IBS Journal June 2016
07
The CMA also ruled out getting rid of ‘free if in credit’ current accounts, saying they work well for many people, and banning particular products would simply take away choice and risk the overall cost of accounts rising, not falling. Instead, it believes banks must regularly prompt their customers to check that they are getting good value from their provider. The CMA also proposes to push the development of new online comparison tools and improve the Current Account Switch Service (CASS), as well as a monthly maximum charge for unarranged overdrafts on personal current accounts. It is also calling on banks to move swiftly to introduce an Open API banking standard, to enable personal and SME customers to share their unique transaction history with other banks and trusted third parties.
Alasdair Smith, Chair of the Retail Banking Investigation, says: “For too long, banks have been able to sit back and not work hard enough for their personal and small business
customers. We believe the strong and innovative package of measures we are proposing will give customers the information and tools they really need to get a better deal out of the banks. They will also protect those who fall into overdraft from being stung with unexpected fees.”
He adds that new entrants are an important source of competition and innovation, but there are barriers to such UK challenger banks as Atom, Starling and Mondo (pictured) looking to shake things up. “What’s really holding them back is their ability to highlight to customers how new offerings compare with their current deal. Our package of banking reforms will help new competitors get a stronger foothold in a market which is of vital importance to the whole economy,” he says.
A final report on the enquiry will be published by 12 August.
Temenos “the iPhone 6” of core banking
banking ecosystem in the same manner that giant software companies do the mobile and desktop market. That’s according to CEO David Arnott, pictured, who spoke to journalists at the company’s annual Temenos Community Forum in Barcelona during May.
T
The core banking vendor is taking steps to move away from a service model – which other companies tend to get bogged down in – and towards a strategy of licencing and maintenance, akin to Microsoft.
“Controlling the ecosystem is key,” says Arnott, pointing to the monopoly some companies have over sectors like mobile and software. “You could say we’re the new iPhone 6”.
A key part of Temenos’ future strategy, he adds, is the US market. The vendor has been looking for a way into the market and has finally found one. It has signed up with a
emenos is looking to control the core
major US bank, touted to be in the top 25 in the sector. The implementation is feted to take just 15 months and names will be announced at the go-live anticipated to arrive in Q3 2016.
The US market is one the vendor is keen to exploit. Its projections indicate that the country could help to as much as double its current licencing revenue of £200-230 million per annum.
Alex Hamilton
www.ibsintelligence.com
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