​Every day, more and more blockchain stories find their way into news feeds as the technology is implemented into the industry in some form or another.

It’s a distributed database that can be used to store ordered records in real-real time, called blocks, which are linked and secured using cryptography, which is the ‘chain’ part.

The technology has long been associated with Bitcoin, which is one of the world’s most popular cryptocurrencies and is the original use for blockchain. The first blockchain was conceptualised by the pseudonymous Satoshi Nakamoto in 2008 who implemented it into Bitcoin.

In recent years, more applications and use-cases have arisen due to the technologies fundamental secure by design and decentralised architecture Because of this, it has grown as an effective way to store important, timely data such as names, identities, medical records, and, of course, financial transactions.

Despite the obvious benefits and clear evolution of the technology, it’s still in the early stages and has yet to have won the world over. But, there are many who believe it could have the capacity to completely transform business.

Wide business applications

A common presumption around blockchain is that its only application is cryptocurrency. But this is far from the reality, with businesses and organisations constantly exploring new avenues of how this technology can help streamline operations and processes, especially with regards to organising critical information.

Blockchain is changing the cards for storing, distributing and transacting data, according to WhiteHat Security’s security manager Ruchika Mishra. She expects blockchain to transform the financial sector particularly in the next few years; used to ensure institutions conduct transactions more efficiently.

“Despite blockchain technology underpinning cryptocurrencies like Bitcoin, the concept of a de-centralised and cryptographically secured ledger has multiple business applications. Any ‘asset’ that can be stored, distributed or transacted property titles, music, insurance and even personal data could make use of blockchain technology,” she says.

“The technology shows great promise for improving the financial industry’s efficiency. For example, the three-day wait on ‘pending’ transactions could be eliminated if a distributed ledger were implemented. This is because a public registry, such as blockchain, would remove the need for a central authority to verify the identities of all parties in the transaction. Settlement could then be instantaneous, since the transaction and settlement would happen simultaneously once the ledger is updated,” she adds.

Mishra can also see blockchain having a positive impact on identity management, providing companies with a way to control who has access to valuable information and ensuring it’s protected from cyber criminals. This is something that’s crucial for firms, especially as the number of cyber attacks carried out each year is constantly increasing.

“An alternative business application is to use blockchain technology for identity management. As we go through our lives, each snippet of our digital identity is being collected to form a publicly-obtainable digital profile of us. Blockchain technology could help us take control back over our virtual data: who has access to it and how much they can obtain. This could be a great leap forward for privacy protection,” she says.

High-growth industry

Blockchain is an emerging technology and one that’s advancing rapidly, with people quickly realising the potential it offers. Sam Davies, lead technologist at UK tech industry growth organisation Digital Catapult, says blockchain will grow immensely over the next decade. In the 2020s, it’ll be an industry generating billions, many predict.

“The impact Blockchain will have on business over the next 10 years will be transformational. This distributed ledger technology will completely reimagine the way data and transactions are recorded and processed,” he tells IT Pro.

“Well-known for its applications in fintech, this disruptive technology is growing at an unprecedented rate with potential reaching far beyond finance. Gartner predicts that by 2022 a blockchain-based business will be worth $10 billion, and the technology itself will be established as the next revolution in transaction recording.”

Davies believes that as blockchain technology improves, it will become an integral part of the business world and Internet of Things (IoT) industry. “As the underlying blockchain infrastructure matures, businesses are presented with a great opportunity to implement increasingly automated and intelligent smart contracts,” he says.

“This, for example, offers the potential to redefine what the IoT can deliver. By taking away the need for a centralised broker, the distributed, decentralised nature of IoT devices can be reflected in any underlying access, management or marketplace systems,” he adds.

Streamlining government and banking

Jason Ward, senior director of enterprise UK&I at Dell EMC, says blockchain can streamline clearing processes and internal operations for banks. There’s also huge potential for governments right around the world, such as civil servants using blockchain to combat fraud, error and the cost of paper-based systems.

“Blockchain offers the promise of addressing some of the key challenges faced by the financial sector and offers a way of improving central clearing, back office operations and cross-border payments. If banks started sharing data using a tailor-made version of Blockchain, they could essentially remove the need for a lot of manual processing, and speed up transactions,” Ward explains.

