Lockdown has presented a huge opportunity for the banking industry. The sector has been forced to modernise its IT infrastructure to cope with the ‘new normal’ and in doing so, has made more progress in its digital transformation journey in the last six months than it has in five years.  

The last six months have presented the banking industry with challenges never before seen in our lifetime.

Paragon Bank has procured business onboarding and automated due diligence technology services from RegTech firm, TruNarrative. The decision follows Paragon Bank’s recent approval from the British Business Bank, enabling Paragon to deliver bounce back loans to SMEs coping with the Covid-19 economic situation.

Nexi, the leading Italian PayTech in digital payments, signs a partnership with Meniga, the world's leading fintech in the development of personal & business financial management solutions.

Tesco Bank is to become the first UK bank to introduce new technology that allows its 2.6 million credit card customers to more easily manage and pay their balance.

The ‘Pay by Bank’ facility will be provided by Tesco Bank and enabled by Mastercard’s Open Banking Connect™ service.  It allows Mobile and Online credit card customers to make payments directly from their current account via electronic payment services.

MYHSM, the global provider of cloud-based Payment Hardware Security Modules (HSM) as a Service today announces its partnership with Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions. Together, the companies are enabling payment providers to deploy Cloud-based infrastructure that aids growth, innovation, and success.

Temenos (SIX: TEMN), the banking software company, today announced that Elevations Credit Union selected Temenos Infinity delivered on the cloud to digitally transform its member experience. Temenos Infinity will streamline processes, while enabling the credit union to provide frictionless, differentiated member experiences across mobile and online channels. This will allow the credit union to better engage with members, improve money management capabilities, and roll out new capabilities tailored to the needs of its widening member base.

Finantix, the global provider of digital enabling software for the banking, wealth management and insurance sectors, announces the integration of Next Best Action into its award-winning and innovative product suite. Next Best Action leverages the power of AI to provide highly personalised financial advice through an accessible user interface that is as understandable as those from top-tier online sales and media platforms.

The European P2P lending platform Robo.cash has found that the demand of investors for long-term loans offered by its Singaporean loan originator is rising. In August, the platform’s users funded €1.5 mln of these loans, which is twice as much as in June. This might mark a new trend among P2P investors.

Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, has announced an agreement to provide Smith & Williamson Group, a leading financial and professional services firm in the UK and Ireland, with its Shareholder Rights Directive (SRD II) solution for proxy voting. Smith & Williamson is using the Broadridge solution to support its discretionary and non-discretionary execution clients, spanning both institutional and retail investors.

ELEMENTARYb, a financial services firm addressing the complex financial needs of the Middle Market Enterprises (MMEs) in the UK, today announced the appointment of Lord David Blunkett as strategic advisor to help the firm’s continued growth and expansion. David Blunkett will be advising the senior management team on all aspects of regulatory requirements, including compliance, cyber-intelligence and the regulatory framework which comprise the foundation of the ELEMENTARYb network.