Finextra sat down with Keith Moor, CMO, Santander UK to discuss how retail banking in the mobile channel will change within the next two to five years, how the advent of smartphones has created more choice for the consumer in how they interact with their bank and how Santander worked with Facebook to learn what their customers want from banking channels.
Banks need to innovate but are held back by layers of legacy technology which inhibits their ability to adapt and evolve.
How can they implement change without risking the stable operation of core systems and services?
This report provides the answers to this vital question.
Like many other regulations coming into force in the next 36 months, MiFID II is calling for enhanced monitoring, transparency and control of the end-to-end trade lifecycle.
In November 2015 the Financial Reporting Council (FRC) published its standard for audit firms on “Providing Assurance on Client Assets to the Financial Conduct Authority” (the “Assurance Standard”).
This was in direct response to PS14/9 “Review of the Client Assets Regime for Investment Business” previously issued by the FCA, which in turn led to the comprehensive revision of the Client Assets Sourcebook (CASS).
Reconciliations form the foundation of a tightly controlled finance or operations department in any organisation. Transparent, up-to-date and accurate financial data is not just essential for regulators or auditors, but it is increasingly an important tool for the executive branch to shape corporate strategy.
However, the process for doing so is often far from perfect.
CASS states that external reconciliations must be undertaken as often as is necessary but at least once a month.
CASS mandates that firms must put systems and controls in place to meet their obligations to maintain their records and accounts in a way that ensures their accuracy and in particular their correspondence to safe custody assets held for clients.
The process for doing bank reconciliations is often far from perfect.
The phrase ‘challenges of regulatory reporting’ means different things to different organisations. There is no doubt that within the financial services sector the speed of change and increase in complexity remains high on the agenda.
highlights the information financial institutions need to know about where and how to deliver financial services. The results can inform efforts aimed at increasing consumer satisfaction and loyalty. Key findings include:
Financial institutions are in a constant race to deliver financial services that match consumers' expectations for faster, more seamless digital experiences.
It seems that rarely a week passes without news of another proposed entrant into the U.K. banking market.