Governments are also starting to explore the possibilities of blockchain, he says, as exemplified by a recently-published report from the Office for Science, which recommended the UK government begins work to exploit distributed ledger technology in the public sector.

“The report highlighted how distributed ledger technology could provide governments with new tools to reduce fraud, error and the cost of paper intensive processes,” explains Ward. “Of course, there is a need for more education if we are to ensure policy makers understand how it works and its potential applications, independently from bitcoin.”

“Blockchain has the potential to help drive unprecedented opportunities for innovation, as well as new and better ways to interact with citizens and businesses, and more efficient regulatory initiatives.”

Challenges ahead

James Lowry, EMEA head of state at Street Global Exchange, is also a believer in blockchain technology. He says it’ll transform the global financial system, but there are still some challenges the biggest of which is cyber security.

“Blockchain is one of the more compelling vehicles in terms of technological disruption and opportunity because it could create a single source of truth for transactions and other types of shared data. We believe that this could have far-reaching consequences for the global financial system,” Lowry says.

“There are some challenges,” he adds. “One is that blockchain must show that it has the wherewithal to withstand a major cyber attack. Its cryptography does provide a strong element of security but it is unlikely to be infallible against all cyber threats. Secondly, numerous firms are creating their own private blockchains, which is somewhat contrary to the idea of a public, shared blockchain.”

But, in the end, the technology will evolve and even more benefits will be realised.

“While the industry is still far from realising the full impact of blockchain and other emerging technologies within financial services, if we can make blockchain the internet of financial services, we all benefit particularly if it allows for real-time settlement across different geographies and currencies,” concludes Lowry.

Many businesses faced with complying with Making Tax Digital (MTD) need to take some time to assess their current business needs, how these might change in the near to medium-term future, and figure out what technology they’ll need to comply.

The key driver behind MTD is to move businesses, no matter their size, to some form of digital accounting. MTD is seen as not only a major efficiency win for the enterprises concerned, but it also enables the government to streamline the tax systems that are in place today. In an ideal world, this would mean an online tax account for every business and self-employed person, for fast and efficient tax filing.

However, how businesses use IT can vary significantly, particularly as access to certain technologies is not always possible. Adopting MTD may be a significant challenge for some enterprises, while for others it will require little more than a few tweaks to their existing systems. The vast majority of companies will, however, fall between these two extremes.

It because of this that calls have been issued to delay the rollout of MTD, currently expected to arrive in April, something that the UK government has seemingly rejected.

Tax shouldn’t be taxing

How your business’ digital accounting systems will evolve will, of course, depend on many factors. Your company may already use some form of digital accounting software, so the question may be, does this application need to be upgraded to be compatible with MTD?

With research from Spiceworks revealing 52% of businesses are still using Windows XP, this doesn’t bode well for small enterprises keeping their accounting applications up-to-date.

There is also the matter of training and competence with the applications, especially if these are new to your company. It won’t be possible to instantly use any of the cloud-based applications without a period of training. Factoring this into your transition period is vital.

Small business owners are also concerned that their level of technical knowledge won’t be good enough to avoid what could be costly mistakes when choosing new digital accounting systems.

Peter Ford, public sector industry principal at Pegasystems, says that his company is working with HMRC to develop their front facing services.

“Digital solutions used by SMEs and their agents should offer the customer experience that allows them to complete online filing without any technical knowledge, and only the level of business engagement that one would expect any other major mandatory function within their organisation. Systems that HMRC provide, including APIs, interfaces and online services should be equally easy to use that will allow an SME to complete digital filing as they would any other regular business function, such as paying staff.”

Your business’s current level of technical knowledge will determine how complex supporting MTD will be for your company. Small businesses, in particular, will have to potentially make the most radical changes, as until now they may have simply completed their own self-assessment tax form. In the world of MTD, moving to a hosted accounting service will be unavoidable.

Understanding your objectives

Mark Taylor, a technical manager in the Technical Innovation wing of the Institute of Chartered Accountants (ICAEW), explains to Cloud Pro that businesses need to assess their requirements before choosing an MTD software provider.

