As both a private individual and a business owner, I was never asked whether I wanted faster payments, nor was it made clear to me when faster payments were introduced, that the risks would be transferred to me rather than my bankers.
10 Oct 2018 22:17 Read comment
Many of these frauds occur because the fraudster has been able to open a UK bank account with forged or stolen documents. They then receive money and immediately remove the funds. Please tell me why banks should be absolved from responsibility for allowing the fraudulant account to be opened and also tell me why they are not picking up the immediate removal of the funds received. I do not agree that the general public and businesses should pay for this.
10 Oct 2018 13:22 Read comment
In the UK pre-payment of expenses or expense allowances present significant problems to the individual with the tax authorities. HM Revenue & customs is very happy to see itemised expenses paid in arrears, but is liable to investigate pre-payment of expenses or expense allowances.
04 Oct 2018 08:01 Read comment
Nothing beats the old-fashioned branch manager, who has the data to hand and can look the potential borrower in the eye and ask searching questions. The day that branch managers became dinasaurs was the day that banks became 100% dependent on data (usually incomplete and often inaccurate), but had no way of evaluating the plans of the business or the individual, Past history is only one of the factors in lending. Future plans are equally important. How do banks evaluate those future plans by evaluating data?
03 Oct 2018 08:18 Read comment
Whilst robotics can reduce the mundane, it cannot assess an individual. Loans and overdrafts were originally reviewed by the branch manager or deputy and has now been replaced by rules based loan and overdraft assessment. In my view the personal aspect was very important when assessing the individual or business.
The comparison is that the Mayor of London has made a statement that he intends to reduce deaths on the road in London by 2030 using camera tecnology. Whilst the camera may pick up speeding drivers (where the speed limit is an arbitary number often set 70 years ago in a different era) I would love to know how a camera will pick up a drunk driver, an unlicenced driver or someone on the telephone.
How is the robot going to pick up whether the individual or business owner is an alcoholic, drug user, a liar or a cheat? In addition, how does each bank differentiate itself if most of it's customer interface is robotic? They will all be the same to the potential customer.
28 Sep 2018 08:27 Read comment
Any sharing of data with Facebook should be the a choice of the individual, not their bank. If the banks give this data away without the permission of their customers, then they should be prepared for potential class action suits.
06 Aug 2018 18:44 Read comment
There is no mention of why it lasted so long, nor why it took so long to discover. It is no use blaming the coding error. It is up to human intervention to pick up the problems.
06 Aug 2018 12:19 Read comment
Excellent analysis. Let us not forget that cash is always an option
03 Aug 2018 09:46 Read comment
An excellent analysis. No-one has yet sold the general public on Open Banking, nor has anyone taken the trouble to provide a list of benefits - not a list of features & functions, but a list of benefits.
01 Aug 2018 09:54 Read comment
Chatbots (or pop-ups as they were known 15 years ago) are annoying and get in the way of reading the page. They were unpopular then and are just as annoying now. I have reduced my usage of LinkedIn and eBay for this very reason.
20 Jul 2018 09:44 Read comment
David JoyceManaging Director at KIngsbrook Consulting Ltd.
Christian SpaltensteinManaging Director at AFEX Americas
Oliver KrollManaging Director at Scorable (part of the BondIT Global Group)
Matt BeattieManaging Director at Beyond
Maryna ChernenkoManaging Director at UFG Capital
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