“Open Banking” is coming your way but what does it mean?

Open Banking has been causing ripples, both across the fintech sector and in the news. Back in 2016, the Competition and Markets Authority (CMA) issued a ruling that requires the nine largest banks in the country to allow licensed startups direct access to their data. And with that the first step towards Open Banking was taken. The decision was a response to the dominance of established banking institutions in the UK Barclays, HSBC, Lloyds, Santander and Royal Bank of Scotland currently hold 80% of the market. The CMA believes that opening up this data to other companies, especially those looking to innovate in personal finance, will result in better deals for consumers. Why is Open Banking happening? Investigation by the CMA found that there was too little competition in the UK banking market. Those same big five banks dominate, each offering fairly similar products at much the same rates with little variation through which consumers could find better deals. We have stagnated as bank
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The future of banking, money management and personal finance

Technology is truly changing the world – at an increasingly blistering pace. And perhaps nowhere is this more apparent right now than in the world of money and banking. FinTech (finance + tech) is the latest buzzword and represents a huge swathe of innovation when it comes to the way that we bank and manage our money. While online banking is well established as the alternative to going in to your local branch to handle transactions or make balance enquiries this is really just the tip of the iceberg. In terms of the future of money and banking there are some pretty exciting developments on the horizon. Artificial Intelligence Artificial Intelligence (AI) has been identified as a new frontier when it comes to helping us better understand and manage our money. Cleo, for example, is a virtual personal assistant that interacts with users of the app as if it were a real person. Ask it questions, request help and the responses are chatty and emoji-filled (the app is aimed at 20-30 year ol
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Need help with your banking & saving? Let Chip do it for you!

“I just don’t know where the money goes every month.” “There never seems to be anything left to save.” “I can’t figure out how to get out of my overdraft with the income I have.” If any of these sound familiar to you then no doubt you’re one of the millions in the UK who struggles to get on top of their finances. Well, thanks to the arrival of the era of robot banking you may not have these kinds of excuses for very much longer. Chip is a new banking app and a prime example of the way that technology is being used to help us overcome our worst habits. It has only been around for a year but is already proving popular as a way to make sense of a confusing financial situation. But does it work? Introducing: Chip The premise behind Chip is that it will help to resolve financial problems and get you out of a financial pickle. So, if you’re living in your overdraft and missing all your savings goals Chip could really turn your spending habits around. In order to do that
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The future of Personal Banking is arriving!

When it comes to innovation, most people wouldn’t pick the personal financial sector as an obvious pioneer. Tech, fashion and pharmaceuticals might be leading the way in innovating how we consume and experience life – but high street banking? Despite being one of the most traditional sectors of the UK economy, the personal finance sector can’t afford to stand still. That’s why, over the next decade, we’re likely to see a lot of change. Taking current accounts online Online banking has been around for a while but in 2017 it has gone up a gear. Current accounts are not simple financial products – they require licences and are heavily regulated – but now most banks recognise the need to modernise. The result isn’t just online banking but cutting edge banking for all, from apps through to mobile banking facilities. And it’s not just the major high street banks that are getting this right – in fact, if anything, they’re behind the curve with this trend. Data collected
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Here’s the future of online banking security

By: Oliver Jones Apr 04, 2016 Here’s the future of online banking security If you’re the kind of person who has only just got used to the fact that you can open your iPhone with your fingerprint then you might be about to get rather a shock. Technology advances at a fast pace and tends to have the effect of leaving behind those who don’t get on board with its concepts. While ideas such as opening a door with your eyes and using blood samples instead of passwords might seem like the stuff of a 1960s sci-fi film, there are plenty of examples in the world around us of these kind of ‘fictional’ developments slowly becoming a reality. Selfie pay Have you taken a selfie? If you have then you’re probably pretty familiar with the various methods for getting the perfect shot, from a downward angle to using the various filters that are available. Soon, however, selfies will have a bigger part to play in our daily lives than just showing off on Intsagram or snapping a ‘fitspo.’ E-c
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