Lowering barriers to expansion and entry
Tandem Bank (authorised in November 2015) is a digital-only bank that is retail will operate your own finance guide which compares financial loans made available from both Tandem as well as its competitors. Other innovative banks are in the pipeline for authorisation.
Other initiatives to aid new and firms that are innovative
The Bank of England supports innovation in financial services through its strive to promote innovative research and data analytics in central banking, and enhancing the ability of innovative firms to access Bank of England facilities. The financial institution has also embraced new technology in the provision of UK banknotes.
Research and analytics
The Bank launched its One Bank Research Agenda initiative in February 2015 to attempt to understand and develop innovative best practice in central banking, taking into consideration technological, institutional, social and environmental change.
It is designed to facilitate dialogue that is open the financial institution therefore the research community to guide innovation and inform the Bank’s work. The Bank has set up a Research Hub division to help drive this forward and developed an innovative new online blog, Bank Underground.
The initiative covers research questions on five broad themes: policy frameworks and interactions; evaluating regulation, resolution and market structures; policy operationalisation and implementation; new data, methodologies and approaches; and reaction to change that is fundamental.
In particular the fundamental change workstream takes a longer term have a look at how technological (as well as other) innovations might affect central banking over an extended horizon. This consists of, as an example, exploring the impact of digital currencies or finance that is alternative, and any associated economic, technological and regulatory challenges.
As an element of its broader research agenda, the financial institution publishes new datasets to facilitate external research.Continue reading