FF news | Fintech Finance
Blogs, Web Copy, Journalism
I’ve worked for FF News, a premier fintech media production company and news website, in both a freelance and full time capacity.
In my full time role I’m responsible for all copy on the site, but I also write editorial pieces for the website and digital magazine. This is fully researched and SEO optimised.
I’ve also done a fair bit of on camera presenting, hosting and interviewing, if that’s your thing. Head further down to see Tim Goodfellow on Camera.
Articles I’ve written
Open Banking in the UK: Where are we after 6 years?
The launch of PSD2 in the UK made Open Banking a regulatory requirement. As we arrive at the six year anniversary, we’re looking at what’s changed… and what hasn’t.
Primarily impacting payments up until this point, the Open Banking mandate was intended to boost competition amongst service providers and open a raft of opportunities for both consumers and businesses.
Through bank APIs, customers would be able to consent to the sharing of information with third parties. In theory it’s the future of money and it certainly has taken hold in places, just not to the extent that many had hoped for. It’s possible that removing sole custody of user data and opening the door to increased competition might have been a tough sell for many established banks.
Still, there are signs of increased usage and impact. According to the latest research from implementation entity, Open Banking Ltd., at least 11% of British consumers are active users of open banking, which is an increase from 7% in December 2021. In June 2023, 9.7 million open banking payments were made which is close to a 90% increase on the previous year. That jumped to 10.8 million the following month.
There’s no denying that there is an increased appetite for open banking as consumer behaviour changes, but progress has been slow. Let’s look at where we are now, with commentary from experts in the field including Jas Shah, Hans Tesselaar, Tom Burton and more.
Are super-apps on their way to the UK?
As much as 90% of UK and US internet users would be interested in using a financial super-app, contingent on the services it offers.
That’s according to a brand-new report from Fintech-as-a-Service platform Rapyd, which provided some insight into existing consumer sentiment towards super-apps.
The concept of an ‘app that does everything’ (or rather, a lot of things) has entered Western public consciousness recently, following Elon Musk’s takeover and subsequent rebranding of social media platform Twitter.
Most of the world’s existing super-apps, which offer messaging, payments, ride hailing and more, are situated in Asia and serve quite different markets to those in the West.
But stats in the report above suggest there is some appetite for such a product and a 2022 PYMNTS/PayPal survey also found that 72% of respondents from the UK, US, Australia and Germany were at least “slightly” interested in using a super app. Such products are also becoming more feasible, as embedded finance and open banking technology make both the integration of multiple services in one package and the sharing of customer financial data between institutions increasingly seamless.
In this article we look at the companies working on their own super-app, what these apps might look like in reality and whether the concept will fly with a Western audience? Read on to find out more…
Is the UK ready for bank branch closures?
The Financial Times recently reported that one out of eight UK bank branches will close in 2023. According to analysis they gathered from ATM provider Link, a total of 636 branches will have closed by the end of the year.
It follows a trend that has accelerated in the years following the Covid-19 pandemic and has seen almost three fifths of the network disappear since 2015. As adoption of digital alternatives flourishes and use of cash declines, many banks are questioning the value of maintaining these physical locations. This is increasingly true in metropolitan cities such as London, which is set to lose over 100 branches.
Hundreds of smaller towns and communities have also been left without a physical presence and this is despite the estimated 5 million people in the country that still rely on cash, according to Which?. The US too, characterised by community banks that often serve quite a localised area, has seen larger firms close more than 1000 branches across the country in 2023.
There are calls in the UK for this trend to be slowed and concerns about what this means for the vulnerable, the elderly and the unbanked. Although the changes ultimately reflect wider cultural shifts the danger is some could get left behind in the short term.
We looked at what’s driving this trend and whether there is a case for maintaining physical branches despite it.
Tim Goodfellow On Camera
A few examples of my experience on camera for FF News.