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November 7, 2016

The Blurred Lines of Fintech

Today, anything that is related to finance and technology in the slightest way has the FinTech label slapped on to it. With so many ventures striving to achieve different goals, it is sometimes hard to keep a clear head and distinguish one from the other.

To make this process easier, one of the most straightforward distinction to make is the difference in audience focus. Is the venture targeting end users, hence B2C or is the audience another business, hence B2B? Some fintech companies are clearly on one end of the spectrum, while others are a blend of both. What characteristics do the different business models embody and why has the constellation of fintech companies come [...]

 
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November 4, 2016

Poverty amidst prosperity: How can design and tech improve financial inclusion?

What’s the problem?

Over half of the U.S. population is struggling financially. And in the UK, roughly 20% of the population doesn’t have enough savings to survive one month if their wages were to drop by just 25%. This is the reality in two of the world’s healthiest economies.

The unpredictability of income is increasing. More people are experiencing multiple forms of income; self-employment has been increasing since 2008. People move in and out of financial inclusion at different times, depending on life circumstances.

Conmen, complexity and confusion

Too many people are being slighted by mainstream services that weren’t designed for them.

The [...]

 
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November 1, 2016

How I improved Co-op Banks security without getting dressed and still couldn’t get satisfaction

It’s half ten, I’m working from home, an 0345 number comes up on my phone, I answer. Me: Hello. Bank: It’s Nancy* from the Co op bank, can I speak to Mr XYZ** please? Me: That’s me. Bank: Thank you, before I continue, I do need to ask some security questions. Can I take the 1st and 3rd digit of your 4 digit security code please? Me: Sorry but No. I don’t actually know that you’re from the Co op bank so I’m not going to give you my security code. Because if I do, and you defraud me, it’s my liability. Bank: Ah, but it’s OK, because I only need two of your 4 digits, so I can’t access your account with those. It’s just for security. Me: Yes, I understand that, but if you also [...]

 
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October 31, 2016

The future of mobile banking – engaging customers through mobile phones

Last month, the CMA released a new set of rules that are set to transform the finance industry. Managing director of agency Sonin, Paul Jarrett, explains how the new banking regulations are going to impact small service providers.

The latest announcement from the Competition and Marketing Authority (CMA) states that all banks must offer all of their services via a single mobile phone app by 2018. It’s not news that we live in a connected world, or that our mobiles have become a vital tool for everyday life. In fact we’ve seen many businesses and entire industries evolve and mobilise their offering to improve the customer experience. So really, it was only a matter of time [...]

 
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October 28, 2016

Innovation, Revolution and Deposition: Why fintech is facing an existential crisis

Banks have always been portals performing a variety of jobs that all revolve around money. Whether that is managing, tracking, exchanging or spending your money, banks have always been a consolidated resource for performing a number of functions. When you look at the raft of fintech companies, it becomes clear that there are better ways to do some of those jobs. Banking services are being cherry-picked, one by one, to be digitised, refined and improved.

At the same time, consumers are demanding user-friendly, flexible and personal solutions for their money management, but surely won’t stand for traversing dozens of different apps to get it. The question, then, is what will [...]

 
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August 31, 2016

How I improved Co-op Banks security without getting dressed and still couldn’t get satisfaction.

It’s half ten, I’m working from home, an 0345 number comes up on my phone, I answer. Me: Hello. Bank: It’s Nancy* from the Co op bank, can I speak to Mr XYZ** please? Me: That’s me. Bank: Thank you, before I continue, I do need to ask some security questions. Can I take the 1st and 3rd digit of your 4 digit security code please? Me: Sorry but No. I don’t actually know that you’re from the Co op bank so I’m not going to give you my security code. Because if I do, and you defraud me, it’s my liability. Bank: Ah, but it’s OK, because I only need two of your 4 digits, so I can’t access your account with those. It’s just for security. Me: Yes, I understand that, but if you also ring [...]

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