There are many reasons why people take out title loans. Sometimes a person has an unexpected expense, such as medical bills, that need to be paid for. Other times, people just want some extra cash to get through the week.

Title loans are loans for small amounts of money. Your car title is put up for collateral. These loans usually have high interest rates and are for shorter periods of time than most conventional loans.

There are many companies that offer title loans. Many of them are conveniently located in your city and other neighboring towns. Some businesses offer online title loans with no store visit. They may require you to set up a user account to log in by providing some basic contact information.

Here are a few facts to keep in mind about title loans:

1. Title loans can be taken out regardless of your credit score. Because title loans are short-term loans, they are not dependent on your credit score. You don't even need to have any established credit in many instances. Title loans also have no impact on your credit score. If you don't pay off the loan on time, the lender has legal right to your car. That's why it's important to pay off these loans on time, or even ahead of time if possible.
2. The turnaround time for title loans is quick. Title loans are a relatively hassle-free experience. You can usually get the money you need the same day. There's no background check or waiting period to worry about. You have access to your cash right away, and you can start spending it the same day if you'd like.
3. You don't need to fill out a lot of complicated forms. Most companies will just ask for a simple form to be filled out. There are no complicated forms that have to be filed out in triplicate. They will ask for proof that you own the car, and may inspect the car's condition in some cases. If you're applying online, the lender may ask for you to take your car to a local dealer to have it inspected.
4. Title loans are based on the approximate worth of your car. The amount of the loan you will receive depends on the approximate value of your car. Don't expect to get a loan for the full market value. In many cases, title loans are offered at about 20-50% of the car's total value right now. This makes it easier for the lender to make their money back. It's probably best not to get a title loan that's at 50% of your car's value or higher, because that can increase your risk of losing your car if the loan is not paid on time.
5. Beware of higher interest rates and fees. A typical title loan will have an interest rate of 25% or more. There may also be additional fees or interest charged if you are late on your loan payments or the loan is not paid on time. Some lenders will allow you to roll your existing loan into a new loan. Just keep in mind that this new loan may also have additional fees and an even higher interest rate than your previous loan.
6. Title loans can be beneficial in the short term. Most title loan terms are for 30 to 60 days. If you're waiting on a paycheck to pay the loan off, then a title loan can be a good way to get some extra cash in a hurry. If you're unemployed or are having a tough time making ends meet, a title loan may not be in your best interest. Missing a payment or defaulting on the loan can cause additional fees and interest to be assessed. You could also risk losing your car in the process.
7. Title loans are a win-win for lenders. Title loans are a relatively low risk for banks, credit unions and other lending institutions. The loan terms are short, and they often recoup the initial investment plus any additional interest or fees in the process. If their customer pays late or defaults on the loan, the lender can legally take their vehicle that was offered as collateral on the loan. The lender can turn around and sell the vehicle for a quick profit if they so choose.

These are a few important facts about title loans. They should be considered as a short-term option instead of a long-term financial solution. Read the contract carefully before signing it, so that you are aware of the terms and any potential penalties for late or missed payments. Title loans offer flexibility and freedom for many people every day.

The SME market is becoming a key target sector for most banks, but these often more agile organisations demand a better digital approach, and according to Kyle Ferguson, CEO of Fraedom, a personal touch is what’s needed.

Thanks to technological advances within retail banking, the way we bank in our personal lives has changed dramatically. No longer do we wait for bank statements to arrive at the end of each month to get an idea of our spending; instead, we are able to do this whenever we want, and often in real-time, via an app on our phone. This evolution of banking in our personal lives has fuelled a change in expectation among SMEs who are demanding the same experiences and offerings within the world of business banking. As a result of this change in expectations, SMEs are demanding a better digital approach as reflected by 57% of SMEs that now want to move to an online/mobile banking business environment.

However, banks are currently struggling to meet the demands of SMEs and deliver the more personalised service and consumer-focused offering the majority desire. Yet, with a combined annual turnover of £2.0 trillion and accounting for 52% of all private sector turnover in the UK in 2018, SMEs are a highly lucrative market that banks can’t afford to ignore. So, where should banks start and how can they begin to attract SMEs?

Developing a digital offering

According to a survey conducted by Fraedom, 95% of commercial clients who bank digitally in their personal lives, expect to do so at work as well. Ultimately, SMEs want the same digital capabilities, such as apps and online platforms, they get as personal customers. Yet, just 43% of SMEs claim to have near real-time control over business spend. Similarly, almost a third of respondents feel they have very little visibility on a day-to-day basis and nearly a quarter confessing to having to regularly spend significant time and money investigating who spent what. Furthermore, over half of UK respondents said that on average they were personally spending more than two hours a week on expense or financial management tasks. The need to regularly go back and interrogate audit trails can be a further drag on a business’ efficiency and productivity.

Just 43% of SMEs claim to have near real-time control over business spend.

