Consumer

The fintech wave and the open-source movement are assisting banks in going digital. These trends have obviously benefited both banks and their clients.

After the turmoil of 2020-21, economists and consumers alike were hoping that 2022 would usher in a slightly smoother ride, and a return to something like ‘normal life’. But it wasn’t to be.

According to the Bureau of Labor Statistics, US inflation accelerated further in May, with prices up 8.6% from a year ago. This is the fastest increase seen since December 1981 and exceeded the 8.3% Dow Jones estimate for the month.

Payment processes are set to undergo a widespread facelift as biometric identity authentication is adopted beyond banking, into payments for hospitality, retail, travel and even gaming.

On Tuesday, the average price of petrol in the UK saw its biggest daily jump in 17 years as it rose by over 2p per litre.