{"id":26526,"date":"2019-05-17T15:37:29","date_gmt":"2019-05-17T14:37:29","guid":{"rendered":"https:\/\/digileaders.com\/?p=26526"},"modified":"2019-05-21T14:36:39","modified_gmt":"2019-05-21T13:36:39","slug":"fintech-uk-is-leading-the-financial-services-revolution","status":"publish","type":"post","link":"https:\/\/digileaders.com\/fintech-uk-is-leading-the-financial-services-revolution\/","title":{"rendered":"Keep Calm and Fintech on: How the UK is leading the financial services revolution"},"content":{"rendered":"

The UK is at the forefront of the financial services revolution. With one of the world\u2019s highest contactless card adoption rates, a thriving challenger bank community and successful open banking initiatives, it\u2019s no surprise the nation\u2019s fintech industry\u00a0generates around \u00a320 billion<\/a>\u00a0in annual returns.<\/p>\n

Championing a consumer-centric approach to innovation, there\u2019s a lot to be learned from UK fintech. Fresh from this year\u2019s\u00a0Innovate Finance Global Summit 2019<\/a>\u00a0in London, let\u2019s reflect on some of the key trends and conversations shaping the future of fintech, banking and payments from the Brits.<\/p>\n

Opening banking to biometrics<\/h4>\n

Open banking dominated a number of conversations at Innovate Finance, with delivering better, more valuable consumer services at the heart of initiatives. While an increasingly global phenomena, the UK is widely considered to be\u00a0leading the way globally in delivering true open banking<\/a>, with nine of the nation\u2019s leading banks already live with open services.<\/p>\n

But despite the nation\u2019s relationship with Europe (don\u2019t mention Brexit!), it\u2019s still liable to comply with European Payments Directive, PSD2. Under the regulation, banks must implement multi-factor secure customer authentication (SCA) solutions to secure transactions and other financial services. To avoid yet more PINs and passwords, its unsurprising many UK banks are placing biometrics at the heart of their open banking projects.<\/p>\n

Sitting in the sweet spot of security and convenience, biometrics can add an extra layer of security without compromising UX and delivery of the true goal of open banking.<\/p>\n

Happy tappers!<\/h4>\n

The UK cemented its \u2018early adopter\u2019 status over a decade ago, becoming one of the first nations to adopt contactless cards. Now, almost\u00a083% of consumer debit cards are contactless, with nearly 50% of all face-to-face payments made with just a \u2018tap\u2019<\/a>.<\/p>\n

However, despite the form factor\u2019s popularity, consumers remain frustrated by two things: fear of fraud should their card be lost or stolen, and the \u00a330 payment cap. The introduction of the biometric payment card is a natural evolution: bringing security to the beloved contactless card while empowering banks to finally scrap that pesky payment cap!<\/p>\n

Royal Bank of Scotland<\/a>\u00a0(RBS) and\u00a0NatWest<\/a>\u2019s recent trial announcements of biometric contactless cards were a testament to this, citing removing the payment cap as the major motivation behind the trial. The first of many in the UK? We think so.<\/p>\n

Challenging consumers<\/h4>\n

Challenger banks, the tech-loving innovators muscling into the traditional banking ecosystem, have had real success in the UK. Players such as Monzo and Starling Bank have gathered real momentum in recent years and are driving forward a new consumer-centric, digital age of banking.<\/p>\n

As a result, consumer expectations are at an all-time high; traditional banks are under pressure to deliver greater value and convenience with their financial management services.<\/p>\n

Who will \u2018win\u2019 between the new Fintechs, \u2018TechFins\u2019 (historically \u2018tech\u2019 players now entering the financial world, such as Apple), and traditional banks was a central discussion point during our panel session at Innovate Finance.<\/p>\n

Certainly in the UK, there\u2019ll likely be no single \u2018winner\u2019. Consumers have an appetite for new financial services technologies, but trust remains key. And, as our consumer research proved, this trust still sits with traditional banks.<\/p>\n

Keep calm and fintech on?<\/h4>\n

It\u2019s an exciting time for the UK. Its financial landscape is at an interesting turning point: moving swiftly from \u2018talk\u2019 to \u2018walk\u2019 in open banking, consumer-centric applications and the launch of new payment form factors.<\/p>\n

Biometrics is\u00a0the \u201cbiggest development in card technology in recent years<\/a>\u201d, adding value to contactless cards, and we look forward to seeing how the nation\u2019s financial services players will utilize biometric technology to add value across other payment form factors and financial services.<\/p>\n

One thing\u2019s for sure, Britain\u2019s fintech future is bright.<\/p>\n

To find out more about how we\u2019re mobilizing our biometric expertise for payments,\u00a0download our eBook<\/a>.<\/p>\n

\n

Originally published here.\u00a0<\/a><\/p>\n

More thought leadership <\/i><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK is at the forefront of the financial services revolution. With one of the world\u2019s highest contactless card adoption rates, a thriving challenger bank community and successful open banking initiatives, it\u2019s no surprise the nation\u2019s fintech industry\u00a0generates around \u00a320 billion\u00a0in annual returns. Championing a […]<\/p>\n","protected":false},"author":11,"featured_media":26528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"class_list":["post-26526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","topic-fintech","topic-transformation"],"acf":[],"yoast_head":"\nKeep Calm and Fintech on: How the UK is leading the financial services revolution | Digital Leaders<\/title>\n<meta name=\"description\" content=\"The UK is at the forefront of the financial services revolution with one of the world\u2019s highest contactless card adoption rates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/digileaders.com\/fintech-uk-is-leading-the-financial-services-revolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" 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