Lowering barriers to entry and expansion
Tandem Bank (authorised in November 2015) is a digital-only bank that is retail will operate an individual finance guide which compares financial loans offered by both Tandem and its own competitors. Other innovative banks are in the pipeline for authorisation.
Other initiatives to support new and firms that are innovative
The financial institution of England supports innovation in financial services through its work to promote research that is innovative data analytics in central banking, and improving the ability of innovative firms to access Bank of England facilities. The Bank in addition has embraced new technology in the provision of UK banknotes.
Research and analytics
The Bank launched its One Bank Research Agenda initiative in February 2015 to attempt to understand and develop innovative best practice in central banking, taking into account technological, institutional, social and environmental change.
It is designed to facilitate dialogue that is open the financial institution together with research community to support innovation and inform the Bank’s work. The Bank has set up a Research Hub division to aid drive this forward and developed a unique blog that is online Bank Underground. Continue reading “Other initiatives to aid new and firms that are innovative”