FinTech Friday is our weekly check-in here at Spreckley, where we share all the most interesting and useful financial services and financial technology news, innovations and trends.
This week, we look at a new coalition of UK fintechs calling for the FCA to help end the big banks’ dominance in the use of consumer data, the latest reports on ‘big tech’ entering the financial services industry and a new initiative to celebrate the top 100 women in fintech launching.
Fintech start-up coalition calls for ‘more transparent banking environment’
A coalition of British fintech start-ups is calling on financial regulators in the UK to end the dominance of the big high street banks’ use of consumer data, according to the latest reports on City AM this week.
The reason for this is clear. Open data sharing between financial services and institutions would mean considerably increased competition in the savings, credit, mortgages and pensions markets.
“The Coalition for a Digital Economy (Coadec), an advocacy group that represent a number of UK fintech firms and counts Tony Blair’s son Euan as one its board members, is arguing for a more Australia-style, market-led, approach to open finance,” reports City AM. “The group urges the FCA to end, what they call, “an overly-standardised approach.”
“The consortium, which includes TransferWise and Seedrs, said the watchdog should ‘break banks’ and create a more transparent open banking environment, allowing other entities than banks to engage in interfaces through which data about customers, accounts and transactions are shared.”
‘Big tech’ financial services competing more with high street banks
Elsewhere, a new wave of competition from ‘big tech’ companies such as Google, Facebook and Amazon is on the way for traditional high street banking institutions, according to the latest report on The Telegraph this week.
“Some of the world’s largest technology companies, including Google, Facebook and Amazon, are eyeing financial services as a lucrative opportunity. They are pushing hard into a space once dominated by established players who are increasingly under threat.
“Last week, Google announced that it would partner with banks to launch its own digital accounts in 2021. It follows Apple’s metal card and accompanying accounts launched last year with Goldman Sachs.”
Simon Taylor, a co-founder of financial technology consultancy 11:FS cites Facebook’s Libra as the beginning of this trend and told The Telegraph this week: “Google Pay can now do nearly everything most banks can do in the US. So what do I need a bank app for?”
Top 100 Women in FinTech
Finally this week, FinTech magazine launches a new initiative to celebrate pioneering women in the fintech sector, set to coincide with International Women’s Day 2021
“FinTech Magazine is proud to introduce the Top 100 Women in FinTech, a celebration of ground-breaking and influential women in the vanguard of the industry.
“As well as recognising the outstanding achievements of individual women, the Top 100 celebrates the contributions of all women working in fintech around the world.
“Now more than ever, women are playing crucial roles in these vital industries”, says Stacy Norman, Chief Operating Officer at FinTech Magazine publisher BizClik Media Group. “These sectors are undergoing a digital transformation and women are leading the way.”
To get involved or to learn more about the initiative simply CLICK HERE.