Technology innovation and disruption

With technology developing so fast, two forces are driving change in our industry:

1. Customers expect services and devices that are fast, personalised and extremely convenient. They want everything in one place.

2. To keep up, regulators are pushing banks to be as open and innovative as possible.

The Competition and Markets Authority (CMA) has instructed the nine largest banks in the UK to start using Open Banking Standard (OBS) Application Programme Interfaces (APIs) over 2017 and 2018.

So what does this mean?

It means customers can use third party services to access their account information and even make payments for them. These new third party services will be able to present a customer’s financial information all in one place, across different banks and services. So even if you have accounts with multiple banks, these services can show you data and manage your money across multiple accounts all at once.

Creating an innovative culture will be key in addressing future challenges. We’re responding to this change in several ways:

Looking for new innovations

We’ve invested in a scouting network in the UK, US and Israel in order to ensure we have access to the latest ideas and technologies.

We also update the Board and other decision making bodies on emerging innovation topics like Artificial Intelligence.

Building new facilities to boost our innovations

We’ve invested in our Edinburgh Open Experience (OX) Centre and we have plans to open a London OX Centre in 2017.

These centres will help us to solve problems quickly and develop new technology. They’ll also help us present our new ideas to our customers.

Teaming up with different kinds of partners

In 2016, we announced a new partnership with RocketSpace – a company that offers state-of-the-art facilities to help entrepreneurs and fast-growing start-ups in the tech sector.

Making sure we deliver

In 2016, we set up an innovation forum chaired by the Chief Administrative Officer. It will function as a division of the Executive Committee.

The forum will track and prioritise everything we do that’s related to openness and tech innovation. Specifically innovations that help with:

  • customer safety and security
  • customer and colleague experience
  • payments
  • data and analytics
  • simplification and efficiency.