“Choosing an MTD application should be approached in the same manner as selecting business software,” explains Taylor. “An organisation should start with understanding its business objectives, what problem are you attempting to address? In this case MTD.

“Next, technology requirements need to be considered. Should the application be cloud-based? Do you need to support mobile devices or need to integrate with an existing application? Once these requirements have been established, a business can start to research possible solutions.

He explains that some businesses have found success with a scorecard approach, in which each application is marked against a company’s existing systems and requirements, with the totalled scores revealing the best overall package. How a business implements this system isn’t important – what matters is that it helps to “formalise the selection process and provide more assurance that the right application is being selected.”

As with all software moves, pitfalls are almost certainly going to be encountered, yet, given the fierce market competition that is developing ahead of the April deadline, vendors will be trying to make the onboarding process as simple as possible.

“Software vendors often provide trial versions of their applications for free,” explains Taylor. “The key to making successful use of these trials is to use them with realistic data and in a representative manner. Casually playing with an application will not provide sufficient insight as to how well it will integrate into your business.”

Approaching the transition to digital accounting and tax filing needs all the due diligence you would use when choosing any new services for your business. Today, the cloud-based accounting market has continued to expand and evolve. Stalwarts of business accounting such as Sage have been joined by newer services such as FreeAgent and Crunch. What they all attempt to do is simplify the accounting and tax filing processes all business must comply with.

As each application or service is different, one size doesn’t fit all. Take your time to talk to other businesses in your sector. Case studies and information from your business’s trade associations can often shed light on the shortcomings of some applications or services you may not be aware of. Use this knowledge to make sure you purchase the right digital services to comply with MTD.

​Whether your business is in marketing, IT, retail, the services industry or another sector, and whether it’s small or large, GDPR will have made life just that little bit harder. Since coming into force in May 2018, the new rules have hit every company and industry that deals in data, in other words, everyone.

Designed to give data subjects far greater control over how their data is collected and processed, and to provide regulatory alignment across the EU, companies now need to be far more careful when it comes to data.

GDPR dictates what, how and when data can be collected and processed. It requires companies to be far more transparent about the ways they use customer data for their services, and imposes far stricter rules about the disclosure of data breaches.

One of the sectors most affected by the changes is the financial services industry, particularly as it already has to comply with a number of existing regulations that may not always complement responsibilities under GDPR.

Below we look at the various responsibilities a company now has as part of GDPR, and how they pertain to the financial services industry.

Complying with GDPR and other financial regulations

The Information Commissioner’s Office (ICO) has advised that GDPR does not contradict any existing regulatory requirements that financial services firms need to adhere to. There are exceptions to the new regulations that allow data processing specifically where it is necessary to comply with other legal obligations. Regulators such as the Financial Conduct Authority also work closely with the ICO and account for data protection rules when releasing their own guidance.

Consent

Consent is one of a number of legal justifications for processing data, however, outside of marketing industries, it is arguably the weakest legal basis. Organisations should consider carefully what legal basis fits best for their processing needs, a list of which is detailed on the ICO’s website. Provided you are able to justify the processing of data in other ways, explicit consent is not always needed.

Right to be forgotten

The ‘right to be forgotten‘, as set out under article 17 of GDPR, gives data subjects the right to have their data removed from a company’s systems and excluded from marketing material and data collection.

This is not an absolute right, however, as the article stipulates criteria on what data can be removed, and the defences a company can use to reject a request. For example, data must be removed if consent is withdrawn, unless the business has an alternative legal basis for collecting it.

Each request needs to be considered carefully and judged in isolation. If any company refuses a data deletion request, it must be prepared to justify this decision.

The need for a data protection officer (DPO)

Some companies are unsure whether they need to appoint a DPO or not, but the ICO guidance on the subject is quite clear and offers a checklist to assist businesses in meeting their GDPR obligations in this respect. 

“The GDPR introduces a duty for you to appoint a data protection officer (DPO) if you are a public authority or body, or if you carry out certain types of processing activities,” the ICO states. 

“DPOs can help you demonstrate compliance and are part of the enhanced focus on accountability.”

A DPO can be an existing or newly appointed employee and can also work in this role across multiple organisations, according to the ICO. However, they must be an absolute expert in data protection, have the resources available to them to help them do their job – of monitoring compliance, informing and advising of obligations and providing the necessary advice – and report directly to the highest level of management in the organisation. 

