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Comment from Monese: FCA report on UK Savings
Mulenga Agley, VP of Growth at Monese
“‘Personal debt’, ‘just keeping heads above water’ – new research from Money Advice Service paints a dismal picture of unfair finance in the UK. Limited savings, inability to pay off credit card balances and payment defaults are symptomatic of a traditional banking system that is tailored for the rich and financially savvy.
The myth of ‘free banking’ is beginning to crumble, but banks must be prepared to be more open about how they make money. They rely on a mixture of lending and hidden fees, to the point that dependence on these revenue streams prevents them from seeking an alternative – revenue over reason. Unexpected or hidden fees line bank pockets and send vulnerable consumers spiralling into debt.
Financial services providers should be supporting consumers to spend and save responsibly and effectively, rather than taking every opportunity to catch them out. It’s time for an inherently transparent, simple and all-inclusive monthly fee – think Netflix, rather than bank.”
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FF Tattoo Studio: Fenergo on Native ID&V and the Fight Against FinCrime
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Generative AI in Banking: From POCs to Front-Office Impact
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
EXCLUSIVE: “Chain Reaction” – Sergey Nazarov and Fernando Vazquez, Chainlink in ‘The Paytech Magazine’
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
FF Tattoo Studio: Datavillage on Privacy-First Data Collaboration and Faster Fraud Investigations
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Chancellor Unveils Plans to “Supercharge” Growth of Innovative Financial Services Firms
Financial services firms will get new support to help them scale up, invest and create high-skilled jobs
Standard Chartered Partners With Dandelion to Enhance Real-Time Cross-Border Payments
Standard Chartered has partnered with Dandelion Payments to enhance the Bank’s low-value global disbursements proposition
Persona Launches Connect at Money20/20 USA to Build the Rails for Collaborative Identity
Persona launched of Persona Connect at Money20/20 USA, a new solution that enables organizations to securely share and reuse verified identity