Published
- 06:00 am
Tink, Europe’s leading open banking platform, reveals research finding that an estimated 40% of people in the UK would like their bank to offer tools to track their environmental impact.
Based on a survey of over 2,000 UK consumers and 113 senior retail banking executives, the research highlights the opportunity for banks to play a bigger role in helping customers on their sustainability journey.
An estimated 37% would like to see their bank do more to help them reduce their environmental impact. The research suggests 32% specifically want their bank to provide an overview of their CO2 emissions from transactions across all their bank accounts in one place.
However, despite clear demand for tools to help them manage their environmental impact through their bank, research finds just 17% of banking customers are actively using them – suggesting a gap between appetite for and adoption of these sustainability related services.
Insights from Tink’s survey of banking executives suggest an explanation for this mismatch - revealing that currently just 24% of banks are offering customers tools to help them understand their carbon footprint based on their spending.
However, encouragingly, research shows a further 40% of banks report that they are currently working on delivering this service to their customers – with half saying they are making use of a fintech partnership to do so. Furthermore, 30% of banks say they would like to offer tools to help customers track their carbon impact, but currently have no plans to do so.
While this paves the way for a higher number of customers to access the carbon tracking tools they want, it also suggests there is an opportunity for banks to do more to make customers aware of these tools as they become available.
Tasha Chouhan, UK & IE Banking Director at Tink, commented: “It’s great to see such high numbers of customers wanting their banks to help them to make more sustainable choices, and even better to see that many banks are already starting to deliver on this demand.
“For the forward-thinking banks who are already offering carbon tracking tools, now is the time to ramp up customer engagement to ensure people know how to easily access these tools. Those who do will be in a strong position to deliver on expectations and win loyalty from both existing and new customers.”
While many banks recognise the importance of helping customers on their sustainability journey, findings suggest that not all banks are backing this up by investing in the opportunity. While it’s encouraging to see in Tink’s research 51% of banks are planning to maintain investment or invest more in sustainability-related tools for customers, a significant proportion (46%) are planning to invest less or stop investing altogether.
Those who do not prioritise their sustainability offering risk losing out to banks who are already delivering these tools to consumers, with over a quarter (28%) of customers saying they would switch to a different bank if it allowed them to see the environmental impact of their purchases.
Chouhan continued: “It is vital that banks don’t miss the chance to compete on their sustainability proposition and in turn, foster better engagement with their customers. Thanks to technology offered by fintech partners, banks who may be further behind can quickly catch up by seamlessly integrating sustainability-based features into their offering.
“But there’s a bigger prize to be won here. By driving the uptake of these tools to help customers better understand and manage their carbon footprint, we have an opportunity as an industry to play our part in creating a more sustainable future for everyone. Which is why we collaborate with climate engagement solutions like ecolytiq, to make it simple for banks to plug in sustainability services and meet their customers’ needs.”
- 05:00 am
The Dubai Financial Services Authority (DFSA) has today published Decision Notices imposing financial penalties against Alessandro Faro Trading Ltd (AFTL), a non-regulated Dubai International Financial Centre (DIFC) incorporated company, and Fius Capital Limited (FCL), an Authorised Firm.
AFTL
The DFSA imposed a financial penalty on AFTL of USD 25,200 (AED 92,610), after a settlement discount. Were it not for the settlement, the DFSA would have imposed a financial penalty of USD 36,000 (AED132,300).
The DFSA took action against AFTL for carrying on business as a dealer in precious metals and precious stones in or from the DIFC without being, or having ever been, registered with the DFSA as a Designated Non-Financial Business or Profession (DNFBP), as it was required to be.
The DFSA notes that dealers in precious metals and precious stones are included in typical money laundering typologies and, by failing to register as a DNFBP, AFTL was not supervised by the DFSA in relation to the requirements in DFSA administered legislation, which created serious risks of money laundering in the DIFC. However, the DFSA does not allege that AFTL engaged in money laundering.
