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News & Views Podcast | Episode 105: CFIT & Open Banking

News & Views Podcast
Episode 105: CFIT & Open Banking

This week, Polly, Francis and Tyler were joined by special guest Claire Woffenden, Editor at The Fintech Times to delve into the world of fintech!

This week, the discussion revolves around open banking where the team look at its successes as tech adoption grows, as well as the recent launch of Centre for Finance, Innovation and Technology (CFIT).

Some discussion points include:

  • Accordion to a survey, 33% of financial decision makers in the UK expressed their inclination to use VRPs (variable recurring payments) in the coming time. Among these, an additional 23% highlighted convenience as their primary motivation for considering VRPs. In addition to this stat, last week, the OBIE (Open Banking Implementation Entity) announced that the number of active users has reached 7 million. Has open banking changed financial services? What is the next step of open finance?
  • In Leeds, the Centre for Finance, Innovation and Technology (CFIT) was launched with the support of HM Treasury and the City of London Corporation. Is CFIT the start of something new? 
  • One of the objectives of CFIT is to collaborate with prominent universities and enable students to gain hands-on experience by undertaking internships at the top companies operating in the financial innovation sector in the UK. How will fintech benefit from collaboration with universities?

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View the articles discussed in episode 105:
Innovation in UK Fintech: 5 Things We Learned at the CFIT Launch in Leeds
Nude Highlighted as Open Banking Success Story as Tech’s Adoption Grows

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