Office blocks of Citi, Barclays, and HSBC banks are seen at dusk in the Canary Wharf financial district in London, Britain November 16, 2017. REUTERS/Toby Melville/File Photo
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Britain's big banks play catch up with fintech with new appsBritish retail banks are poised to introduce money management apps to compete with those already launched by financial technology start-ups, betting their trusted brands, broad client base and deep pockets will help them make up lost ground.After years spent rebuilding balance sheets and managing regulatory change after the 2008 financial crisis, technology is now at the top of the banks' agenda, Edward Firth said, managing director for U.K. banks at brokerage Keefe, Bruyette & Woods.The rules were supposed to be implemented on Jan. 13 but six of the banks, including Barclays and HSBC, have asked for more time to ensure the data is secure.Lloyds, which had 13.5 million users of its online and mobile offerings in 2017, plans to unveil a new app with "full open banking capability", Chief Executive Antonio Horta-Osorio said at the bank's annual results announcement on Feb. 21 .HSBC has earmarked $2 billion for investments in and 3,000 people working on digital technology globally, with Britain taking a large share of the funding and around a third of the workforce, he said.
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