Latest opinions that Andrew Stevens has shared on Finextra

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Andrew Stevens

Global banking and financial services specialist

Quadient

Member since

14 Aug 2019

Location

Reading

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Andrew's opinions

Why July 31 is not ‘the Final Countdown’ for New Consumer Duty Rules

Over the past year, the financial sector has been adjusting to a new regulatory environment. On July 31, 2023, the Financial Conduct Authority (FCA) introduced new Consumer Duty rules that obligate financial institutions to communicate complex financial information to consumers in a comprehensible way. The rules aim to increase the standard of care...

23 July 2024 /regulation /retail Banking

In the age of GDPR, why are banks still getting data management wrong?

Since the introduction of GDPR in 2018, it’s been clear that consumers have the right to know how their data is being used and that businesses must handle it with care. While the UK seems set to introduce its own data protection bill, it hasn’t changed the fact that it is crucial for organisations to take data seriously. In no sector is this more

10 March 2023 /regulation /retail Banking

Why banks need better communications during the cost-of-living crisis

A recent story revealed that thousands of bank customers are at risk of losing out on cash after being told to “call NOW or miss the best rates”. While lenders are generally expected to pass on any information about raised interest rates automatically, customers are now being asked to reach out about these changes themselves. This was shortly fol...

18 August 2022 /retail Customer Service 2015-2019-2025

'Which?' raises the alarm: 'Digital-only' banks could exclude older customers

High street banks were in the headlines once again this week, this time with consumer group Which? reacting to the recent spate of branch closures. With high-street banks now closing at a rate of 54 branches per month, campaigners have voiced concerns that elderly and vulnerable customers won’t be able to access their cash or get assistance if the...

29 April 2022 /retail Digital Banking Trends

HMRC Warning on Scams is Only Half the Problem

This week, we heard the news that HMRC is warning Self Assessment customers to be on their guard after more than 570,000 scams were reported to HMRC last year. The news comes as a wake-up call for those who use the Self Assessment service, but it’s also a grisly sign that the true scale of email, text and call scams is likely much larger than any ...

18 March 2022 /crime Exposing Financial Crime

Bridging the gap: Rising Post Office use shows continued consumer appetite for in-person banking

UK institution the Post Office recently announced its branches handled a record £3.1 billion in cash deposits and withdrawals in December 2021, which is a 25% increase on last year’s number. The news is hardly surprising given almost 5,000 bank branches have closed in the UK since 2015. Many customers have been left looking for alternatives for i...

17 January 2022 /people /retail Customer Service 2015-2019-2025

Why digital-first, not digital-only, is key for banks to deliver stellar customer experiences

The last remaining bank branch on the Isle of Scilly has announced that it is set to close in April next year, marking the end of in-person banking for the island’s residents. While the decision is due to changes in consumer behaviour, with the branch used less often, this removes a key banking touchpoint for customers. The branch closure is one of...

30 November 2021 /retail /inclusion Banking Strategy, Digital and Transformation

Traditional banks must move away from a one-size-fits nobody digital approach

If traditional banks want to continue to be a vital element in their customers’ lives, they must refocus efforts. At present, they are prioritising a one-size-fits-nobody digital approach, that costs the bank less, but doesn’t meet customer needs. By continuing on this path, banks risk being reduced to nothing but money storage vaults by the time ...

09 July 2021 /retail /predictions Customer Service 2015-2019-2025

How banks can improve customer communication, as FOI reports banking nuisance calls rise 35%

This week, the results of a Freedom Information Request to the Information Commissioner’s Office revealed that complaints about banking nuisance calls and texts rose by 35% in 2020. This is particularly concerning as many consumers needed urgent assistance from banks last year as the pandemic took its toll. The data shows that 6,367 complaints wer...

07 May 2021 /people /covid-19 Customer Service 2015-2019-2025

Don't be a nuisance: What financial organisations can learn from recent ICO crackdown

Last week, the Information Commissioner’s Office announced it has issued fines totalling nearly half a million pounds to four companies making nuisance calls to numbers registered with the Telephone Preference Service (TPS). It is against the law to make marketing calls to numbers that have been registered with the TPS for more than 28 days, unle...

01 February 2021 /regulation /people Customer Service 2015-2019-2025

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