FCL
The DFSA imposed a financial penalty of USD 11,340 (AED 41,650) after FCL agreed to settle, which led the DFSA to apply a settlement discount. Were it not for this factor, the DFSA would have imposed a financial penalty of USD 32,400 (AED 119,000).
The DFSA took action against FCL for its failure to, among other things, submit a number of regulatory returns by the specified deadlines despite a number of reminders. This included the failure to submit its annual AML Return.
Ian Johnston, Chief Executive of the DFSA, said: “The DFSA has taken a zero-tolerance approach to failures to comply with anti-money laundering requirements in DFSA administered legislation. The DFSA will take appropriate action to ensure firms meet their obligations in this regard. The DFSA will take appropriate action against such breaches.”
Copies of the Decision Notices setting out full details of these matters can be found in the Regulatory Actions section of the DFSA website.
- 08:00 am
Over half of Brits are worried about their finances, with many forced to axe spending due to the cost-of-living crisis, according to new research from Lyfeguard, a leading life management and FinTech platform.
A staggering 85 per cent of consumers have been forced to slash spending as a result, with eating out and takeaways the first to be cut by over 50 per cent of Brits. Socialising has also taken a large hit with 39 per cent cutting back on spending to go out and see friends and family.
The findings come following a survey of 2,000 Brits, polled via independent polling agency Censuswide, to discover key pain points that consumers face when managing finances and crucial life documents.
Amid rising costs, the energy crisis and shortages, Brits are being kept up at night and feel forced to keep a closer eye on their finances as they look to cut back spending.
Three in five women revealed they held concerns about their finances as well as 62 per cent of people aged between 25 and 54 years-old, who pre-dominantly manage household bills and families.
Recurring bills and subscriptions present a common issue with almost a third (31 per cent) of people losing track of recurring payments and over a quarter of people (26 per cent) having been rolled onto a significantly more expensive out-of-contract rate. As part of this, over two in five (42 per cent) consumers admitted to struggling to remember when their basic utilities such as insurance expires.
Fraser Stewart, Chief Commercial Officer of Lyfeguard said: “Managing finances is a stressful part of our daily lives and when the cost-of-living crisis hit these concerns spiralled. To alleviate these stresses, people need to be granted easy access and visibility to know how much they are spending and how they can keep track of their finances, avoiding burdens such as recurring payments and unwanted contract renewals.”
The research also found that over half (51 per cent) of people under the age of 45 have admitted that greater financial literacy would help them to manage their finances better, pointing to a lack of educational resources in this area.
“Financial literacy is one of the greatest knowledge areas we can have, but many struggle to know where to start when managing their money. This is a key driver behind Lyfeguard, empowering people to take control of their finances knowing they are in control.”
"It is also important for financial institutions to do more to provide people with the capabilities to manage important financial information and help keep track of the likes of bills and utilities, as well as educating them on financial topics” Stewart continued.
Lyfeguard was founded by father-son team Gary and Fraser Stewart to revolutionise financial management and life planning to help people keep on top of their important documents, bills and life matters, as well as address a lack of planning for end-of-life.
- 01:00 am
Following on from the recent launch of its investment strategy builder application, Stratiphy has announced its official listing on Crowdcube, one of the UK’s leading investment crowdfunding platforms.
In response to escalating demand for financial tools that democratise market intelligence, UK-based investment strategy builder, Stratiphy has announced the launch of its second crowdfunding campaign on Crowdcube, which will run until the 7th July. Funds raised through the campaign will enable the company to provide more retail investors with enhanced investment insights, as well as truly personalised investment strategies.
Stratiphy aims to help the millions of people who have fallen between the cracks when it comes to access to investment advice. Amidst a retail investing revolution, many individuals still face challenges in navigating the complexities of investment management. Highly accessible mobile apps have made it possible for many Millennials and Generation Z to own stocks1, but rarely empower users with the personal analytics and insights needed to make informed investment decisions.
