Digital banking dominates in the UK: News & Insights: 27th September, 2024
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YouTube has debuted new AI features, digital baking dominates in the UK, Revolut Bank has now acquired over 10 million customers in the UK, is X losing users in the UK and US?, Asos to cut 200 head office jobs, and TikTok Shop takes on Amazon's Prime Day in a week-long UK sales event.?
Digital banking dominates in the UK
Research commissioned by CRIF has found a shift in banking preferences among UK consumers. According to a FinTech Finance study, only 23% of UK adults consider having a nearby bank branch important when choosing a financial provider, a stark contrast to the 38% of Americans and 35% of Europeans who still value this aspect.
The research also delves into other banking priorities, with 41% of Brits emphasizing the importance of banks offering products and services that meet their needs, and 35% valuing a well-established brand.
Digital Bank Revolut Now Claims Over 10 Million Customers in the UK
Revolut, the global financial technology company has announced it has reached ten million customers in the UK. Revolut’s largest market, and where the company was “founded in 2015 has added nearly two million UK customers so far in 2024 and continues to grow.”
Francesca Carlesi, CEO of Revolut UK, said:
"Today’s announcement is a tremendous achievement for Revolut. Ten million customers across the UK makes us one of the largest payments businesses in the market, and we are incredibly grateful to our growing customer base, who continue to use Revolut more and more. The UK is our home market, and is the base for the company’s wider global expansion plans."
YouTube debuts new AI features
YouTube unveiled a batch of new features at its annual Made on YouTube showcase, with new integrations of artificial intelligence. Most notably, Google DeepMind's video-generating model, Veo, will soon be available for YouTube Shorts, allowing users to create six-second AI video clips and backgrounds. Though YouTube says AI-created videos will be watermarked, some creators expressed concerns about a possible deluge of AI content on the platform.
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TikTok Shop takes on Prime Day with ‘one-of-a-kind’ week-long UK sales event
TikTok Shop has launched its first week-long sales event in the UK which will see some of the platform’s most popular brands offering exclusive discounts on thousands of trending products. The online giant’s ‘For You Days’ event will run from 23rd to 30th September, featuring shopping sessions and one-off discounts from brands including Sweaty Betty, Made by Mitchell and L’Oreal Paris, following the successful US launch of the event this summer.
75% of UK Game Sales Were Digital Last Month
In a recent report, it was revealed that a whopping 75% of all games sold through August in the United Kingdom were digital purchases. It was documented that 1.74 million games were sold during the four weeks, and only 25% of them were hard copies, representing a 10% drop in physical game sales year-on-year.
Asos to cut 200 head office jobs as tech team hit in restructuring push
Asos is set to cut more than 200 head office roles due to rising losses at the major retailer. The move comes as the fashion giant pushes ahead with “simplifying the organisation” and returning to profit.
Speaking on the restructure, Asos said: “The restructure will not change our overall number of employees but will ensure we have the right roles and capability to develop the most exciting experience for our customers.”
New Data Shows X Is Losing Users in the US and UK
Despite Elon Musk’s claims that X is reaching new record highs in usage every other month, according to new insights, X has seen a significant decline in users in both the U.S. and U.K. in recent months, as Musk has continued to double down on his political stances.
Last month, amid reports of race-based riots in the U.K., Musk posted that “civil war is inevitable” in the region, which has seemingly sparked an exodus of U.K. users from the app.
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