In our personal lives, we now have seamless mobile transactions, highly responsive customer service and fast transaction times. Yet, although personal bank statements typically update in real time and can be viewed on a mobile device, reconciliation of work-based expenditures can take days, if not weeks to process. It is therefore unsurprising that SMEs are left frustrated by the lack of innovation offered by banks and are demanding banks provide the same tools, level of service and personalised experience we have become so used to in our personal lives.

Gaining an understanding of SMEs

Banks’ engagement levels with SME customers have also been revealed by Fraedom to leave a lot to be desired with just 12% of UK SMEs saying they thought that banks their organisation had dealt with over the past year fully understood their needs as a business. It is therefore vital that banks work to understand the needs of SMEs and also learn to speak the same language.

This understanding of SMEs also extends to ways in which they want to interact with banks. For instance, the 2018 FIS Performance Against Customer Expectations (PACE) found that almost half of UK SMEs prefer to contact their bank through digital methods via a tablet or mobile, for example. Banks need to keep this in mind and offer preferred methods of communication if they are to really tap into this lucrative market.

The SME sector is a truly lucrative market for banks, and ignoring their pleas for a more digital, personalised approach would be a mistake.

Moving forward together

The SME sector is a truly lucrative market for banks, and ignoring their pleas for a more digital, personalised approach would be a mistake. It is vital that banks begin to innovate to answer this demand with partnering with fintechs often being the most effective way of doing this. Through fintech partnerships, banks will be able to not only implement the right technology but also to get a better understanding of their SME client-base. As a result, banks will be better able to understand the consumerisation of business processes and technologies; the eagerness of SMEs to adopt these to achieve enhanced agility; and the frustration they feel if they sense that banks are effectively not speaking their language.

This tailored service will allow banks to build lasting, more trust-based relationships with SME customers, while SMEs will gain greater business agility, streamlined efficiencies and increased visibility of expenditure.

While there are some risks associated with e-filing, there are benefits as well when completed correctly. E-filing can save you time, money, and reduce the number of errors that used to accompany traditional paper filing methods. You may even be able to get your refund sooner. The risks associated with e-filing are easily avoidable and should be carefully considered this tax season. Here are 5 tips for e-filing your taxes safely.

1. It’s important to know that tax scams and fraud can affect anyone! Every year people are shocked to find that their taxes have already been filed by someone else under their name in order to receive their tax return. Be aware of phishing emails that claim to be sent from an IRS representative or a tax service informing you that your account has been locked and needs your login information. These emails usually carry a malicious download or dangerous link that infects your computer with malware or spyware. The most important thing to know is that the IRS will never contact you via email. They will also never show up unannounced at your doorstep. If a real claim is being filed against you, you will receive a warning letter in the mail first. If you happen to receive an email from a tax service that appears to be fraudulent, it is wise to call and confirm their inquiry.
2. Having trusted antivirus software installed on all your devices will give you the best protection while filing your taxes. It will ensure that no dangerous spyware is able to record your information during the process. Sometimes, scammers will obtain various pieces of information that they need from different devices of yours. Because of this, it is smart to protect all of them with the appropriate software.
3. Make sure you are using a secured wireless network when accessing important information of any kind. Opening any tax-related information on an unsecured network, like those found in public places, may be putting your information at risk of being compromised. Make sure you are only divulging personal information to encrypted sites. These sites will display “https” in the URL, not just “http”. If a financial transaction is being made on the site, there will also be a padlock icon at the beginning of the URL that will verify it is protected. Both of these are symbols that guarantee the site will be securing your information from any third party looking to intercept it. You should also verify the spelling of the website. For example, a popular tax service is TurboTax.com, whereas a hacker may set up a site seemingly similar but the URL will be TurboTaxx.com. You may be surprised that this simple switch could be enough to trick an unsuspecting tax filer.
4. A common mistake made by many is ignoring software updates as they pop up. It’s important to stay up to date with the latest version of your operating system and applications. This keeps you best protected from potential threats as many updates are made after a security breach has been detected. Also, periodically updating your login credentials is a great way to keep scammers away. This is just as important as making sure that your passwords are different from account to account at the initial stages of creating the account. You want to make sure that they are strong, including letters, numbers and special characters.
5. After filing your taxes on a specific device, back up all tax-related documents to an external hard drive and delete the information from this device. This will act as another added layer of protection in case that device should become compromised in the future. This is always a good practice for all of your internet-connected devices that carry important information.

These are some of the ways you can help steer clear of identity theft through tax fraud prevention. Unfortunately, identity theft isn’t always avoidable, but identity theft protection can help you recover from damages. Tax fraud can drastically affect the financial wellbeing that you have worked so hard to preserve. For those interested in building upon their financial health, it’s important to note that this can go beyond just your credit score and investments. It may be time to consider investing in your cybersecurity this tax season.

Industry experts CACI forecast that 2019 could very well see mobiles usurp PCs as the main appliance for internet banking. It’s even predicted that by 2023, 72% of Brits will use apps as their main financial management source.

