2018 UK IT Priorities survey results
IT organisations in the UK and across Europe are starting to accelerate the move to the cloud. Read more about the key areas in which senior IT managers are planning to invest in over the next 12 months.
The business banking service will be a standalone business that will also offer small businesses payroll and pensions, according to a Sunday Times report.
A spokesman for Santander told the newspaper: “We are working on a project to build an open digital financial services platform for SMEs [small and medium-sized enterprises]. We look forward to sharing more about the platform soon.”
Traditional banks are devising strategies to fend off competition from a new generation of banks that are fuelled by the latest technology to reduce operating costs and provide customers with a high level of service anytime and anywhere via computing devices, particularly mobile.
The Royal Bank of Scotland (RBS) is a good example. According to reports, RBS is spending tens of millions on a potential digital bank that will be run separately from its existing business.
Virgin bank, already classed as a challenger bank, has spent more than £38m on setting up a digital bank to target a broader segment of the financial services market in the UK.
It said a platform underpinning the new bank will harness data to offer customers personalised accounts.
Banks have been watching the fintech industry grow, and many are partnering with fintechs and even taking stakes in them. Some have startup programmes, in which they help fintech startups to develop their products.