Only 5 years after the launch of the first challenger bank accounts, the UK’s major financial institutions are facing a new revolution; this time in the shape of the nation’s savings accounts.

New insight by data expert CACI also reveals that the way we bank is changing dramatically, with almost half of the UK’s adult population, 25 million customers, now banking with mobile. The report shows that by 2021, mobile will become the biggest channel in terms of users – over-taking branches and desktop banking to claim the number one spot.

Leading global payments provider, Klarna, today announced its multimarket partnership with Abercrombie & Fitch Co. (NYSE: ANF), a leading global specialty retailer of apparel and accessories for men, women and kids through three renowned brands. Later this year, UK customers at Abercrombie & Fitch, abercrombie kids and Hollister Co. will have access to Klarna’s Pay in 3 product, and customers in the US can take advantage of Klarna’s Pay in 4 product. These services allow customers to pay for their purchase in three or four instalments, respectively, over a two-month time period.

The majority of CFOs (65%) expect digital transformation to significantly reduce the number of jobs in the financial services industry, according to the results of the 2019 FinTech Barometer, an annual survey conducted by order-to-cash specialist Onguard. CFOs are also concerned about their own job security. In fact, 38% of them believe their job will no longer exist in its current form ten years from now.

 DriveWealth, LLC, a U.S.

“Is this the route to restore trust? I hope and think so, but we are not at the end of this journey, and arguably never will be” – FCA chief, Andrew Bailey, on the hotly debated Senior Managers Regime (SMR).

Rolling out to banks and insurance companies in six months’ time, the SMR requires anyone who holds a senior management role to document how they discharge their responsibilities. This formal document needs to explain exactly how they have covered their risks of any regulatory breach.

Loan origination is a critical part of any lending business. The whole subsequent process depends on origination: collecting the right data about customers, analyzing it carefully and quickly enough, selecting only the eligible borrowers, evaluating risks, etc. For many businesses, origination is what makes the loan issuing process lengthy and stressful both for loan officers and for their clients. Traditional banks who haven’t yet fully embraced FinTech advancements are the best examples here. And borrowers, who have a choice now, find an alternative.

Following the announcement on 17 June that NatWest is to offer the market’s first SONIA (Sterling Overnight Index Average) loans, the bank has today announced it has delivered the first SONIA loan for its corporate customer, National Express Group PLC.

Ingenious today announces that it has led an investment round into Over-C Limited, a London-based analytics company focused on operational performance in the workforce management market. Ingenious helped raise an additional £5.5 million in equity funding, bringing the total raised to £10 million.

Signicat, a leader in verified digital identity solutions, has today announced the acquisition of Idfy, a fast-growing provider of secure identification and electronic signature solutions. Founded in Bergen, Norway in 2012, Idfy is today one of the fastest growing players within digital trust services in the Nordics. The deal will see Signicat acquire 100% of the shares in Idfy, with a substantial reinvestment in the combined entity by active Idfy shareholders.

Fintech startup SmartPay has launched a financial inclusion wallet in Vietnam. It targets 25 million consumers and 6 million small and medium merchants. User onboarding is fast and easy – after downloading the SmartPay app and completing your KYC, you can become fully enrolled and able to make your first transaction in a matter of minutes.