But mobile banking has already transformed how we spend money. Let’s explore how.

1. Average Spending

Thanks to banking apps, it’s easier than ever to access money. Access to phone signal granted, you can transfer money, anywhere, at any time. However, with this comes the risk of overspending.

And many people can’t resist the temptation to buy more than they need. In fact, a recent report by Bain & Co. revealed that on average, mobile payment users spend twice as much as those who don’t.

Therefore, what we’re spending money on – as well as how we’re spending it - has already been hugely affected by mobile banking.

2. Budgeting Apps

Very often, with the risk of overspending comes an increased demand for easy money-saving tactics. Unsurprisingly, banks have been quick to jump on this need by bringing out budgeting apps.

Although increased spending remains common among mobile bankers, these apps could help to provide a remedy. Because managing finances is a priority for most people, they have been quick to take off.

So, mobile banking hasn’t just influenced how we spend — it’s changing how we save, too.

3. All-Inclusive Banking

Banking apps make it more straightforward to exchange money and make purchases, therefore they are particularly valuable for people who struggle with traditional methods of money management.

For wheelchair users, visiting a local bank or an ATM can often be inconvenient. But thanks to these apps, financial affairs can be managed from home. The need to venture into town to take out cash or pay for goods is now a thing of the past — and this is transforming lives.

Likewise, this has revolutionised how people with specific learning differences monitor their money. Features like colour-coding are ideal for users with Dyslexia, Dyspraxia and ADHD, for example.

For people who live far from the town or city, driving to an area with a hole in the wall or bank is no longer necessary as banking can be done from home. Using this kind of app could even reduce your carbon emissions.

Mobile banking isn’t just benefitting its users — it’s helping the environment.

How we spend, save and manage our money has been completely transformed by mobile banking. No wonder its set to rise in popularity over the next four years. This is an exciting time for the financial world. How will it affect your finances?

Digital transactions do not end at simple purchases. Cryptocurrency, online betting, and sending cash via the internet have all become popular recently. With the amount of money changing hands online, it is no surprise that hackers see this as an opportunity for identity theft.

Privacy was once the only concern for web browsers, but financial data security has taken a place on the list of essential things to consider when roaming the internet. Digital shopping and online transactions are not going away, so it behooves everyone to learn ways to protect private information.

Seemingly becoming more challenging by the day, internet security is possible. Hackers regularly find new ways to attack their victims but practicing internet safety and putting safeguards in place will help keep your information out of the hands of a cyber-criminal.

1.       Protect Your Privacy Using a VPN

The first thing any mobile device user should do is download a VPN app. While a VPN can be used on other devices like laptops or tablets, it is important to protect mobile devices, too.

People frequently connect to Wi-Fi in public places to conserve data costs, leaving themselves vulnerable. Hackers roam unsecured networks hoping to find an easy target. A VPN can create a more secure environment by encrypting data to and from your device.

2.       Practice Internet Safety

Social media has created an environment ripe for malicious cyber-attacks. Facebook and Twitter alone often provide hackers with all the information they need to infiltrate the privacy of an individual.

Being safe online is more than avoiding “sketchy” web areas. Avoid putting too much personal information on social media sites and keep your profile restricted to those you know. Decline unknown friend requests and think twice about liking every post you come across.

Hackers prefer easy targets, and many users make themselves very vulnerable by providing so much information online. These details can give hackers tips to decoding your passwords or usernames, which opens you up to a world of digital trouble.

3.       Pay Attention When Purchasing

Online transactions are here to stay, and it would be ridiculous to recommend someone avoid digital purchases. However, when buying online, you should pay attention to where you are shopping.

Small online businesses are popping up everywhere, and while they may offer unique and trendy items, it is important to validate their security. Never enter financial information on a site missing the “HTTPS” at the beginning of its URL. The “s” means secure and any site without it should be considered unworthy of your personal information.

Internet security is possible by practicing a little diligence and understanding that your information is valuable. Hackers prefer the easiest targets and creating a few blockades may prevent you from becoming a victim. Practicing safe internet behaviors can help you enjoy your online shopping experience safely.

However, dipping into an unarranged overdraft can have costly consequences.

Did you know that dipping into an unauthorised overdraft could incur a number of fees from debit interest, transaction fees to monthly and even daily fees? Usually these fees and charges combined can mean finding yourself in more debt than anticipated, which you may later find more difficult to get out of.

According to Sunny, the consistent use of an unauthorised overdraft can negatively impact your credit score which could affect your chances of getting a mortgage, credit card or loan in the future.

Learning to manage your money is crucial, particularly when it comes to avoiding unauthorised overdrafts and all of the potential consequences that come with it.

Discover more about unauthorised overdrafts and exactly what charges you could face for spilling over into an unarranged overdraft. This handy guide is full of tips and tricks that will help you avoid any money mishaps.

