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Retail Banking Intelligence

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Thursday 8th February @ 11:14am

We learn about first movers, fast followers and late movers in marketing classes. But do we learn what are the most effective strategies to convert customers to new service concepts? Should we use carrots or sticks? Or, to borrow another cliché, maybe we should think outside the box?Hans Olav Rønningen, director of DNB's call centre, recently admitted in an interview with Aftenposten that late followers' resistance against digital services is stronger than they first...MORE

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Monday 29th January @ 3:20pm

Lafferty Group is set to publish its in-depth 'Fintech and Banking' report later this year as part of our Retail Banking 2020 series, and so far our research has led us to believe that whether or not the major players want to admit it, fintech start-ups either disrupting or improving the financial industry is here to stay.While the consensus originally leaned towards fintechs being direct competitors to traditional banks, it now seems as though collaboration is the go-to strategy...MORE

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Monday 29th January @ 2:42pm

Last month, Lafferty Group released our AI and Robotics in Banking report, featuring original interviews and case studies with several industry leaders — and with another updated and exclusive version planned for the summer, we thought we would share snippets of our recent interview with Payjo CEO Srinivas Njay (an extended version of which will feature in the upcoming...MORE

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Monday 29th January @ 12:31pm

Banks and fintech companies, indeed any company, whether start-up or long established, must allocate a sizeable chunk of budget to cybersecurity. A few small tips from the experts could save you a lot of money.The next big hacking story will be along shortly. Please stand by.It's both predictable and accepted now. When a company has data of value and a discoverable network, (and all data is valuable, all networks discoverable), someone, somewhere, sometime, will try to hack that...MORE

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Monday 29th January @ 11:12am

Mobile phone use is ubiquitous across most developed economies — and indeed in plenty of emerging and developing ones, too. While the mobile phone is a device that people frequently use to stay in touch with friends and family, or to keep up-to-date with news and events, for banks it should be looked at as a tool to boost engagement.However, in the UK at least, high-street banks have not embraced its potential.For example, in 2017, a survey from Statista showed that 96 percent of 16-24...MORE

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Monday 29th January @ 10:56am

Traditionally, ethical investment projects were seen as the domain of non-profit organisations, not banks or investment companies. Those people who wanted to be socially responsible with their investment had limited options, and whatever products were available were targeted at specialist investors and not the general public.Lately, however, there has been a rising tide in ethical investments with global companies offering socially responsible products to meet growing demand from clients. A...MORE

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Monday 29th January @ 9:47am

Banks, fintechs and Big Tech firms alike have to be careful not to fall for the irrational as our relationship with money evolves in unexpected ways.If there is a single news story that seems to encapsulate the current perception of cryptocurrency, it is the story of a firm in Britain that announced it was changing its name from "On-line" to "On-line Blockchain" — and promptly saw its shares rise by 394 percent as a result. It was not the only business...MORE

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Monday 29th January @ 9:07am

Open Banking has arrived.From 13 January 2018, new rules mean banks must allow customers to share financial information with other authorised providers. Customers can choose to share account details, spending habits and more with providers offering budgeting apps — or with other banks.The Competition and Markets Authority welcomes the move, saying it will bring more competition — and better products — to financial services. It paints a picture of greater openness driving higher...MORE

financial literacy
Monday 29th January @ 9:00am

Before the advent of banks, people used to keep their money in earthenware jars called pygg. This later evolved into piggy banks which is how many kids probably learned to save money. I certainly did when I was young: any extra cash went in and when I needed the money, then it was time to break the bank, say goodbye to Piggy and say hello to cash. But in today's increasingly complex world, a piggy bank seems...well, maybe a little outdated when you have an array of banking products and...MORE

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Friday 26th January @ 11:40am

Is the European Union now the sworn enemy of the American and Chinese platform providers? If so, the EU's cause has been well served by Facebook itself, as a parade of former insiders have been exposing how the world's biggest social network works to make itself as addictive as possible. Understandably, given the alarming revelations, some European governments are now running radio ads advising citizens to turn off their phones for half an hour a day in order to...MORE

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Wednesday 6th December @ 1:22pm

"If you're not doing some things that are crazy, then you're doing the wrong things" says Google co-founder Larry Page.While US cities battle to become Amazon's second US base, Canada's biggest city has just snagged a major Google project.Toronto is not just the biggest city in Canada — it's the fourth-biggest city in North America and the economic hub of Canada, a city rife with innovation that since the 1990s has been undergoing levels of development...MORE

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Wednesday 6th December @ 11:18am

In the old days, when a war was raging across the world, information came from ghost like voices scratching out of the wireless, a weekly newspaper or the Pathe Newsreels that ran at cinemas before the main show. Today, it's not the lack of information, but the overwhelming quantity of it that is the problem. Kids no longer need to be taught to mine for information; they need to learn how to filter it.To follow the progress of the 'War on Cash' the internet will lead you to...MORE

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