and built Liv – a virtual assistant brought in to help human colleagues “focus on delivering great customer experience and performing more creative and complex tasks”. Liv is one of a couple of recently hired virtual employees at Nordea, with the bank also introducing Sirius in Finland, Erna in Denmark and Roberta in Norway, among others.
Digital services firm Atos has announced that it has secured a thirteen year contract with life and pensions provider, Aegon, to deliver its protection business processes. Atos also announced plans to significantly grow its Business Process Services (BPS) financial services sector business line in the UK and Ireland. In a deal worth £200 million.