Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre.
Please read our Privacy Policy.

Accept
/retail
Channels

/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

More /retail announcements »
UK bank fraud losses topped £1 billion last year

UK bank fraud losses topped £1 billion last year

Fraud losses in the UK dropped by four percent in 2023, but still topped the £1 billion high watermarket.

Continue reading »

Fabrick continues open finance consolidation strategy with acquisition of finAPI

Fabrick continues open finance consolidation strategy with acquisition of finAPI

Resolving the challenges of cross-border payments

Resolving the challenges of cross-border payments

BaFin fines N26 €9.2m over late money laundering reports

BaFin fines N26 €9.2m over late money laundering reports

Stripe launches payment and financing tools in the UK

Stripe launches payment and financing tools in the UK

Alchemy Pay preps Web3 digital banking

Alchemy Pay preps Web3 digital banking

AI should be trained to respect a regulatory 'constitution' says BofE policy maker

AI should be trained to respect a regulatory 'constitution' says BofE policy maker

PSR steps back from capping Visa and Mastercard fees despite lack of competition

PSR steps back from capping Visa and Mastercard fees despite lack of competition

EFG Hermes acquires minority stake in Danish fintech Kenzi Wealth

EFG Hermes acquires minority stake in Danish fintech Kenzi Wealth

JPMorgan to give AI training to all new hires

JPMorgan to give AI training to all new hires

Chetwood Financial acquires buy to let lender CHL Mortgages

Chetwood Financial acquires buy to let lender CHL Mortgages

More news
[Webinar] Trade based financial crime: Mitigating TBFC compliance risk with technology[Webinar] Trade based financial crime: Mitigating TBFC compliance risk with technology
Retail banking blogs
Banking  

Preventing APP fraud: Essential strategies for banks

Nick Green

Nick Green - Purple Patch Broking Ltd - Stratford-Upon-Avon

Digital Banking  

Empowering Digital Banking UX Using the Laws of Psychology

Alex Kreger

Alex Kreger - UXDA - Riga

Banking Strategy, Digital and Transformation  

Time to Level up Your Loyalty Program: Top 10 Ways to Tap into Gamification

James Berry

James Berry - Valuedynamx - Woldingham

Digital Banking  

How payments drive growth in Kazakhstan

Mikhail Yegorin

Mikhail Yegorin - Jusan Bank - Almaty

See all /retail blogs »
Latest TV
See all TV »
Resolving the challenges of cross-border payments

Resolving the challenges of cross-border payments

Join FinextraTV live at NextGen Nordics 2024 with Patrik Havander, Head of Visa B2B Connect Europe, as we delve into the landscape of B2B cross-border payments. Discover how banks are adapting to maintain B2B payment volumes amidst declining retail payments, explore emerging technologies shaping the future of cross-border transactions, and learn what steps banks can take today to stay ahead in the ever-evolving payments landscape.
The Evolution of Fraud Detection

The Evolution of Fraud Detection

Join FinextraTV in discussion with Megan Heald, Senior Product Manager at NICE Actimize, at NextGen Nordics 2024 as we explore how innovation and regulation have sculpted the anti-fraud landscape over the past two decades, contrast the present state of fraud detection with past approaches, and glean essential insights from future trends and strategies for safeguarding institutions against fraud.
Driving Natural Capital Investment: Acquiring Ten Estates, 30,000 Acres in Two Years

Driving Natural Capital Investment: Acquiring Ten Estates, 30,000 Acres in Two Years

Join Richard Stockdale, Founder of Oxygen Conservation, as he discusses the company's rapid expansion and innovative land acquisition strategy in an interview with Richard Peers of ResponsibleRisk. Through data-driven approaches and Natural Capital Financing, Oxygen Capital is spearheading regenerative practices, prioritizing community involvement and knowledge sharing.
Climate Scorpion: The Sting is in the Tail - Introducing Planetary Insolvency

