FinTech North - The Future of Savings - Shared screen with speaker view
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Hi everyone, thanks for joining the Future of Savings live! Please feel free to use the chat and Q&A to ask questions of our speakers during the event. We will get to most questions in the interactive panel Q&A at the end of the event.
Thanks Rosalie, that was brilliant - how do you think trust can be built with UK savers to have comfort in organisations that utilise emerging tech and solutions such as VRP?
Michael Cooke - EY
Q for Rosalie - You said you think VRP will kill cards - can you elaborate?
I'm also interested in the potential responses of the big banks to VRP if they lose the benefit of interest forgone on current account balances. Might they sweep it into their own savings accounts, introduce fees, raise rates on current accounts , etc. Which are most likely, and are there any restrictions on how they can respond from the CMA?
@Taya Allen, on how we build trust - it is absolutely always an issue with new payments methods, but when people understand that they can get more value from their money, we are going to see usage.Importantly the authentication process with open banking payments is super easy, which is evidenced by the high share of checkout and returning users Open Banking payments achieve with our customers, despite there being minimal promotion of Open Banking as an option.It will certainly be interesting to see what happens with different customer profiles - the increased uptake of digital banking in the pandemic should certainly help people feel like they can make the plunge.
@Paul Braithwaite “What happens in the sweeping example when you have an irregular or one off expense?” It’s a good question, always a possibility.On a practical level you would know If you know that you’re about to buy something like a car, or a holiday.The key things is that you can adjust the levels in your account instantly, because moving money with open banking is super simple. Importantly it uses faster payments rails, so it moves in seconds, unlike a direct debit or card payments.