Provided by Sunny Loans

Below, Rune Sørensen, at Nets, explores with Finance Monthly the impact that sophisticated card infrastructure can have on mobile-led banking.

All this innovation is pushing and pulling card infrastructures in ways no-one could have predicted a decade ago. Mobile banking, ecommerce integration, loyalty and rewards schemes and even IoT payments all link to cards. That’s a lot to ask of a back-end system.

So the question is: how can issuers balance a need to be perceived as innovative with providing a reliable, compliant and fit-for-purpose payment infrastructure?

Payment revenue is falling, so issuer’s profit margins are being squeezed. Technological change is advancing faster than internal systems can be updated, and the demand for developers with the skills to design and implement back-end solutions is growing faster than supply. As a result, the most forward-thinking banks are taking a critical look at their go-to-market strategies, and questioning if a business model where they design, implement and maintain their own systems is still feasible.

Technological change is advancing faster than internal systems can be updated, and the demand for developers with the skills to design and implement back-end solutions is growing faster than supply.

Take payment gateways as an example. Banks need a payment gateway to the card schemes as they are the backbone of broad e-commerce payment acceptance for their customers, thereby enabling banks to benefit from the international e-commerce market - set to grow to $4.5 trillion by 2021[1]. To avoid locking themselves in with a single scheme, these gateways must also be card scheme agnostic. Issuers now have the choice of whether to develop and maintain these gateways themselves, or to prioritise reliability and time to market by working in collaboration with a trusted partner.

The debate around outsourcing infrastructure has been simmering under the surface for the last few years, and was brought into focus by the Second Payment Services Directive (PSD2). Open banking is bringing huge opportunities to banks because the importance of national borders in the provision of financial services is diminishing. This opens up the market and benefits consumers, and enables banks to target whole new countries of potential customers. However, these opportunities come hand in hand with two significant challenges.

Open banking is bringing huge opportunities to banks because the importance of national borders in the provision of financial services is diminishing.

First, banks must ensure that their payments infrastructure is compliant not only with EU and their own national regulations, but the domestic regulations of any other international markets they intend to enter, as well as the complex and constantly evolving requirements of the card schemes. Card scheme compliance alone is a great responsibility, demanding increasingly more resources as the service portfolio diversifies and becomes more complex, predominantly driven by mobile payment enablement. This is an enormous undertaking – and one difficult to justify when there are dedicated providers of back-end systems offering full compliance for less than it would cost a bank to create and maintain it themselves.

Second, scalability is key. In the increasingly globalised world of financial services, exciting new products must be made available to all customers at the same time, without any of the downtime associated with launching new products and systems. Stability and security are fundamental to banks; innovation alone means nothing.

It’s clear that, in an era where banking and financial services are evolving faster than ever before, banks need to put their money where it counts. A flexible and reliable card infrastructure will be crucial to a successful transition as more and more financial services move to being predominantly mobile – and in the future, maybe even mobile-only.

Although most consumer-facing financial institutions now offer mobile applications, that doesn’t mean that they are ready for a world where smartphones are the primary point of contact with their customers. This is a new reality, and as the industry changes issuers must evolve too. Those that survive and thrive will be the banks that focus on their delivered customer journey and value-adding core business areas – and it’s time to ask if this really includes developing and maintaining back-end systems.

So, put your cards on the table. Is your infrastructure up to the challenge?

[1] https://www.shopify.com/enterprise/global-ecommerce-statistics

Banking apps are set to have the biggest impact on commercial banking within the next five years according to more than two thirds (68%) of commercial bankers, a study has revealed.

Banking apps are also predicted to become one of the most disruptive technologies during the same time period. Only cryptocurrencies (56%) and virtual assistants (48%) are expected to be greater disrupters, according to a study by Fraedom that polled 1000 decision-makers in commercial banks including senior managers, middle managers and shareholders.

The research also found that just under half (45%) of respondents listed digital wallets to have a substantial impact on the industry while nearly one third (32%) noted machine learning as having a future influence.

Kyle Ferguson, CEO, Fraedom, said: “The research highlights that the commercial banking world is beginning to shift towards a more consumer focused approach. Business executives are increasingly wanting a real-time view for their payments, just like they can in their personal lives. This trend is also mirrored by commercial banks who are planning to invest in the key technology areas to make consumerisation possible.”

The study revealed that data analytics (55%) and enhanced mobility (41%) are two of the most likely areas of a commercial bank to receive investment within the next five years. Unsurprisingly updating security systems was most likely area to receive an investment boost, as cited by 65% of respondents.

The research also uncovered that almost half (45%) of financial services organisations believe that increased regulation will drive the adoption of new technologies, with 32% predicting it will lead to better customer engagement. In addition to this, nearly two thirds (60%) of commercial bankers believe that a more ‘consumer focused’ approach to engagement is the most important factor when strengthening relationships with SME customers.

“Regulations have transformed the commercial banking sector over the past few years, and while this appears to be restrictive approach, this research proves that banks are seeing regulation as an opportunity to adopt new technologies and improve customer engagement,” said Ferguson.

