Banks can’t ignore the disruptors any longer

first_imgTuesday 17 September 2019 7:04 am Horta-Osorio warned that privacy concerns sparked by the banks could create a “confidence backlash” among the public.Be it the rise of data or the rise of fintechs, it is notable that two of the biggest challenges facing the whole banking sector are both technological: bankers now need to be tech wizards every bit as much as savvy money-lenders. “Standards will have to be developed for the ethical use of data and analytics,” said Lloyds banking group boss Antonio Horta-Osorio, who headlined yesterday’s event. whatsapp But today neo-banks, fintechs and payment providers are all giving the traditional high street lenders a run for their money, eating up a higher share of the market and piling pressure on their larger rivals. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKansas coach fired for using N-word toward Black playerthegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Inside one of the City of London’s oldest buildings, bankers are discussing the future. Amid trade war turmoil, Brexit uncertainty and climate change concerns, there is one issue above all that dominates the agenda; digitalisation. whatsapp Banks have been investing in new infrastructure and recruiting more people with data analytics skills, but the question of trust over privacy rights remains one of the industry’s biggest hurdles. It is a topic at the heart of the 23rd World Conference of Banking Institutes held at the City’s Guildhall, where corporate bigwigs and academics are meeting to discuss “the age of disruption”. Read more: Bank station commuters warned of travel chaos Sebastian McCarthy Read more: PPI costs account for over half of all conduct and litigation charges You only have to look at the adverts dominating the tube network to clock the dramatic rise of new digital banking products.A new report out this week from Accenture predicts that banks are set to miss out on as much as $280bn (£225bn) in payments revenue over the next six years if they do not adapt to shifts in the sector, with 18 per cent of UK banks’ payment revenue likely to be displaced.  It was not so long ago that the cumulative impact of many of the so-called ‘disruptors’ in the City barely amounted to a rounding error on the big banks’ operations. “The digital boom will mean banks have to fundamentally change the way they think about their revenue composition,” said Alan McIntyre, who heads up Accenture’s banking practice.Another new challenge from the digital boom was also raised in yesterday’s conference; data. Mountains of information are being used by the UK’s largest lenders to improve services and drive up customer retention.  Share Banks can’t ignore the disruptors any longer last_img