The word ‘unprecedented’ may have become a cliché when describing the COVID-19 pandemic. But for the banking industry, the effects of the pandemic were indeed unprecedented, with employees working remotely, branches limiting access to the public, and a growing need for digital capabilities.
2020 delivered the biggest shock to the financial services industry since the financial crash. Business continuity plans and other contingency measures were put to the test like never before, putting compliance officers under pressure to adapt annual compliance programmes. Many financial institutions grappled with the operational, financial, risk and regulatory compliance implications.
Revolut, a UK-based neobank valued at $33 billion with 16 million customers, has raced to the top of its nation’s most successful start-ups list since its beginnings in 2015 and is just one spot down from the top of Europe’s. What is behind its quick ascension? What are its plans to expand? Are there any concerns that may slow it down?
egulatory standards play an important role in safeguarding consumers, financial institutions and the global financial industry. As regulatory scrutiny in areas such as anti-money laundering (AML) and Counter-Terrorism Financing (CTF) continues to grow, so does the opportunity to streamline and enhance compliance efforts to tackle financial crime more efficiently and effectively.
Scots are reputed to be an independent group, and recent gains by the Scottish National Party in Parliament support that claim. If Scotland separates from the UK, the ramifications for the banking sectors in both nations would be profound. What are the specific initiatives being recommended to ensure a stable Scottish banking industry?
The digital customer experience has become a key differentiator for banks, particularly for big players seeking to stay relevant against their nimbler counterparts. This has become even more important during COVID-19, when institutions have been expected to provide clear and transparent services to support and protect customers as they navigate the pandemic’s many challenges.
In March, the FCA launched its “In confidence, with confidence” campaign, aimed at encouraging employees and ex-employees of financial services firms to report potential wrongdoing directly to the FCA. Whilst the reporting of potential wrongdoing directly to the FCA is not a new concept, the launching of this campaign signals that the FCA continues to view whistleblowing as a key priority
The non-disclosure agreement can be an easy fix from an employer’s standpoint, but can it silence an employee who has signed one in any circumstance? Or do other legal provisions and obligations invalidate a signed NDA? One thing is definite. An employee should seek legal advice before signing an NDA as part of any employment agreement.
Today, cloud computing is not only critical to the future success of the European financial sector. It also sits at the heart of the continent’s COVID-19 economic recovery plan. However, due to concerns relating to regional independence and operational resilience, the European Commission (EC) is wary of financial institutions central to Europe’s success becoming too dependent on individual cloud providers.
Buy Now, Pay Later is regularly used to pay for big-ticket items in instalments, but thanks to digital technology, the method is becoming popular for numerous product and service transactions. BNPL digital providers help consumers, unable to pay the full price at point of sale, to stagger payments according to agreed-upon terms, often with no interest or fees. As with any payment method, there are pluses and minuses to consider.