(Source: Fraedom)

Marketing is of great importance to any sector, but each industry has its own pitfalls and problems it needs to avoid when it comes to developing its marketing campaign. If you’re already running a FinTech business, or are planning on starting one, there’s a few obstacles you need to be aware of in order to market your brand effectively.

Below Where the Trade Buys provides the following guide to help you navigate effectively through the world of marketing.

Social media avoidance

Social media can seem like a difficult arena to step into — it’s huge, the competition is astounding, and your customers can speak to you directly, in front of a massive audience. In fact, many sectors have fallen foul to ignoring and avoiding social media. According to Incisive Edge, banks were a prime example of this, citing a report from Carlisle and Gallagher Consulting Group that revealed 87% of consumers perceived social media usage by banks as being dull, irritating, or unhelpful.

But social media is where your audience is, and it’s where many spend a large amount of time. Securion Pay noted that an effective marketing campaign needs to consider Millennials, of who 84% have smartphones and 78% are on them for more than two hours every day. Embrace this and establish a strong presence on social media! Just make sure you have an effective plan for each channel — content for Twitter might not work as well on say, LinkedIn.

Also, social media is a great way to build a rapport with your customer base. Even in the event you get negative feedback, the way you deal with it will be seen just as much as the original comment. You can turn a negative into a positive: show ownership of the feedback and resolve it quickly. If you ignore it, the chances are the unhappy consumer will feel stung that you have ignored their attempt to reach out to your directly and give you a chance to respond. They will turn to other websites to tell other people of this experience. As social media and customer services expert, Jay Baers says: “A lack of response is a response. It’s a response that says, ‘We don’t care about you very much’.”

Saying too much, too soon

Do you have big news? Great! But before you rush off to tell the world, take a moment to pause. Would the news be better used slowly? Incisive Edge advises FinTech companies to consider an embargo if you’re heading to a trade show soon.

Basically, you can still create a press release about your exciting news or innovation plans, but don’t release it immediately. Place an embargo on it, so that your press sources can’t publish the news until a certain date, such as the trade show or another effective date for your company. This not only stirs up a sense of excitement, but it also lets the journalists and content writers have more time to write an engaging and detailed piece.

Ignoring offline

You may feel that as a primarily online company, your marketing strategy needs to have an online focus too. But the world of offline marketing is still going strong, and it’s a great way to build your brand and get it noticed.

For example, Delineo reported on some highly effective FinTech marketing campaigns, including offline print marketing. In the report, a robo-advisory firm was shown to have created a brilliant offline campaign that saw printed adverts placed through the underground tube network. People don’t have great signal on their phones at underground stations, so tend to notice and read printed adverts more!

As a start up, you might not have enough in your marketing budget to pull off such a wide-spread campaign but consider the use of printed media elsewhere. Are you headed to a trade show or exhibition soon? Seek out a provider of PVC banners and get your brand and goals printed up for your stand! Banners are a great tool at exhibitions and tend to be more effective than digital ads at these events, with customers recalling the brand from a banner long after the show has ended.

Ads with poor language use

You should be making use of both online and offline media in your marketing strategy, but you’ll need to make it as powerful as possible. There’s no use having a well-placed digital advert or a beautifully designed banner if the language used is dull and uninspiring.

Often overlooked, the use of language is a complex skill that can make or break your intended message. There’s a reason why so many people study language at high academic levels!

Consider the intended outcome of your marketing. What are you trying to tell the customer? At a basic level, new technology is designed to solve a problem, so tell your audience this. Words like “innovative”, “cutting-edge”, “rapid”, and “simple” can help address technology woes such as slow loading apps or complicated processes. After all, FinTech is a disruptive innovation — tell the world how it’s shaking up the banking and financial sector.

It’s important for your business to stand out for the right reasons. FinTech is a fast-growing sector, so it’s vital that you keep ahead of the game. Keep your marketing strategy strong and wide-reaching with these campaign tips.

Sources: 

https://www.callboxinc.com/b2b-marketing-and-strategy/fintech-marketing-strategy-tips/

https://blog.incisive-edge.com/blog/6-fintech-marketing-strategy-tips

https://www.delineo.com/culture/4-fantastic-fintech-marketing-campaigns/

https://securionpay.com/blog/6-marketing-trends-fintech-industry/

http://www.brightnorth.co.uk/whitepapers/Image_Quality_and_eCommerce.pdf

https://skift.com/2016/05/13/why-the-tourist-brochure-is-still-surviving-in-the-hotel-lobby/

https://www.forbes.com/sites/rogerdooley/2015/09/16/paper-vs-digital/#7de095dc33c3

https://www.pinterest.co.uk/pin/307300374549933402/

https://www.ama.org/partners/content/Pages/6-dos-and-donts-of-promotional-product-marketing.aspx

https://expandedramblings.com/index.php/tripadvisor-statistics/

https://www.prnewswire.com/news-releases/print-ads-in-newspapers-and-magazines-are-the-most-trusted-advertising-channel-when-consumers-are-making-a-purchase-decision-300424912.html

https://www.forbes.com/sites/matthunckler/2017/02/01/jay-baers-top-3-tips-for-acing-customer-service-in-the-age-of-social-media/#1cbbd1764a08

https://www.forbes.com/sites/rogerdooley/2015/09/16/paper-vs-digital/#31d49c533c34

https://blog.techdept.co.uk/2014/12/marketing-technology-words-marketers-need-to-know/

