It includes portfolio optimisation programmes that can, in seconds, calculate how to minimise costs and risks and maximise returns on large baskets of investments – work that would take four people up to three weeks.
Handelsbanken saw the UK lenders' disgrace in the financial crisis a decade ago as an opportunity to offer a customer-friendly alternative RBS has an innovation centre in Islington, North London, developing smart new technology. They have not yet made a big dent in the dominance of the Big Four – Barclays, HSBC, Lloyds and RBS – but they have provoked a change in behaviour. People use them for secondary accounts and individual services, and keep their primary account at a traditional operator. Fintech firm Revolut raised $250million in the spring, bringing its valuation to $1.7billion (£1.3billion).Īlthough they have attracted hundreds of thousands of customers, the new banks are still very much niche operators. Monzo, another smartphone bank, based in the hipster haven of East London, last year attracted £71million of venture capital on top of previous fundraisings.Ītom Bank, backed by star fund manager Neil Woodford, earlier this year raised £149million from its main investors, including Spanish bank BBVA and hedge fund Toscafund. I'm used to being the only woman and the only tech person in the boardroom.' I felt it was time to do things differently and shake up the industry. She says banking was perceived by customers as stagnant, old-fashioned and male-dominated. How to save Christmas if YOUR presents go missing: Online shoppers in despair as Omicron threatens the delivery of millions of parcelsĬhurch spire principle: 'Only do business with customers the manager could see from the top of the highest local church steeple'.What kind of Christmas spread would your pension pot buy? From 29p stuffing to a fancy £10 pudding, what different retirement incomes can get.The punishing pension divide: Life expectancy is stalling and we're being made to wait longer to retire, but some parts of Britain will be hit harder.NS&I ups savings rates for second time in two months, in a bid to halt customer exodus and avoid falling drastically short of fundraising target.ASK TONY: Santander chased us for our daughter's £11k car debt after her sudden death.Stuck without homes we're meant to buy: Simplify customers to launch legal action against conveyancer as they are STILL stranded six weeks after cyber attack.Trapped in a leasehold property? Taylor Wimpey is latest developer to remove toxic ground rent clauses that leave homeowners struggling to sell.MYRA BUTTERWORTH: Why I've been unable to sell my leasehold flat - and why you may struggle to offload yours for the same reason.Bitcoin vs ethereum: How are the main cryptos different, what do they do and is it worth holding both?.GRACE ON THE CASE: I invested £15k of my mother's savings in Funding Circle - she died last year and I'm waiting for £9k back.Astrazeneca scores a victory after lab study shows its Covid-19 vaccine is effective against the Omicron variant.Greed is not good and business should reflect on the values we celebrate at Christmas to improve how it acts, says REVEREND GEORGE PITCHER.Reckitt Benckiser to sell E45 skincare brand to Swedish firm Karo Pharma for £200m in focus shift towards health and hygiene.Aerospace and defence giant Babcock completes sale of power division to M Group Services for £50m.For HBOS investors it's 13 years and counting: Ex-boss Hornby has cashed in on lucrative roles but savers who lost out still wait for a report on its downfall.BUSINESS CLOSE: FTSE hits pandemic high before Santa rally fizzles out E45 brand sold for £200m Babcock sells power business for £50m.Motoring-inspired watches you would want to find under your Christmas tree: Six themed timepieces that went under the hammer this year.What will happen to crypto in 2022: Who holds all the bitcoin? Can it and ethereum regain their highs? What next for altcoins? Will regulators crackdown?.Come fly with me! Flying cars have fascinated us since the dawn of powered flight - so how far away are we from this dream taking off?.Energy switching has hit a record low as customers are stuck with existing suppliers, despite warning bills may increase 50% in April.Are you a City slicker or slacker? Check your knowledge of the big business events of 2021 with our Christmas Quiz.and should we do more to help the hospitality industry? This is Money podcast Christmas isn't cancelled but what if your show or event is.Shoppers warned of surge in delivery scam texts this Christmas as banks reveal they've more than tripled.but what do investment experts pick for 2022? Ten fund ideas to stick in your stocking: India and the US were this year's best performers.