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In the Budget the Chancellor announced that the Government intended to “deliver an open API standard in UK banking”. For politicians and economists dissecting the 125 page report, this sentence probably didn’t stand out a great deal.
The Prosperity programme at ResPublica is currently planning a series of events looking at culture change within financial services. Building on the success of ResPublica’s recent publication, Virtuous Banking: Placing ethos and purpose at the heart of finance, which reviewed the way in which the banking industry governs itself and explored how the financial sector could be made more responsible.
The years since the turn of the century have been ones of growth and modernisation in the credit union sector. In 2000, there were 687 credit unions with 325,000 members, lending £175 million and with total assets of £214 million.
With over 200 people attending across the Community Development Finance Institutions (CDFI) industry, as well as across the private, public and public sectors, there was an undeniable buzz around Community Finance 2015 – the CDFA’s annual conference – at the Grand Connaught Rooms last month.
Since the financial crisis of 2008 there have been significant changes in access to credit. Much has been written about difficulties faced by small businesses, and the behaviour of banks withdrawing from small loans and (perceived) high risk investments.
A priest, a rabbi and an imam walked into a bank. It sounds like the start of a bad joke, but in fact it was the start of a very effective campaign.
Before entering Parliament I worked as an electrical engineer, mainly in telecoms. I spent a lot of time in network software development, getting networks to talk to each other and exchange voice and data.
Most people I speak to regarding the Bitcoin protocol have never heard of it. Of those that have, the majority have heard of only bitcoin the ‘currency’. I put that in pretty quotation marks and italics because I am firmly in the “moonshot it will not go to zero” camp.
Users have migrated from running all their own software and storing files locally to accessing their data through cloud-based software solutions. The migration of files has also been accompanied with flows of personal information to corporations.
The latest buzzwords on everyone’s lips is FinTech; the apparently effortless splicing of finance and technology into one expression. This seamless merger belies reality as the people working in the two industries are akin to oil and water when it comes to culture and terminology.
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