Climate Scorpion: The Sting is in the Tail - Introducing Planetary Insolvency

Sandy Trust, Head of Organisational Risk at M&G, and Lucy Saye, Actuarial Manager at Deloitte, and previous chair at the IFoA Sustainability Board, present the 'Climate Scorpion' report. This report follows the IoFA and University of Exeter's 'The Emperor's New Climate Scenarios' paper, challenging the accuracy of NGFS and CBES scenarios. In this in-depth FinextraTV Unplugged interview with Richard Peers, ResponsibleRisk, they delve into tipping points, cascading risks, and the potential for positive tipping points, exploring the uncertainty surrounding Carbon budgets and their underlying assumptions. Given the Earth's complexity, climate modeling remains uncertain. The interview discusses how financial institutions and corporations can plan amid this uncertainty.
The long read
See all »
Sehrish Alikhan

What Gen Z want from UK fintech

Sehrish Alikhan - Reporter, Finextra
Discussion
AI should be trained to respect a regulatory 'constitution' says BofE policy maker
Jamie French

Jamie French

  Oh dear, I dont think Mr Kroszner understands how these models work

Reply Read article

Half of young Brits left frustrated after finding local branch has closed
Ketharaman Swaminathan

Ketharaman Swaminathan

  Shows that consumers believe it's "better to have it and not need it than to need it and not have it" when it comes to gu** - er bank branches. As I've said many times before, there are 18 banks with branches in my neighborhood, if I want to open a new account, I'll select one of those 18, even if I never plan to visit its branch. 

Reply Read article

AI should be trained to respect a regulatory 'constitution' says BofE policy maker
John Davies

John Davies

  It's a lovely idea but simply not feasible or even technically possible. It's like putting in back-doors for encryption, it's just not mathematically possible without fundamentally breaking cryptography. Firstly the LLMs or GPTs being referenced are global, so who's regulations to you build into the model? Secondly LLMs don't follow rules like that, they can be tuned towards a direction but like people they find loopholes and unless the rule is rock solid and unambiguous, which they rarely are, they simply won't work on LLMs. Censored LLMs, which is effectively what this is suggesting work badly, you're training it and then un-training it. We saw what happened with some of the recently censored models proposing black German soldiers in 1943, Native Indian founding fathers of the USA, all in the admirable effort of inclusion but failing. What is needed is better management of LLMs, UK and EU should be using privately hosted LLMs and then frameworks around those to assert compliance and adherence to regulatory practices. This is a hybrid of LLMs, RAG and traditional integration. It can be done but not in the way suggested here.

Reply Read article

PSR steps back from capping Visa and Mastercard fees despite lack of competition
A Finextra Member

A Finextra member

  Yes, and since Brexit Scheme Interchange Fees in the UK are no longer regulated/capped by the EU. As a historic anecdote, the EU capped the Interchange Fee effective from end of 2015 with: 0.2% of the transaction value for Visa and Mastercard consumer debit cards and at 0.3% for Visa and Mastercard consumer credit cards.

Reply Read article

Featured
See all news »
Barclays issues monthly 'Scams Bulletin'

Barclays issues monthly 'Scams Bulletin'

Kudos raises $10.2m for AI-powered smart wallet

Kudos raises $10.2m for AI-powered smart wallet

Iberpay and Santander become first particpants in EPC's OCT Inst scheme

Iberpay and Santander become first particpants in EPC's OCT Inst scheme

Visa unveils suite of new products for the digital age

Visa unveils suite of new products for the digital age

The long read
See all »
Ian Rand

What’s the outlook for challenger banks in 2024?

Ian Rand - CEO, Monument
Elsewhere...

  1. Fortune

    The most powerful woman in fintech is on the hunt for acquisitions

  2. This is Money

    Fraudsters are brazenly advertising fake banknotes on social media, currency firm warns

  3. CityAM

    Lloyds defends return-to-office mandate as staff engagement falls to nine-year low

  4. Bank Underground

    Leveraging language models for prudential supervision

  5. The Guardian

    Chinese network behind one of world’s ‘largest online scams’

The long read
See all »
Níamh Curran

What’s happening at Temenos?

Níamh Curran - Senior Reporter - Finextra