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Home » Retail Banking 2020 Insights » Morning Briefing: P2P and mobile make waves in UK

Morning Briefing: P2P and mobile make waves in UK

From zero to five million: the meteoric rise of banking apps

British banks are hoping that mobile phone apps will reinvigorate their businesses, as UK consumers have emerged as keen fans of mobile banking apps, AFP reports.

Lloyds now has five million customers using its app; four years ago it did not have a single customer accessing banking services via smartphone.

"This could be the future of retail banking," BBA spokesman Robert Watts told AFP.

RBS managers go back to school

RBS is sending its 3,500 relationship managers back to school as part of a new push by the bank to improve its understanding of its customers.

Alison Rose, head of commercial and private banking business, said that she would be sending her senior managers to meet small business owners in order that the managers would stay focused on customer service, the Telegraph reports.

P2P lenders queue up for regulatory approval

More than a hundred P2P lenders have applied to the FCA for authorisation, the FT reports. Seven of the peer-to-peer or marketplace lenders have been approved so far.

A Morgan Stanley report in May this year cited the UK marketplace lending market as "the most compelling marketplace lending opportunity in Europe" but Liberium analyst Cormac Leech warned that the industry was still in its infancy and estimated that up to 90 percent of the new entrants will fail.

HDFC keeps it simple — and profitable

"Banking is not very complicated, and you need to keep it that way," India's HDFC Bank chief Aditya Puri told Forbes Asia.

Mr Puri, who built the business from scratch, heads the second-largest lender in India, after ICICI Bank. Having started in the 1990s, HDFC was new enough to avoid a lot of the legacy infrastructure issues that plague older banks, and HDFC's digital-first approach will sit well with the new Digital India initiative. HDFC made Forbes Asia's "Fab 50" list for the ninth year in a row — the only company to make the list that many times.

Mr Puri told Forbes Asia that the bank wanted to focus on delivering services to semi-urban and rural areas.


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