Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Frost, NatWest, Bold Insight and Redwood Bank.
Frost adds broadband switching to its saving tool roster
UK and Manchester-based fintech Frost has launched the latest expansion to its automated provider switching tool ‘Save Assist’. The tool now includes broadband switching services, following a recent 17.3 per cent broadband price hike in April, as reported by Money Saving Expert.
The fintech aims to tackle rising bills in the UK by identifying promotional discounts and alerting consumers to upcoming contract changes.
Pawel Oltuszyk, co-founder and CEO of Frost, explained the need for the tool: “We are proud to be offering such a valuable tool to our customers during these uncertain times. By providing an easy-to-use platform that empowers individuals to make better financial decisions, we hope to help millions of households regain control of their personal finances.”
NatWest set to launch Android Tap to Pay
NatWest has officially launched Tap to Pay on Android – a new way for businesses to take payments on a mobile phone.
The new soft point-of-sale (softPOS) solution from NatWest enables customers the flexibility to accept payments without the need for physical hardware. Initially, Tap to Pay on Android will be available for a small cohort of Tyl by NatWest merchants, with a full launch planned for later this year.
Mike Elliff, CEO of Tyl by NatWest, says: “NatWest Tap to Pay on Android is an exciting innovation that will give our customers more flexibility to accept in-person payments anywhere. We understand that business owners are always looking for ways to streamline their operations, boost sales and connect with their customers regardless of location, all while benefiting from tech to make their own sales experience seamless. This new product enables us to meet their needs and put contactless payments into the pockets of countless businesses, optimising the payment experience for all.”
Bold Insight launches Consumer Duty service
User experience (UX) and human factors research agency, Bold Insight, has launched its ‘Check UX: Consumer Duty’ service to fintechs and financial services ahead of the Financial Conduct Authority’s (FCA) new Consumer Duty rules, which come into effect at the end of July.
The new Check UX: Consumer Duty service identifies where companies can make simple changes to digital products and services that are fairer, more accessible, and easy to use, aligning with the principles of Consumer Duty.
Dr Robert Schumacher, managing partner at Bold Insight, commented: “With a short time left until the FCA Consumer Duty rules are enforced, firms are in overdrive to begin the process of adhering to these new requirements. Undergoing a review of your product’s user experience can help ensure you de-risk your company in light of the obligations of the Consumer Duty. Furthermore, this is an ongoing requirement – so improving before the deadline is important, but it’s only the beginning.”
Redwood Bank heads to Scotland
Specialist business bank Redwood Bank has expanded into Scotland to take its customer-centric model to a new audience in the country.
Since its launch in 2017, Redwood Bank has loaned more than £175million to people and properties based in Warrington and the North-west, representing approximately 26 per cent of Redwood Bank’s lending. This compares to an industry average of 10 per cent.
Currently, just six per cent of Redwood’s business comes from Scotland, but this has been achieved without a presence in the country.
Gary Wilkinson, co-founder and CEO, said: “Moving into Scotland was a natural progression for the bank. We have demonstrated clearly, in the North-West in particular, the strong appetite we have for supporting businesses. Redwood is not your average bank, nor would it want to be. We dare to be different, and our customers appreciate it.”
Image and article originally from thefintechtimes.com. Read the original article here.