Imitation is the best form of flattery: Citigroup aims to copy fintech industry’s start-up mentality

Posted by Rhodri James on July 10, 2016 7:54:59 PM EDT

Citigroup hit the headlines last week with the launch of its brand new initiative, Citi FinTech. Essentially an in-house start-up, Citi FinTech comprises a group of select employees who have been cherry-picked from across the wider business. Together, they will focus on developing prototypes of solutions, such as facial recognition for mobile banking. 

The division’s newly appointed CEO, Heather Cox, has even coined a new phrase to mark the launch. She talks about ‘fintegration’ as a way for big banks like Citigroup to win back customers who’ve been lost to the emerging breed of fintech start-ups.

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Topics: Consumer Lending

Happy 50th Birthday Barclaycard: Is It Now Time To Retire?

Posted by Paul Thomas on June 28, 2016 3:03:29 PM EDT

Barclaycard, the UK’s first credit card, hits a major milestone today as it celebrates its 50th birthday.

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Topics: Lending

Are consumer awareness sites fueling unfair complaints against payday lenders?

Posted by Daniel O'Boyle on June 16, 2016 9:54:22 AM EDT

When the Financial Ombudsman released its annual complaints report earlier this month, the news that payday loan complaints had risen was pounced upon. This was an increase – and a significant one at that – despite tighter measures having been introduced to regulate short term loans. However, the ombudsman itself said the increase, “reflected people’s growing awareness of their rights when things go wrong”. This whole subject of consumer awareness is an interesting one. With ‘how-to’ sites providing complaint letter templates online, and a fee charged to the loan company each time the ombudsman takes on a case whether it’s upheld or not, could this be the breaking of the payday lending industry?

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Topics: Lending

Is Google Picking on the Payday Lending Industry?

Posted by Daniel O'Boyle on May 23, 2016 12:41:19 PM EDT

Google is the company that famously included ‘do no evil’ in its original mission statement.  This was always a bold claim, and the debate rumbles on about whether it has always lived up to these very exacting standards.

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Topics: Consumer Lending

Risky Decisions Result From Insufficient Data

Posted by Paul Thomas on May 2, 2016 1:22:36 PM EDT

The amount and type of data we generate in our everyday lives has changed beyond measure with the technology revolution. Yet, data used by financial institutions has remained largely unchanged and hinges upon traditional, largely historical financial sources such as credit history. To meet today’s customer need for speed, companies want to make risk decisions quickly and reliably. For this, they rely on data and sophisticated integration tools to access it.

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Topics: Lending, Analytics, SME Lending

LendIt’s Spotlight on Consumer Lending

Posted by Paul Thomas on April 27, 2016 1:38:37 PM EDT

This year’s LendIt once again brought together online lending industry leaders, experts in lending platforms, investing and service provision to discuss, debate and collaborate on industry issues.  Consumer lending was the subject of a deep dive; it is a sector that has seen new players enter the market to compete with traditional providers for the consumer dollar. Growth in the sector has been seen in particular in P2P lending.

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Topics: Consumer Lending, Trends & Events

Cloud Computing: Where it Began

Posted by Brett Norton on April 25, 2016 10:50:17 AM EDT

We think of cloud computing as a very modern-day technological advance, and it’s true that pioneering developments have moved the technology on this century. However, cloud has its origins many decades ago, in the humble beginnings of mainframe computing and its ethos can be seen in virtualised systems of the 70s.

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Topics: Technology

Money20/20 Europe – a breath of fresh air

Posted by Rhodri James on April 20, 2016 10:49:15 AM EDT

The arrival of Money20/20 in Copenhagen brought a breath of fresh air to the European conference circuit. The high-energy, well-structured event generated a bright atmosphere for conversation and collaboration - and not just because business in the networking area was conducted in colourful sheds. Notable by their absence were customers, but industry players were out in force and a recurring topic of conversation was how today’s banks and financial institutions can add immediacy to their processes.

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Topics: Credit, Loan Origination, Lending

Short Term Lenders Nail the Need for Speed

Posted by Paul Thomas on April 1, 2016 2:39:43 PM EDT

Today's consumers have more options available to secure credit or a loan. Short term lenders provide a ready source of convenient funds that are generally quicker to  secure. The industry has its critics but, working within a framework of responsible lending, has grown rapidly. Not only do the products of short term lenders meet a market need, but through the use of technology and advanced risk analytics their means of delivery meets today’s customers’ demand for speed.

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Topics: Lending

What we can expect at Money20/20 Europe

Posted by Paul Thomas on March 8, 2016 11:51:55 AM EST

 

Money20/20 Europe next month promises to be an inspiring few days of discussion, debate, information sharing and collaboration. With evolving regulation, rising customer expectations and increasing levels of competition, the financial services and payments industry is a challenging one to be in; but innovators are meeting these challenges through some exciting trends. I’m expecting to hear about:

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Topics: Credit, Loan Origination, Lending

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