Video streaming services such as Netflix and Amazon Prime have now been reported to have more subscribers than traditional pay-per-view TV services in the UK, according to new figures released by Ofcom. This of course also applies on a global scale, in the US and beyond.

This week Finance Monthly asked experts in the media industry, communications sector and markets experts what they thought of the proliferation of online streaming services and their impact on traditional TV.

Luke McDowell, Context Public Relations:

Netflix is a brilliant example of a business that adapted and reinvented itself to become not only a giant of the streaming world, but the television and film industry as a whole. It is of no surprise that streaming service subscribers now outnumber the traditional pay TV subscribers.

British television has lagged behind the streaming services for a while now, it’s no longer enough to make your programming available on catch-up, you must now realise the market need for ‘binge-watching’; as this is where Netflix and Amazon Prime have cut their teeth. Users want to be able to experience a whole series in a matter of days or even hours, and as attention spans dwindle, so do the returning viewers on typical week-by-week scripted programming. I think the next big trend we will see is studios closing the gap between seasons, so we may even see one or two seasons of a show in the same year, in order to offset the inevitable audience number drop.

We have already seen some of the traditional broadcasters sell programming to streaming giants, either after the initial air date or in other non-native territories, which has been a step in the right direction. However, in order to future-proof themselves, traditional pay TV providers must cater to a new generation who want to watch content whenever and wherever they are, without the arduous wait for the next episode.

This generation also want the ability to pick and choose subscriptions, with one individual possibly having accounts with multiple services. In my experience of working with streaming services over recent years, this is something that was recognised by early contenders such as Roku who created a set-top box built for streaming that was smaller, more portable and more user-friendly than your typical offering, and offered compatibility across a range of services. Offerings such as TVPlayer have also started to bridge the gap between streaming and traditional British television by bringing live TV to younger, more mobile generations through their app; this is something traditional pay TV institutions should take note of.

John Phillips, Managing Director, Zuora:

It’s no secret that the media industry has changed. A few years back, it was in crisis. The shift towards digital meant advertising spend was predominately diverted to the tech powerhouses such as Google and Yahoo!, resulting in a widespread fear that consumers would never again pay for online content.

A few years later, we started to see a few media houses take control and implement basic paywalls in order to access premium content. This slight adjustment jumpstarted revenue, and for the first time since the crisis, brought growth in through their respective subscriber basis.

Since then, the wider media industry has caught on and subscription services have evolved tenfold. Today’s subscription services have morphed into flexible and adjustable models, where media brands have the power to create unique, effective and profitable plans.

From the standard rate plans for weekly, monthly or quarterly subscriptions, to flexible charge models - per article or per download - the ability to adjust has allowed media leaders to test and try what clicks with their subscribers. As a result, they’ve created a successful and reliable revenue model independent from advertising.

David Ciccarelli, CEO and Co-Founder, Voices.com:

Before I got married, we cut the cord to the TV. This was likely predicated by growing up in a household where there was a one hour limit on the amount of television we could watch. When considering starting a family of our own, my wife and I agreed that books and the Internet would be the primary source of news and knowledge entering the home. Since then, we’ve never been a cable subscriber, and I think I know why.

What Netflix does well is facilitating the act of discovery. First, by allowing viewers to create their own profiles, the platform recalls the shows that you watched, but also those in progress that you likely want to finish. By analysing the viewing habits of the individual, Netflix can make recommendations seemingly tailored to your unique preferences.

While recommendations are a good means of discovering new content, it’s equally enjoyable to navigate the categories of both movies and TV series’ in hopes of finding something new. Surely, TV networks could better organize their content using a similar structure. Let’s move beyond the timeline and give the viewer alternative paths for discovering what’s on right now, and in the future.

It’s well understood that TV is advertiser-supported. However, perhaps it’s time to innovate beyond standard ad formats, the ubiquitous 15 and 30-second spot. Shorter spots may be one option, or subtle overlays may welcome new advertisers looking to reach audiences in fresh new ways. While I certainly don’t claim to have the answer on this one, I’d like to encourage broadcasters to consider this space ripe for innovation.

