Andrew Chau’s Post

Here's a interesting peek into our payment habits! 👀 Pay UK, the recognised operator and standards body for the UK's interbank payment systems, recently published latest payment data relating to direct debits via Bankers Automated Clearing System (BACS). Highlighting financial services specific measures and comparing against overall direct debit volumes over the period 2020 to 2023 shows: Mortgage payments fell marginally in 2023, in light of increased interest rates and more customers 'failing' affordability controls; 🏘 Significant growth in financing for larger purchases and vehicles; 🚗 A surge in private health insurance, partly to off-set delivery challenges in the NHS and as insurers drive to entice customers; 💊 A collapse in financing motor insurance premiums as rates have increased alongside cost free alternative payment options via credit or debit card, with some early signs of this beginning to flow through to home insurance; 💳 Strong demand in the mobile phone sector and an opportunity for device protection specialists. 📱 Whether these trends reflect changing consumer behaviour, the broader economy, or actions of large players in those markets, it's a fascinating glimpse into what is happening in the real world. What do you think is driving these changes? More importantly, what will you do about it? #management #technology #marketing #economy #personalfinance #finances #money #banking #insurance #health

🚀 Exciting News from the FCA! 🚀 The FCA has just released the Retail Intermediary Market Data for 2023, offering valuable insights into the evolving landscape of financial services. This comprehensive report highlights key trends, growth areas, and challenges faced by retail intermediaries in the UK. 📈 Key Takeaways: 1. Market Growth: The sector continues to expand with over 5,000 retail intermediary firms currently operating, a significant increase from previous years. 2. Client Trends: - Pension Advice More than 1 million clients received pension advice, reflecting growing consumer interest in retirement planning. - Investment Planning: 800,000 clients sought investment planning services, demonstrating an increased focus on long-term financial security. - Mortgage Advice: Over 500,000 clients benefited from mortgage advice, indicating robust activity in the housing market. 3. Revenue Figures: The total revenue for retail intermediary firms reached an impressive £4.2 billion in 2023, showcasing the sector's financial health and growth potential. 4. Advice Quality and Fees: - The average fee for financial advice services was £1,600,with variations depending on the complexity and type of service. - Client satisfaction remained high, with 85% of clients expressing confidence in the advice received. 5. Regulatory Compliance:The report underscores the importance of regulatory compliance, with 95% of firms meeting the required standards, ensuring consumer protection and market integrity. 6. Technological Adoption: Increased adoption of digital tools and platforms among intermediaries to enhance client engagement and service delivery. For those in the financial services industry, this report is a must-read to stay informed about market dynamics and future opportunities. Understanding these trends can help firms better meet client needs and navigate the regulatory landscape effectively. https://lnkd.in/eczxNiS3 #FinancialServices #RetailIntermediary #MarketData #FCA #Compliance #ClientEngagement #IndustryInsights #PensionAdvice #InvestmentPlanning #MortgageAdvice

Best Credit Cards with Low Income Requirements for Canadians There are a number of excellent credit cards with low income requirements that offer strong benefits for Canadians, including some of our favorite cards in Canada. Click to learn more and explore these options. #AmericanExpress #RogersBank #Tangerine #SimpliiFinancial #FrugalFlyer #LowIncome #MBNA #Scotiabank

Imagine your daily bank account balances helped increase your spending rewards. Neo is excited to introduce an all-new update to our innovative cashback program. The concept is simple: Do more, get more. Get boosted cashback rates on your card as you save in your Neo Everyday account. 🔵 Up to 4% cashback on gas and groceries with your Neo Mastercard 🔵 Up to 1% on all other purchases 🔵 No monthly fees or minimum balance requirements on your Neo Everyday account 🔵 Free everyday transactions on your Neo Everyday account "At Neo, we’re reshaping the way Canadians manage their money with a platform that’s more rewarding the more you use it. The average Canadian pays $250 a year in bank fees - just to hold their money - and you typically need to have a minimum balance to waive those fees.  We believe your account balances should earn you more. With this new program, we’re giving Canadians more cashback when they choose us." - Andrew Chau, CEO & Co-founder, Neo Financial. Learn more about our exciting new program and how it can benefit you! It’s time to do more, and get more. https://lnkd.in/gcDY7GFJ *Some terms and conditions apply. See website for full product details.

