Mobile apps and internet banking sparks high street decline
Fewer people are visiting high street banks as they increasingly take up digital technology to manage their money, according to the British Bankers’ Association (BBA), which reported that branch visits fell 6% last year.
The report also predicts that mobile banking via smartphones and tablets will overtake the high street this year.
But the BBA stressed that in spite of many reports of branch closures, the UK’s banks are not giving up on the high street. Yet technology is a significant contributor to job losses affecting retail banking - one of the financial sector’s least profitable areas of business. Most recently, HSBC announced UK job losses of up to 8,000 and the end of the HSBC brand on high streets.
The BBA report, which was produced in conjunction with consultancy EY, anticipates new tech that will revolutionise banking, such as wristbands that can check a user’s identity using their heartbeat and fingerprint identity verification.
Source: The Guardian
Gov smart meter rollout needs support of energy brands says Smart Energy GB
The Government’s plan to roll out smart meters to all UK homes needs support from energy brands, according to Smart Energy GB, warning that it could cost more than the budgeted £11bn without private sector help.
The plan to introduce smart meters to all UK homes was announced by the Labour government in 2009, which estimated that it could help consumers save up to £17bn.
The Government rejected Smart Energy GB's claims. The Department for Energy and Climate Change told the BBC: "Last year, an independent review on the smart meters programme backed the current delivery model, which is going to deliver the benefits of smart meters at the lowest possible cost to bill payers."
In case you missed it... two longer reads
A virtual reality future is getting closer with the news that Oculus will partner with Microsoft for its upcoming Rift headset. We looked at what this partnership will mean for marketers.
With banking being one of the most uninspiring experiences on the high street, Jim Prior, CEO of The Partners and Lambie-Nairn, says a potential HSBC brand is an enticing prospect of change.
If you watch one video today...
Following in the footsteps of its energy drink rival Red Bull, Relentless has invested in building a music studio in the heartland of London's music heritage on Denmark Street in Soho. We went down to speak to Relentless and see what it was all about.