‘It was appalling’: man sees fraudsters emptying account – but can’t stop them

Saturday, 8 May 2021, 12:30:48
After the victim was left on hold and cut off, the bank told him it was up to him to try to recover the money A business manager has described watching helplessly as fraudsters emptied his current account, even as he desperately tried to get through to someone at his bank to stop the theft. Alerted by a text from Lloyds bank last month warning him that a £4,100 payment was leaving his current account, Adrian Giles* leapt into action and immediately called to halt it. I again called Lloyds’ customer services but was told that only the fraud department could deal with it If in doubt, contact your bank using the number on the back of your card Continue reading…
— The Guardian

Lloyds and Starling lead Q4 2020 UK account switches while taking opposite paths

Friday, 30 April 2021, 15:59:03
Summary List Placement Lloyds and Starling placed first and second, respectively, in receiving UK current account switchers during Q4 2020 by taking markedly different approaches with incentives, per AltFi. The data comes from the Current Account Switch Service (CASS), a free service that makes it easier to switch current accounts—which are similar to checking accounts in the US—and business accounts. CASS figures indicate that there were 704,560 account switches in the UK throughout 2020—a drop of approximately 300,000 from more than 1 million in 2019, likely caused by the coronavirus pandemic. However, Q4's performance indicates that account switching is bouncing back, closing with a crisis-era high of nearly 190,000. Lloyds Bank and Starling Bank both achieved success despite following different strategies for incentives: Lloyds was the Q4 leader, bringing in 29,556 net new accounts. Its success may have been driven by the £100 ($128.24) cash incentive for new customers that it unveiled last September.
— Business Insider

Lloyds profits soar as Covid loan loss provisions released

Wednesday, 28 April 2021, 09:25:59
Banking group claws back £459m from cash pile meant to cover bad debts Coronavirus – latest updates See all our coronavirus coverage Earnings at Lloyds Banking Group have surged back, with a forecast-beating £1.9bn in pre-tax profits for the first quarter, as the lender released hundreds of millions of pounds worth of loan loss provisions originally earmarked for potential defaults linked to the coronavirus pandemic. Lloyds released £459m from a cash pile meant to cover bad debts in the first three months of the year, in stark contrast to the £1.4bn charge it took at the start of the outbreak in 2020. The banking group put aside a total of £4.2bn last year, amid fears that business and personal customers would fail to keep up with their loan payments. Continue reading…
— The Guardian

Fintech Spotlight: Bakkt CEO Talks Platform Innovation, Exposure To Assets Like NFTs

Monday, 19 April 2021, 18:51:34
Earlier this month, Bakkt , a digital-currency fintech that specializes in concurrency, rewards and loyalty points, announced a partnership with prepaid and payments product provider Blackhawk Network, to empower users to easily purchase eGift using digital assets, supported loyalty points, and cash. As part of the development, Benzinga chatted with Bakkt CEO Gavin Michael. Digital Disruption: Fintech is an enormous competitive threat, according to JPMorgan Chase & Co (NYSE: JPM ) CEO Jamie Dimon. Those comments come as the COVID-19 coronavirus pandemic accelerated the digital disruption in finance. Fintechs, which merge traditional finance principles with technology and innovation, quickly adapted to emerging consumer trends, unlike their well-established peers, and built easy-to-use, fast, and smart banking solutions. A First-Mover: One fintech that’s leading the disruption is Intercontinental Exchange-owned Bakkt, a trusted digital asset marketplace that enables institutions and consumers the ability to buy, sell, store and spend digital assets, seamlessly.
— Benzinga

Trov Technology Enables A New Wave Of Consumer Brands To Offer Digital Renters Insurance

Wednesday, 7 April 2021, 14:00:00
LONDON and SAN FRANCISCO , April 7, 2021 /PRNewswire/ — Trov ( www.trov.com ), a global leader in embedded insurance, is continuing to expand its presence in the UK market, enabling brands to offer digital insurance products to their customers and tap additional revenue streams. With an initial focus on renters insurance distributed by proptechs, fintechs, retailers, and utilities, Trov announces a new wave of consumer brands that will offer digital insurance powered by its innovative technology, including Love to Rent, OpenBrix, Moovshack, Utilita and Movinghub. Additionally, the company's existing UK partner Lloyds Banking Group has expanded with Trov beyond its Halifax branded Renters Insurance product to launch Flexible Contents Insurance, a product under the Lloyds Bank brand, designed for renters, tenants and homeowners. Embedded insurance (technology-enabled insurance products offered in the context of non-insurance … Full story available on Benzinga.com
— Benzinga