Data breaches

GDPR regulations stipulate that organisations report any data breach to the supervisory authority of personal data within 72 hours. This should contain details about the breach, the categories and estimated number of people impacted, and contact details of the DPO. 

ICO guidance states: “From 25 May 2018, if you experience a personal data breach you need to consider whether this poses a risk to people. You need to consider the likelihood and severity of any risk to people’s rights and freedoms, following the breach. When you’ve made this assessment, if it’s likely there will be a risk then you must notify the ICO; if it’s unlikely then you don’t have to report it. You do not need to report every breach to the ICO.“

It’s important to also reassure customers, partners and employees that you are following the necessary procedures and certain certifications to ensure continued GDPR compliance in order to avoid a data breach occurring in the first place or at the very least minimising its impact. The information security standard ISO 27001 is one such certification. 

The ICO states: “You must have appropriate security to prevent the personal data you hold being accidentally or deliberately compromised. You should remember that while information security is sometimes considered as cybersecurity (the protection of your networks and information systems from attack), it also covers other things like physical and organisational security measures.

“You need to consider the security principle alongside Article 32 of the GDPR, which provides more specifics on the security of your processing. Article 32(1) states:

Taking into account the state of the art, the costs of implementation and the nature, scope, context and purposes of processing as well as the risk of varying likelihood and severity for the rights and freedoms of natural persons, the controller and the processor shall implement appropriate technical and organisational measures to ensure a level of security appropriate to the risk’

“Poor information security leaves your systems and services at risk and may cause real harm and distress to individuals lives may even be endangered in some extreme cases.”

Managing vendors

Financial firms will have client data passing through several applications. GDPR means that firms will need to understand how data flows through these. Personal client data can also be exposed to external vendors, such as outsourcing partners. GDPR enforces accountability right across the data flow to ensure that personal data stays protected.

​Cloud accounting software is one of the many types of cloud-based software that can help businesses both big and small process their accounts without having to buy costly perpetual licenses for on-prem packages that need updating and patching regularly.

Amid all the different services on offer, it can be difficult to determine which is the best cloud accounting software for you. Here we run down some of the things you should consider before deciding on one service or another – including Making Tax Digital – as well as some of the options that are available to you.

How much does cloud accounting software cost?

For microbusinesses and SMBs, cloud accounting software is a blessing. Most providers have tiered offerings with prices based on criteria such as the number of users or the amount of data you process.

For example, Xero’s base level plan is 10 per month, allowing you to send five invoices and quotes, enter five bills and reconcile 20 bank transactions each month.

Zoho Books, meanwhile, has an entry-level tier that costs 6 per month, allows two users, five automated workflows and 50 contacts, as well as Bank reconciliation, custom invoices, expense tracking, projects and timesheets, recurring transactions and sales approval.

Most providers also offer a free trial period, which may help you make up your mind as to which service to choose – just don’t forget to cancel before the time’s up if you decide it’s not for you!

Does cloud accounting software replace normal accounting software?

Yes. Cloud accounting software is a standalone product and doesn’t require you to keep any software you have already.

There are several advantages of this type of software versus normal buy-once products too. First, you can scale up or down to fit the needs of your business – as you grow, you can move up tiers depending on your needs. Or, should you need to scale back, you can move back down tiers too.

Second, you don’t need to create independent backups of your data. The beauty of the cloud is that everything is stored off site with redundancy built in. So if all your computers suffer from a ransomware infection, for example, or the building you work from floods and your IT hardware is destroyed, at least your accounts will be safely held off site.

Third, if you decide the service you’ve chosen isn’t right for you then you can move over to a different one without the burden of knowing you’ve sunk a lot of money into your initial purchase and will have to do so again, as is the case with traditional software.

Does cloud accounting software replace my accountant?

No. Cloud accounting software helps you manage your accounting workflow and keep track of transactions. A professional accountant helps you make sense of all this information and make sure it’s all in order before you submit it to the tax authorities or take it to your bank if you’re seeking a business loan, for example. So it’s best for you to retain the services of the person who deals with your accounts now, as you would with any other accounting software.

