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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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InsurTech NY: Pliant on Automating Payouts and Fighting Insurance Fraud with Virtual Cards
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
InsurTech NY: Scout Insurtech Reveals the AI Paradox
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
NOTO: Why Fraud is Now Your Financial Institution’s Competitive Differentiator
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Finastra: Why AI Is Accelerating Bank Modernisation
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Finastra: How AI and Modernisation Are Converging
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
COVU Launches COVU OS, the AI-Native Operating Layer Rebuilding How Insurance Work Gets Done
COVU announced the launch of COVU OS, the core operating layer of its AI-native operating stack for insurance distribution
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Tribe Payments has joined the EPAA, strengthening its engagement with banks, fintechs and payment providers across the Asia-Pacific payments ecosystem.