Both Netflix and the movie theatre experience are very immersive. In our household -- and I’ve heard of others doing the same -- sitting down for a show on Netflix, even one as short as a single episode, involves getting snacks, drinks, and blankets on a cold day. When visiting others, I have yet to see or hear of a similar ritual when flipping through the channels on TV for an indefinite period of time. Live sports may be the rare exception. Nonetheless, programming could be designed in such a way for the viewer to suspend their disbelief. Constant interruptions ruin the flow of the experience. Networks should consider new ways to keep the viewer watching and engaged.

Chris Wood, CTO, Spicy Mango:

British TV will have to change the way it operates if it wants to compete with internet giants such as Amazon and Netflix. OTT providers are under still under no obligation to adhere to the usual broadcast guidelines, giving consumers access to content whenever they want it. On the other hand, the linear world is still heavily regulated, particularly around watershed, and this essentially positions OTT at an advantage and has allowed those businesses to innovate faster.

Increased regulation, processes and rules are proven factors of reducing innovation, which the Broadcast sector has seen a lot of in current years. When boundaries are allowed to be pushed, technology has space to innovate and becomes more attractive to different businesses. The fact is, that internet giants free from regulation have completely captured the market and audience today and consequently the traditional broadcasters have been left behind. But how could we introduce regulations that apply to all and how would it work? How would a watershed rule be enforced in catch-up OTT? Would it require credit card verification to prove age? Is PIN enforcement enough? Or should it be enforced at all? Rather than locking everyone in, why don’t we open the doors?

Providers like the BBC need to be freed from constraints like this in order to innovate. With less and less Millennials tuning into live TV and more opting for paid for streaming services like Netflix on a device of their choosing, there is little value for this demographic in their TV license fee if they are only going to watch odd World Cup match or the news. OTT products and services have grown rapidly – primarily because of the flexible nature of viewing that is offered. For British TV to grow its user base and capitalise on these benefits – it’s time to remove the shackles.

The result would give viewers more platform choices and enable content developers to create more relevant programmes for their audiences.

Chris Lawrence, Head of UK Communications, Media and Technology Consulting, Cognizant:

In many ways, we are living a golden age for television. Technology giants, like Netflix, have raised the bar, spending more than ever before on high quality shows. It has become clear that to keep up, broadcasters need to make sure that they are investing more money on producing shows and films that draw in audiences. But in order to spend additional budget on production, cost savings need to be made elsewhere.

That is why broadcasters are using technology to streamline back-end operating costs. Automating back-end operations is a crucial step towards greater agility, enabling broadcasters to maximise revenue from content. A good example of this is UKTV’s investment in a new broadcast management system to provide greater flexibility to schedule and manage content across its channel brands and support Video on Demand viewing.

Broadcasters also have a chance of winning back customer loyalty through providing a slick customer experience and reducing any friction along the customer journey. Reacting to this challenge, last year the BBC announced it would be using artificial intelligence (AI) to “better understand what audiences want from the BBC". The initiative, launched in partnership with eight UK universities, will take the learnings and directly apply them to the BBC’s UK operations. The use of AI to boost the customer experience and streamline services will crucially enable broadcasters to invest more heavily in the front of screen services. Because ultimately, content is king.

James Gray, Director, Graystone Strategy:

As technology has changed so have subscription models and hence we now have a shift towards Amazon Prime and Netflix from pay TV. There was a time when TV content was consumed by a family with one subscription per household and only one device - a TV - in the house to watch it on.

Now individuals consumers have multiple content subscriptions and many different devices so they can access programmes on the bus, in the park, at the station, by the pool on holiday, and in a different room to another family member. Smart phones and tablets have enabled this, as well as the availability of wifi and more recently better rates for data and data roaming.

 But there are some real polar differences as to which customers take which TV service. Graystone segmentation analysis shows that older customers “Settled Seniors” have the lowest take up of Pay TV, with 53% having Pay TV like Sky or Virgin and only 17% taking internet TV models like Netflix or Amazon. Unsurprisingly the Technology Trailblazer segment, which is much younger, has the highest adoption rates - 65% and 56% showing that they are taking multiple subscriptions. It’s a clear indicator of where the market is going and where providers need to place their bets.

The younger segments are also far more transactional, so for example if a show moves from Prime to Netflix they will move too. Amazon’s move into football will no doubt cause some ripples in the market. It illustrates that as well as offering convenience, the content has to be right too. You must know what your customers like and provide more of it - Netlfix is very good at producing original drama for this reason.

What fascinates me is where the subscription economy is going. I can pay for shaving products, gin, dog food even socks on a monthly subscription. We can’t be far away from a time when all subscriptions can be managed under one mega bundle - TV, mobile, broadband, gas, electric, gin, socks, car access, and who knows what else.

As millennials care less about ownership and more about experience and access, we will see more and more subscription models managed via smart phone apps. And for companies that has to be a great thing, particularly if consumers manage their subscriptions like my gym subscription - 36 monthly payments to date and just 5 visits! (But next month I am definitely going more regularly!)