Stratiphy helps individuals to make well-informed and risk-adjusted investing decisions by continuously monitoring the market and analysing millions of data points. In contrast to existing model portfolio solutions, which usually use a ‘one-size-fits-all’ approach, Stratiphy’s investment strategies are tailored to each user's preferences. Users can take into account specific parameters, including: regions, sectors, risk and eventually even ESG criteria.
These strategies are powered by sophisticated systematic investment algorithms, which have previously been the preserve of major hedge funds and banks. At its core, the company’s technology platform provides people with the tools needed to base investment decisions on tried and tested principles, democratising access to personalised advanced insights and analytics. Simply put, Stratiphy’s ‘no code’ solution is accessible, affordable and effective.
Stratiphy aims to also use the capital raised via crowdfunding to support continued product development and to ensure as many people as possible can access and benefit from its innovative investment strategy-building application. The company also intends to introduce a raft of new features including implementing advanced AI techniques across its platform in the future. This addition will enhance the sophistication of Stratiphy’s portfolio construction and risk management systems to provide an industry-leading service built for all.
Speaking on the launch of the company’s Crowdcube campaign, Daniel Gold, founder and CEO of Stratiphy commented: “The knowledge gap poses a significant challenge, leaving many individuals without affordable access to professional guidance and limiting their ability to make informed financial decisions. Thankfully, new tools like Stratiphy can help to address this imbalance. Our innovative solution gives everyday investors access to tools that have previously been available only for those at the top of the investment food chain, and in doing so, can help retail investors to build actively maintained investment portfolios centred around the issues most important to them.
“Our exciting Crowdcube campaign provides an opportunity for others to join this movement, and to help us as we look to get this solution into the hands of as many people as possible. Together, we hope to revolutionise the world of retail investment. We will use the funding we receive through this campaign to work towards that goal and to ensure that our product continually improves and evolves to meet the needs of our customers.”
- 21.06.2023 -- 04:50 am
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- 21.06.2023 -- 04:48 am
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- 21.06.2023 -- 04:46 am
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- 06:00 am
AstroPay, a leading virtual wallet used by over nine million people worldwide, has announced that it has become the official sponsor of the most iconic football clubs of South America, Club Universidad de Chile (La U). As part of the strategic partnership, AstroPay will offer an unparalleled experience to the fans of La U through the Passion Card, a free debit card.
As a business dedicated to offering payments solutions to sports lovers around the world, AstroPay is proud to associate itself with Universidad de Chile to bring the Passion Card to the passionate fans of La U. The club has a rich history and is one of the most popular football clubs in Chile. The club has won the Primera División National Championship on 18 occasions, making it the second most successful club in the competition's history.
The Passion Card will be a free debit card, available in both physical and digital formats, designed exclusively for the supporters of Universidad de Chile. This card will allow fans to accumulate points with every transaction, providing them access to a variety of exclusive benefits and experiences related to the club. Whether purchasing match tickets, season passes, meet and greets with the club’s first-team squad, official merchandise, or other related products, AstroPay’s ambition is for the Passion Card to become the preferred payment method for millions of fans.
The Passion Card’s design will reflect the spirit and passion that characterise Universidad de Chile, featuring an iconic 'U' inspired design. This card will be a symbol of belonging and an important accessory for the club’s loyal supporters.
Carolina Gama, VP of Marketing, AstroPay, said, "We are proud of our partnership with Universidad de Chile, and it motivates us to continue our work in providing even more benefits to the club's fans. We are the preferred payment method for those who truly love sports, offering a unique opportunity to take their passion to the next level through our Passion Card and Benefits Program. Our users are our inspiration to create services that further enrich their experiences.
“Both Universidad de Chile and AstroPay are excited about this collaboration, which combines AstroPay's expertise in payment solutions with the passion of La U's fans.”