💰NEW PRODUCT ALERT: Notice Savings Accounts are here! 💰 We are ecstatic to be announcing the launch of our new Notice Savings Account. ...What is a Notice Savings Account? We thought you'd never ask 😉 : It's a new, flexible savings account offering high interest rates to all customers equally, with convenient access to funds . The more notice, the better the savings rate – EQ Bank customers earn 4.50%* or 5.00%* with 10 or 30-day withdrawal notice periods respectively. Why are we offering this?  We conducted a new survey that uncovered that while the majority (89%) of Canadians are saving towards short and mid-term goals—many aren’t reaching their full savings potential. Even more eye opening was that 60% of Canadians are using their chequing accounts to do so–this called for not only a mindset shift, but also a tool to help Canadians reach their goals 🎯 To learn more about EQ Bank’s Notice Savings Account check out the full press release: https://lnkd.in/g-UwWVaK #newproduct #digitalbanking #noticesavingsaccount

Best Credit Cards with Low Income Requirements for Canadians There are a number of excellent credit cards with low income requirements that offer strong benefits for Canadians, including some of our favorite cards in Canada. Click to learn more and explore these options. #AmericanExpress #RogersBank #Tangerine #SimpliiFinancial #FrugalFlyer #LowIncome #MBNA #Scotiabank

Why Settle for Less? A recent survey by Chase Bank found that 55% of UK savers are missing out on better returns by keeping their savings in current accounts. However, with Koodooka, you don't have to sacrifice convenience for better returns. We offer competitive interest rates on current accounts, giving you the best of both worlds. You can enjoy the convenience of a current account while earning high-yield returns, typically reserved for dedicated savings accounts. Don't let your savings sit idle. Join Koodooka (formerly One Group Fintech) today and start earning more on your savings.

📈 Discovering Infinite Banking in Canada 📈 I recently read a fascinating article about Infinite Banking in Canada and thought I'd share some insights. Infinite Banking is a unique financial strategy that uses a whole life insurance policy to create a self-funded source of capital. This approach lets you tap into the policy's cash value for various financial needs, with potential tax-free benefits and more financial flexibility. It's gaining traction, especially among retirees, but it's important to see if it aligns with your financial goals. The concept can be a bit complex, so understanding it fully and getting professional advice is key. Curious to learn more? Check out the full article. If you have any questions or want to chat about how this might fit into your financial plan, feel free to reach out! #FinancialPlanning #InfiniteBanking #PersonalFinance #WealthBuilding

Open Network For Digital Commerce (ONDC) recently launched its #financial services stack with the aim of #simplifying the #borrowing #experience and expanding #credit availability even for underserved regions. We are pleased to support ONDC in its aim of enhancing financial #inclusion, fostering #economic growth and opportunity across the country by assisting ONDC in the development of #protocols for introducing credit #cards to the financial services stack to offer a full suite of financial offerings. Transactions on the ONDC have surged past 68 million since its inception in 2022. As of June 2024, it saw a 12 percent month-on-month growth in transactions to 9.95 million. In July, ONDC did 12 million transactions. Mastercard Gautam Aggarwal T Koshy Vikas Varma Shireesh Joshi Anubhav Gupta Hrushikesh Mehta Aditya Murthy Ravi Varma Datla Nitin Bansal Suresh Satyanarayana Amit Chauhan SURESH SATYANARAYANA Kapish Kaushal Mohit Monga Suryanarayana Tadala Tarun Nagrani https://lnkd.in/dt8muRqw

Best Credit Cards in Canada (October 2024) Canadians have many credit cards to choose from, but there are a few that stand out as the best. Click to see the best credit cards in Canada for October 2024. #AmericanExpress #Scotiabank #TD #BMO #RBC #CIBC #CreditCards #FrugalFlyer #BestCards