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Welcome to Axis All Areas, our monthly Wrap-up. 

Keeping you informed about the hot topics, key trends, and emerging challenges facing the Financial Services Industry with a combination of industry and Axis led insights, events and podcast.   Showcasing exciting and disruptive innovation in other sectors to offer valuable takeaways and consider the potential for these to transform Financial Services.  

60 Second Focus – SME Banking 

SME Banking has been the topic of the month for many, with incumbents and challengers alike flooding the web with adverts for their new or existing SME Banking offerings. This is a result of the Capability & Innovation Fund’s award of roughly £500m to a number of banking challengers – most notably Metro, Starling, and Tide/ClearBank. Opinions are still mixed on what impact this will have on the market, with estimates varying from 7% to 17% of SME customers switching from the Big 4 each year. Regardless of the outcome, it is clear that this space is going to become a major battleground between the challengers and incumbents over the next few years.

What is the future for incumbents in SME Banking? Will the challengers be able to carve out a share of this niche? Could this lucrative market finally allow the challengers to become profitable?

We would love to have your view –   Hello@axiscorporate.com

Industry News

City Am –Fintech can be the silver bullet to banking the UK’s unbanked –  Can new technology help the 1.23m people in the UK who don’t have a bank account? And could it improve the lives of the 10–12m who still struggle to access affordable loans? 

New research suggests that the answer to both those questions is yes.

FT Advisor –FCA proposes reform of cash savings The FCA is looking to improve the interest rates savers receive on their savings accounts after it found longstanding customers were often receiving lower rates than those opening new accounts.  

Bloomberg – Visa’s Plaid Takeover Signals Wave of Fintech Dealmaking –Experts predict more financial industry consolidation. 

Don’t miss out…. Axis All Areas Podcast
We have released a podcast series, Axis All Areas where our host Thomas Hall talks to Incumbents, Challenger banks, FinTech’s and Digital Platforms about the future of UK financial services and how they will help shape that future.

Thanks to everyone who nominated for us in the British Banking Awards “Consultancy of the Year”. We are delighted to have been announced as finalists, there is still time to vote.   

At our Fintech event last month we welcomed Enterprise Singapore to showcase solutions across data aggregation and enrichment, cybersecurity and authentication, and proven use cases from leading innovators such as DBS.  Watch this space for the next event.

Remaining opportunities in SME banking….
The Capability and Innovation fund represented £425m of public funding to shake up SME banking in the UK. Now the dust has settled and the awards made, what would it mean if all the ambitious public commitments are met and are there still opportunities in the SME market? Short answer – yes!

Bruce Withers, Senior Consultant @Axis Corporate shares…..

Company to watch: The Swedish payment and aggregator FinTech Tink launched in the UK in only four weeks and they don’t seem to be slowing down in terms of expansion, market share and growing their ecosystem.…

Book to read: “The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500 to 2000” by Paul M Kennedy. Understanding the economic and military decisions made by the most powerful countries of their day, spanning the past 500 years provides insights into why key historic events occurred and a fascinating insight into international dynamics that still exist today.

App to useMint is providing a seamless money management experience, offering tailored saving insights, smart budgeting and even keeping track of your credit score. They have a 4.7 rating after half a million reviews, impressive!

Axis All Areas is Proudly Produced by Axis Corporate – The Challenger Consultancy. Find out more about what makes us unique, other thought leadership and job openings.    We love feedback – hello@axiscorporate.com