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Putting humans at the helm of finance innovation
DEBBIE GREEN | February 28, 2020
GIB is owned by the governments of the six Gulf Cooperation Council countries, with Saudi Arabia’s Public Investment Fund being the main shareholder.
Article | March 11, 2020
With plenty of post-recession anti-banking sentiment still lingering, it’s common to see fintech and traditional banks framed in oppositional terms. There’s some truth to that, especially with disruption-minded digital-only banks, but technological innovations have transformed banking of all stripes — and nowhere is that clearer than with artificial intelligence.
Over the past several years, financial technology -- or fintech, for short -- started a revolution of sorts in what some consider a stodgy industry. Online-only banks with no branches, digital payment systems, and person-to-person (P2P) payment apps are just a few of the ways that technology is changing the way consumers handled their money. That hasn't gone unnoticed by some of the biggest names in the financial services industry, and rather than reinvent the wheel, some are spending hefty sums to acquire the talent and technology that sought to disrupt them in the first place.
Need more repeat customers? You’re not alone. Businesses of all sizes struggle to win over new shoppers and to inspire brand loyalty in the ones they already have. Pulling off both at the same time is even harder. The key to growing this group is acquiring and retaining new customers. While marketing plays a role in the process, sales and support teams are typically responsible for winning and keeping new users.
The short answer is yes…. sometimes to both. However, there is a huge change underway and enough evidence to suggest that customer and competitive pressure alone will drive more change, even without further regulatory updates. Globally, and in the UK, margins in the lending market are feeling the pressure. Slow credit growth (currently at 2.5% in the UK), and low interest rates are the primary drivers. This has fueled competition, especially for lending products with higher margins, such as mortgages.
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