The UK will complete the Brexit journey that it began four years ago on December 31, the final day of the transition period. Its future trade relationship with the EU is not definite, and the British are wisely preparing for a hard landing. This time of transition should be regarded as an opportunity to build a united country, one that is in a mutually beneficial trade partnership with the world.
In the United Kingdom, COVID-19’s impact on businesses has been tempered by a number of timely government loan schemes. That’s the good news. The bad news is that they will run their course, and the reeling in of the financial lifeline is guaranteed to cause a liquidity shortfall. What steps must be taken now to mitigate the inevitable blow to the economy that could snowball into yet another financial crisis?
The European Bank for Reconstruction and Development has a long history of investing in emerging markets, and its contributions are most constructive during crises. With the global economy reeling from COVID-19, the EBRD ramped up its efforts to be a partner to key players in the markets in which it invests, providing emergency financing and policy direction with a focus on fostering a green economy characterized by inclusion and digitalization.
According to figures released on Friday, September 11, by the Office for National Statistics (ONS), the United Kingdom’s gross domestic product (GDP) expanded by 6.6 percent during July, as lockdown measures in the country continued to ease and the economy showed clearer signs of recovery.
Banks have traditionally been considered the “owners” of whatever data they manage to collect on their customers. But that entrenched viewpoint was challenged by Open Banking, an initiative of the UK’s Competition and Markets Authority. Under this model, the consumer owns his or her data. Now the concept is spreading not only to other parts of the world but to non-payment financial products and services via Open Finance.
Taking on the mantle of governorship of a central bank is challenging, but for Andrew Bailey, the new governor of the Bank of England, the role couldn’t be more formidable. With the United Kingdom’s long-awaited divorce from the European Union around the corner, the country’s financial system will need all the help it can get to survive the inevitable turbulence. Bailey’s new job won’t be a walk in the park!
Voters in the United Kingdom handed Prime Minister Boris Johnson and his Conservative Party a resounding victory via the recent election. Apparently believing that his plan would be the best horse to ride out of the Brexit quagmire in which the nation finds itself, Johnson has a strong mandate to meet successfully the 2020 deadlines: EU exit in January and EU trade deal by year’s end. Can he do it?
There were many victims of 2008’s Great Recession, but perhaps none were as hard-pressed as those in emerging markets, who were effectively cut off by the suddenly risk-averse big banks of developed countries. Access to finance through traditional avenues is still hit and miss for those in developing countries, but things are looking up with the advent of technological solutions that are bridging the gap to a more promising future.
Customers today are leery of sharing with businesses too much of what they consider to be one of their most valuable assets: their personal data. And it’s no wonder, as data breaches abound. Fortunately for banks in the United Kingdom, they rank more highly than other businesses in customer estimation of data guardianship, according to recent research. How can businesses across sectors bolster customer trust in their data handling?
Although banks have been in financial services longer than anyone else, they have a thing or two to learn about customer service from the mammoths in the retail sector. Retail subscription services are taking off, promising to deliver combinations of products conformed to the needs and likes of customers, whose preferences are well known from data analyses. What similar steps can banks adopt in their drive to augment customer satisfaction?