As consumers continue to move more boldly into the digital realm, it has become increasingly clear that their personal data is of considerable value to different stakeholders. Whether it’s through their heart rates monitored by their watches, their geolocation data provided when they check into particular restaurants
The pandemic has prompted financial institutions to adapt fast, but the UK’s financial sector was already embroiled in a Brexit-induced metamorphosis. Although crises spawn revolutionary transformations, the sector’s need to transform digitally and accommodate regulations was in place beforehand. COVID-19 shifts the goalposts while offering opportunities for Britain’s fintechs to use their new-found freedom to innovate their way into a more prosperous future in which clients’ evolving needs are met.
It’s a fact. The exponential growth of data directly impacts financial institutions’ ability to do business efficiently. And there’s no sign of that growth slowing down, with IDC conservatively predicting a 26% CAGR data growth in financial services companies between 2018-2025.
The European Union has put up a brave front against financial crimes such as money laundering, but the criminals still manage to get away with a way too much ill-gotten gain. Progress is being made with the new AMLD5 framework, but much more needs to be done to achieve resounding success. What are some of the steps the EU should take to finally grab this brazen bull by its horns?
After the announcement in January from the Malta Financial Services Authority, stating the significant pending changes to Maltese pension regulations, both companies and advisers alike felt the net tighten around their daily practices.
“The times they are a-Changin’” sung Bob Dylan in the 1960’s as the civil rights movement swept through the US and changed the direction of a Nation forever.Fast forward to 2019 and this anthem of change rings true for the banking sector. Whether it be emerging FinTech start-ups, regulatory bodies or the changing demands of their customers, it’s an industry that is being disrupted from all sides.
It’s now been nearly a year since the General Data Protection Regulation (GDPR) came into effect across the European Union, bringing with it panic, misinformation and scores of emails asking us to consent to stay on mailing lists we’d forgotten we’d signed up to.
There has been a rapid increase in the size and number of investments into UK fintechs with the likes of Monzo and Revolut leading the charge. Interestingly, it is not just the VC funds driving this; banks are also investing or in many cases, acquiring fintech companies outright.
Although the GDPR—designed to augment consumers’ data protection and privacy—is the brainchild of the Council of the European Union and European Parliament, its reach extends far beyond Europe. In the United States, it is no longer a choice but a must for financial firms to adopt stricter consumer-data-protection measures. The costs of not doing so far outweigh the costs of compliance; regulators expect data security, and so do customers.
Brexit looms large over all aspects of the UK’s banking sector, including hiring plans. Continued uncertainty about what direction the UK/EU divorce proceedings will go (if they go at all) has organisations on edge, but that didn’t stop them from hiring last year, research shows. Retaining existing top-notch talent was a priority, but attracting new, highly skilled professionals was also a common goal, with UK banks topping the hiring charts.