UK Fintech News Roundup: The Latest Stories 17/08

Every Wednesday we delve into the latest fintech updates from across the UK. This week sees the launch of a new click and collect currency exchange service at Heathrow, while we take a look at new research into hybrid working.

Heathrow hosts the first currency click-and-collect service

Currency company Travelex has launched a new service for customers to pre-order foreign currency online and collect it from ATMs in Heathrow Airport’s Terminal 5.

Customers can withdraw up to $800 or €800 from an ATM by placing an order on the Travelex website. The orders do not require an additional collection fee and can be collected at any time. Additional currencies and locations are expected to be added soon.

Fraser Browndirector of retail at Heathrow Airport, said: “It’s fantastic that passengers traveling through Heathrow will now be able to easily pre-order foreign currency online and collect it free of charge from airport ATMs.

“As the UK’s only hub airport, our vision is to provide passengers with the best airport service in the world, so access to convenient services like this from Travelex is so important to us – that’s why we’re proud to be the first airport in the world to have this service.”

Klarna app adds purchase history function

Buy Now Pay Later (BNPL) company Klarna has expanded its existing shopping app to include all purchase history and offer delivery tracking.

The new feature requires users to link their email account to the Klarna app; which is then able to take relevant information from the order confirmation email and import it into the app for viewing.

Alex Marsh, head of Klarna UK said: “At Klarna we always try to help customers save time and money, and give them more control over their personal finances, regardless of whether they shop with Klarna or not. So our customers have been asking for a tool to help manage all their online orders in one place, removing the need to switch back and forth between platforms to keep track of everything.”

Alternative investments are becoming increasingly popular

Real estate investment platform Shojin revealed that alternative investments (including private equity and property) are becoming more popular with UK investors due to rapidly rising inflation.

Shojin found that 18 per cent of UK investors made alternative investments in 2022, with this figure rising to 41 per cent among those aged 18 to 34. Up to 32 percent of investors considered seeking out such investments by the end of 2023.

Jatin Ondhiachief executive of Shojin, said: “With inflation topping nine per cent and likely to rise further in the coming months, it is clear that many investors are weighing up their strategies carefully. Our research clearly shows that half of UK investors, and even more younger, have made or are considering alternative investments in today’s climate.”

Metaverse is the future of hybrid work

Reguspart of the work area group IWGhas also shared research findings – it found that 66 percent of business leaders believe the metaverse will have a significant impact on hybrid work in the future.

The survey included responses from around 2,000 office workers along with 250 senior managers. The results suggested general enthusiasm for the metaverse due to the potential for new business opportunities, reduced presenteeism, greater diversity and improved mental health.

Mark Dixon, founder and CEO of Regus, said: “Change in the world of work is almost always driven by technology. In the 90s, email transformed the way we did business, while during the pandemic we turned to video conferencing to enable more efficient work.

“This data shows that business leaders expect the metaverse to have a similarly transformative effect on hybrid work. It will enable better collaboration for people working around the world, reduce the need to commute and provide greater flexibility in people’s daily work schedules.”

Studies show that finance leads the hybrid workflow

ECI software solutionsa provider of office management software, analyzed around 220,000 job postings to determine that finance is one of the best industries for hybrid work.

The index found that 40.67 percent of 445 investment analyst roles were advertised as hybrid work.

Jamie Bradleyfield service sales engineer at ECI Software Solutions, commented: “Since the Covid-19 pandemic, hybrid work has taken off and is here to stay. To see these ten sectors, including the financial services industry, leading the way in offering roles that support a better balance between work and personal life, is great to see and is probably the way forward.”