- DueDil research has found that there were 5.5% fewer start-ups created in 2017 than in 2016. It found that 647,923 new businesses were started in 2017 compared to 685,928 in 2016
- EY survey has found that 59% of global banks expect to see their technology budget rise by over 10% in 2018. The survey of 221 executives also found that 19% considered their bank digitally maturing or a digital leader, 62% aspired to be one by 2020, and 73% planned to invest in cyber and data security technology
- Monzo has accused Britain’s big banks of ‘scaremongering’ and ‘digging their heels in’ by not embracing Open Banking reforms.
- Lloyds Banking Group is reportedly set to retain the £2,000 cap on cash bonuses imposed when it came under partial state ownership
- Metro Bank has launched an online instant account opening service. The bank says the new account opening process takes less than 10 minutes, with verification and authentication of identity documents, including a selfie, taking place in real-time
- Monzo has launched an interim API to comply with PSD2. The AIS API, built to comply with Account Information Service Providers’ responsibilities under PSD2, includes three core functions: list of accounts, list of account’s balance, and list of account’s transactions. The interim API will be retired when all of its features are compliantly added to the bank’s developer API
