In the news
Increased fintech usage during the pandemic leads to higher expectations from regulators
A new survey by the World Bank and the Cambridge Centre for Alternative Finance shows that 45% of banks and financial regulators have prioritised their fintech work, and many are intro - ducing new measures as a result of the growth in the sector. The pandemic has resulted in an increase in the adoption of fintechs, which also comes with new risks for the regulators to address. During the first national lockdown, we saw a huge shift to more consumers using digital finan - cial services, and now banks are finding the need to create digital banking frameworks. According to the Fintech Times, 57% of consumers now prefer to use online banking tools and access their finances
digitally, largely as a result of the social distancing measures brought in. But with 90% of survey respondents citing that cybersecurity is the main chal- lenge for them, regulators are having to act fast to launch digital initiatives and adapt to the new circumstances. As regulatory expectations increase, fintech organisations may need to upgrade their internal compliance procedures, for example by using AI to monitor their fraud and anti-mon- ey-laundering processes. By rising to meet these expectations, fintechs could better solidify their position with regu- lators, becoming more involved in the conversations that essentially govern everything they do.
The LendingMetrics team returns to working from home
Following the announcement of a national lockdown, the UK team have once again returned to fully working from home.
Having successfully been operating with a limited number of staff in the new office, which allowed for adequate social distancing and COVID-secure measures, the company again closed its doors so staff could follow the new lockdown measures appropriately. LendingMetrics was well prepared for the first UK lockdown in March, and made the decision for staff to work remotely before the original announce- ment even took place. This time is not much different, as the company’s plans for business continuity were well pre- pared and audited ahead of the govern- ment’s decision. LendingMetrics were able to implement the remote working
plan easily and efficiently, allowing the team to continue to deliver high stand- ards to customers. With the lockdown expected to last a month in the UK, but the possibility of it being longer, it was important for the company to put staff wellbeing first. Regular company-wide calls were re-introduced, to ensure any issues are raised and responded to, as well as keep staff up-to-date with any changes or developments in the company. The virtual meetings create a sense of camaraderie amongst employees, further uniting the team in a difficult and uncertain time.
04 | Metrics Monthly
November 2020 | AU Edition
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