Love Finance: web tech and the state pension
By Teamspirit on Wednesday, 10 June 2015
New .bank domain launches
Various specific top-level domains like .jobs and .london have appeared in the last few years - joining them now is .bank, allowing banks to personalise their URLs even further.
It seems like such a small change, but in the realm of making banking more digitally accessible, it's a big step forward. .bank domains are also subject to security requirements that aren't mandated of other top-level domains, with Symantec and Architelos providing verification and security respectively. We love that .bank domains will give people an ability to log onto a banking website with a visual signifier of security and purpose. It will be interesting, however, to see how many major banks switch over to this domain, stepping away from .com and .co.uk as primary destinations for their online presence.
Bank of England launches "Bank Underground" blogThe Bank of England is launching a blog to give better insight into the thoughts of its staff.
Aimed at publishing editorials by its staff that support as well as challenge existing methods of thinking, it will allow said staff to finally step around PR and communicate directly with the public - a significant change for the bank.
We love that the Bank of England is aiming to create a content platform that humanises its staff considerably, and allows them to demonstrate their thinking and knowledge to an interested public audience. From blog posts on driverless cars to deflation risks, we're looking forward to hearing from the people behind the big name.
Five fintech startups win £175k injection from Innovate UKThe future looks exciting for five fintech startups recently granted a prize pot of £175,000 ( https://www.finextra.com/news/fullstory.aspx?newsitemid=27487&topic=innovation ) in order to get them started.
The five startups are personal savings app Swave, cyber security company Tento, marketing app maker Bubbal, machine-learning compliance firm Mentat and PFM firm Squirrel. The variety is noticeable, but not as noticeable as the fact that 40% of the candidates are app-based, which is another indicator in terms of where the financial services technology market is headed.
We love that companies doing new and innovative things (machine-learning compliance sounds interesting, if a little scary for anyone who's ever seen Terminator), and we're glad they're being given the money to help them get to a self-sufficient stage. It'll be interesting to see how the amount of startup capital being flooded into fintech will work out in five years' time - how many will survive, and if so, how will the financial services landscape change as a result?
Stage pension age to be reviewedThe government has confirmed ( https://www.corporate-adviser.com/news-and-analysis/latest-news/state-pension-age-review-confirmed/2022038.article ) that they will be reviewing the state pension age within the next two years.
Currently, the plan is for the men and womens' state pension age to increase to 66 from 2020, and to 67 between 2026 and 2028. Incoming pensions minister Dr Ros Altmann has told the House of Lords that she wants the review to "consider not only rising life expectancy but wider social, occupational and gender factors."
We love that the state pension age is the subject of ongoing analysis. The retirement market is shifting considerably as life expectancy lengthens and people engage in longer careers. It will be interesting to see when the review takes place, and what the long-term implications will be for those looking to retire after the changes begin.