As part of the sponsorship agreement, AstroPay’s brand will be visible at various platforms associated with U de Chile. The brand logo will be featured on the shorts of the men's first team for the entire 2023 season during all matches. The business will have stands at the pre-match events of the National Championship matches to inform fans about the Passion Cards, and AstroPay will be featured as a payment method on the U. de Chile official website and application.
Before the realization of this alliance, Ignacio Asenjo, general manager of the U, expresses: “It’s very good news for our Club to expand our network of business partners. We are always looking for a way to innovate, to make a difference, and for this reason, AstroPay generated that interest in creating a distinctive alliance that, hopefully, will be maintained for a long time. It also makes us happy that through the use of AstroPay, our fans can also receive various benefits”.
- 08:00 am
ThetaRay, a leading provider of AI-powered transaction monitoring technology announced today that it has been awarded the “Best in Class Compliance Solution Award” at the RemTECH Awards 2023, part of the United Nations-led Global Forum on Remittances, Investment and Development (GFRID). The award recognizes the innovative and impactful contributions made by individuals and organizations in the remittances, investment, and development space.
“We commend ThetaRay on the vision behind its AI technology, enabling the growing number of payment service providers to facilitate low-cost cross-border payments and remittances, helping to bring billions of people better access to the world economy,” said Hugo Cuevas-Mohr, CEO of CrossTech, coordinators of the award.
“ThetaRay's pursuit of excellence will undoubtedly inspire others and set new benchmarks for success in the remittance industry. The Best in Class Compliance Solution Award is a well-deserved recognition of ThetaRay’s exceptional contributions and your positive impact on individuals and communities worldwide,” concluded Priscilla D’Oliveira, COO of CrossTech.
ThetaRay’s cloud-based SONAR solution quickly and accurately monitors financial transactions including for ‘unknown unknowns’ while maintaining up to 99% less false positives compared to legacy rules-based AML solutions.
“As new ThetaRay customers, it was an honor to accept the award on their behalf,” said Grace Anyetei, Regional Director of Operations, Africa at Boss Money Wallet. “AI-powered AML technology is an essential part of the global fight against financial crime and we’re proud to be adopters of ThetaRay in Africa as we look towards growing in a secure and sustainable manner.
“Safe and efficient remittance is critical to the financial well-being of millions of families worldwide on a daily basis,” said Peter Reynolds, CEO of ThetaRay. “We are incredibly proud to be bringing cutting-edge AI technology that reduces financial crime and risk while decreasing costs to create sustainable economic development.”
- 07:00 am
PCI Pal, the global SaaS provider of secure payment solutions for business communications, is leveraging its technology to allow organisations to integrate secure payment options to Intelligent Virtual Assistants.
Through Intelligent Virtual Assistants/Agents, Chatbots, and Voicebots, customers can effortlessly make payments within AI-powered conversations, reducing friction and increasing satisfaction. With a single PCI Pal API across all interaction channels, the integration allows the AI provider to invoke PCI Pal when the customer needs to pay, ensuring a seamless and secure experience across all digital and voice channels.
The integration leverages PCI Pal's advanced security features and Conversational AI's natural language processing capabilities to ensure each transaction is secure and compliant with industry standards. This powerful combination enables businesses to deliver a personalised customer experience, reduces fraud risks and instils confidence in both businesses and their customers.
“With this integration of Conversational AI, PCI Pal is revolutionising the way merchants accept payments, making it simpler, faster and more secure,” said VP Product, Alessandro Dalla Volta. “AI is a powerful tool we are excited to leverage to enhance the capabilities of our solutions and improve the user experience.”
To make this possible, PCI Pal is partnering with cutting-edge Conversational AI technology providers, Converse 360 and PolyAI.
By entrusting PCI Pal with the handling of sensitive payment data, businesses and their customers can rest assured that they remain PCI DSS compliant, guaranteeing security for merchants and customers.
