Sales League Table 2020 | Banking Technology Winners

Results Announced!

Stay up-to-date with the latest industry news and analysis.

Subscribe to BankTech Daily News today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

Core Banking Market Dynamics Report 2020

Global analysis of core banking system sales. Subscribe now

Intelligent Environments highlights major student debt issues

New research from FinTech outfit, Intelligent Environments, reveals the ripple effect a graduate’s student loan debt has on their financial wellbeing later on in life. This found that 41% of 2,000 UK adults who previously had student loan debt said it hindered them in saving for a mortgage deposit. 37% believe that having this debt delayed them from starting to save for a pension, and 26% from making major purchases, such as buying a car. Meanwhile, according to advice portal Save the Student, two in three students don’t understand their loan agreements, including the interest they’ll have to repay.

Intelligent Environments is calling on UK banks to work more closely with the Student Loans Company to provide graduates with the means and advice to save whilst paying their loan. MD David Webber cites data from the Student Loans Company, showing that students in England now leave higher education with an average debt of £26,640, compared to £16,160 just five years ago.

“At the moment the lack of clarity in how much repayments will be from one year to the next, exacerbated by changing interest rates, is making it really tough to save for big purchases such as a car, house or to set aside money for retirement,” he says. “They are asking for their banks to put plans in place to help them pay off their debt effectively. Digital tools specifically present an excellent opportunity for this, helping young adults visualise all their income and debt in one place, enabling them to pay their dues whilst living their lives to the fullest.”

[do_widget id=text-35]

Related IBS Intelligence Research

Related Posts emerges from stealth mode & launches technology-powered Metal Card, a Philadelphia-based FinTech company, has announced its emergence from stealth mode to debut technology-powered Metal Card, a consumer spending product that leverages proprietary technology to give users controls, convenience, and automatic credit score optimization. With Guaranty, customers do not have to pay fees or interest. They will also receive a premium brand experience […]

This post is only available to members.

Read More »

Cloud9 Technologies teams up with comitFS to boost real-time voice trading APIs

Cloud-based communications provider Cloud9 Technologies has teamed up with comitFS, a UK-based provider of voice middleware and API abstraction capabilities for financial services companies. The collaboration will facilitate the development of real-time call control capabilities for voice trading within the institutional marketplace. “As trading dynamics shift to a more digitally-driven environment, firms want the peace […]

This post is only available to members.

Read More »

Quantum Group acquires mobile cashback app Tail

London-based FinTech incubator Quantum Group today announced the acquisition of mobile cashback app Tail. The acquisition is expected to enable Quantum Group to increase the number of banking partners integrated with Tail and to onboard different retailers from around the UK. Tail’s platform enables retailers to create hyperlocal marketing campaigns, thus allowing them to increase […]

This post is only available to members.

Read More »