News Update: IMF Predictions, Monzo's US Market Entry and Modernizing Payments
Ever wondered how changing financial landscapes can affect your wallet? Let's embark on a journey with Paul Sweeney and Cormac O’Neill, the brilliant minds behind Webio, as we chart the course of the credit industry.
In the first section, we dissect some alarming news from the IMF about the UK's growth outlook, a sharp decline in house prices, and the looming debt crisis. The Bank of England also raises concerns about default risks for companies, which could have a ripple effect on jobs and profits. On a brighter note, we explore contrasting trends in household savings between the UK and the US, shedding light on the financial landscape.
In the second section, we focus on Payments Modernisation, where we break down the KMPK Report's key findings. Learn about the evolving landscape of payment methods, the rise of real-time payments, and the challenges faced by innovators like Yapily and Truelayer. Discover the changing appetite for single SaaS-based platforms and the persistence of legacy systems as industry stakeholders seek to modernize the payment sector.
Moving on to the third section, we explore the world of Fintech. NatWest partners with Mastercard to offer a seamless click-to-pay experience, enhancing user convenience and security. Meanwhile, Revolut garners attention for its progress toward a UK banking license and regulatory scrutiny. Monzo's second attempt at the US market, along with the hiring of Conor Walsh as the US CEO, underscores the ongoing global expansion of UK fintechs, setting the stage for an intriguing cross-continental test. Stay tuned for all the latest developments in the Fintech sector.
Sources:
https://www.creditstrategy.co.uk/latest-news/uk-to-be-slowest-growing-g7-economy-in-2024
https://www.ft.com/content/a5972da0-f227-4471-8f5d-af662202f6bd
https://www.bottomline.com/uk/payments-barometer
https://businessofpayments.com/2023/10/03/3044/
https://sifted.eu/articles/monzo-hires-new-us-ceo
https://www.finextra.com/newsarticle/43114/natwest-enrolls-debit-cards-in-mastercards-click-to-pay
For more information visit: Webio.com
This podcast is produced in partnership with Podlad.com
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