Alistair Thom, Managing Director, Freesat:

With a raft of new entrants in the market and increasing choice for consumers driving change in viewing habits, there’s no argument that TV services in the UK and elsewhere are facing tough challenges.  Whether that’s competing for content rights against global companies with huge budgets or facing up to new distribution opportunities offered by online services.

Yet from a Freesat perspective, we believe that Ofcom’s report suggests that new entrants offer a great opportunity for subscription free platforms like ourselves. While On Demand services offer new choice and flexibility for customers, they do not offer all of the content customers want, nor can they offer the same level of shared experience as the “appointment to view” TV moments found on traditional broadcast TV; whether that’s amazing sporting events like the World Cup, global spectacles like the Royal Wedding or this summer’s “OMG TV” in Love Island.

Our research^[1] has shown, that the most watched programmes are consistently those available on free channels, even in homes signed up to a pay TV subscription. These pay platforms must now face up to the additional challenge to their business models offered by new entrants with lower monthly fees and no long-term contracts.

I strongly believe that the UK has the best free-to-air TV in the world and while methods of entertainment consumption are clearly evolving, especially amongst younger viewers, there will still be a place for more traditional viewing in the changing media landscape for many years to come.

[1] Freesat carried out omnibus research with OnePoll in May 2017, surveying 2,000 TV subscribers on their TV habits.

Online research from Equifax, the consumer and business insights expert, reveals over a third (37%) of Brits believe the UK will be a cashless society within the next 10 years. Over half (53%) of 16-34 years olds believe we’ll be reliant on digital and card payments by 2028, compared to just 22% of those aged 55 or above.

However, the research shows that while the use of cash is declining¹, it still has its fans. In the survey, conducted with Gorkana, respondents said coins are their top payment choice for vending machines (60%), parking meters (57%), charity donations (53%), and buses (52%), and paying with notes is the preference for taxis (42%).

While 46% of people use cash less often that they did three years ago, more than half (54%) of respondents use cash either as or more often, and almost three in five (59%) think shops, cafes or market stalls that only accept cash are convenient.

The findings also highlight that although the use of digital payments via contactless cards and online transactions is growing rapidly¹, some people are still wary about security. Over a quarter (27%) of respondents don’t feel confident payments via websites or contactless cards are secure, and 26% think it’s difficult to track money spent using digital methods.

Sarah Lewis, Head of ID and Fraud at Equifax, said: “We’re in the midst of an exciting smart payments revolution. We can pay for our lunch with our watches and passers-by are now able to donate to buskers via contactless. This growth of new payment technologies is drawing us closer to a cashless society, but long standing preferences for cash remain in certain situations, particularly among older consumers.

“The shift to digital payments in the new economy raises important questions about the role of different payment methods, and highlights the need to balance the convenience people want with security. As digital and online payments continue to grow, so too does the associated fraud. It’s vital that new technology is maximised to give people the reassurance they need as they change the way they spend.”

(Source: Equifax)

According to new research from leading payment provider MasterCard, biometric technology is set to become an integral part of all online shopping, as tighter regulations concerning online fraud are introduced. For instance, new EU regulations come into effect next September, which will increase the number of transactions subject to two factor authentication, known as “Strong Customer Authentication” (SCA).

MasterCard has been a board member of The Fast IDentity Online (FIDO) Alliance since 2013. FIDO is a global non-profit trade association developing technical standards and certification programmes for simpler, stronger authentication.

Andrew Shikiar, CMO of The FIDO Alliance, comments: “MasterCard is spot on in its assessment; the use of passwords is woefully outdated as a means of online authentication. The problem has long been overreliance on yesterday’s approach and a reluctance to embrace the ways in which technology has transformed both our habits and the options available to us. It’s encouraging to see that the tide is finally turning, thanks in large part to evolving regulatory requirements in response to escalating levels of online fraud. Far more secure methods of authentication, including biometrics, are now readily available at our fingerprints, which can greatly improve security and privacy for consumers accessing online services, while improving the user experience into the bargain.

“As the range of activities we undertake online using mobile devices continues to rise, the more sensitive transactions – such as payments and money transfers – can be facilitated using device-enabled strong authentication. However, its success hinges on the industry’s ability to offer this at internet scale. Biometric modalities deliver a number of user experience benefits, but not all biometric systems are built on secure, tried-and-true public key cryptography. Biometric authentication relies on matching an input to a held piece of original data, and how that matching process is managed - and in particular how identifying data is stored - raises a host of security and privacy questions. For instance, if data is held in an online central database, a breach of that data could be catastrophic.

“On the contrary, a decentralised approach allows users to authenticate by using a private key on their personal device to sign a cryptographic authentication challenge from the service provider’s server. With this approach, the service provider only stores a public key associated with that user’s account, which cannot be leveraged by a hacker having infiltrated a database. This is one of many reasons why leading service providers like Google, Facebook, Microsoft, Dropbox and many more have deployed FIDO Authentication to protect hundreds of millions of consumers around the world, while reducing the outdated reliance on passwords.”

(Source: The FIDO Alliance)