Is cloud accounting software good for larger businesses?

That largely depends on how large your business is and how many users you would like to add. Some offerings cap out at around a dozen users even on the most expensive plan, which might not be enough for a large business, or even organisations sitting at the top end of medium-sized.

Other products, however, offer unlimited users, although they may have other limitations that make them unsuitable for your needs. Whatever size business you are, it pays to shop around, but this is especially the case for bigger organisations.

Will cloud accounting software help with Making Tax Digital?

It can do. Making Tax Digital (MTD) is the government’s initiative to modernise the way businesses submit their tax records. It wants to move all tax filing – including VAT, Corporation Tax and Self-Assessment – to electronic systems by early 2020. This means that whatever the size of your business, from micro through to enterprise, MTD is something you will need to get to grips with sooner rather than later.

Some services pitch themselves as being “MTD-ready”, especially at the top tier, but it’s worth familiarising yourself with the requirements of Making Tax Digital, if you aren’t already. Take into account what each product offers, how comfortable you are with the needs of MTD and how helpful (or convenient) something that’s MTD-ready will be for you.

More information on Making Tax Digital can be found in our guide to MTD preparation, but it’s worth speaking to your accountant to work out what’s best for your individual business needs.

Which is the best cloud accounting software for me?

As alluded to above, this will largely depend on your situation. Consider your needs – not only things like the number of users you have or the number of contacts you can add, but also what you can really afford. Remember, as your business grows you can always move up a tier to unlock those extra bells and whistles that were a nice-to-have but are now more necessary to your operations.

To help you make your decision, check out these reviews of some of the major cloud accounting software offerings, including details on pricing, features and configuration, over on our sister site IT Pro.

• Zoho Books review: Everything but the kitchen sink
• Sage Accounting review: A capable but imperfect accounts package
• FreeAgent review: Financial software you can count on
• Intuit QuickBooks review: Quick to impress
• Xero review: Xero to (almost) hero
• FreshBooks review: Slick, but shallow

Spain’s Banco Sabadell has agreed on a €1 billion (£852.5 million) digital transformation deal with IBM to overhaul its IT systems over the next ten years.

The bank will migrate to a hybrid cloud infrastructure, developed by IBM’s Red Hat unit, which it acquired in 2019.

The deal is an extension of an existing partnership between the two companies that will see IBM transform Sabadell’s technological infrastructure into an advanced platform, able to integrate all its data and applications and facilitate a centralised single customer view.

Sabadell is aiming to upgrade its computer systems to be more efficient as it handles more data and transactions from customers. The bank has also prioritised security and a readiness to adapt to regulatory changes as digitisation sweeps through the industry.

“As the financial sector develops its digitalisation process in a highly regulated environment, banks need to combine a huge capacity for customer-focused innovation with a technological environment that offers maximum levels of solidity, resilience and security,” said Marta Martinez, president of IBM Spain, Portugal, Greece and Israel.

“An open hybrid cloud platform, created and managed with in-depth knowledge of the financial sector, is the best possible foundation for confronting these challenges.”

According to Sabadell’s CEO, Jamie Guardiola Romojaro, the deal will not only increase its resilience, security and scalability but also help the bank adopt key elements of the new technologies and processes such as cloud, intensive use of data and artificial intelligence.

In November, IBM announced a deal with Bank of America to develop “the world’s first financial services-ready public cloud”. Like the Sabadell deal, the public cloud platform was said to be built using services acquired through its Red Hat deal.

The deal also extends to UK bank TSB, which is a subsidiary of Banco Sabadell and has previously worked with IBM during its 2018 meltdown nightmare. A report from IBM suggested that the bank didn’t carry out rigorous enough testing of its new systems.

Forget walking down the high street to queue at your bank branch to set up an account, make a deposit or do any other basics of business banking. Thanks to the rise of mobile and online banking, such tasks can be done with a few taps on a smartphone between meetings. But the future of business banking isn’t just digital – it’s about integrated services and linking up with third-party software to make your finances as streamlined as possible. 

That’s the idea behind open banking, which is a set of regulations that lets your financial data be shared, opening up the way for new services and apps. Indeed, it’s helped spark the rise of so-called “challenger” banks, which are normally digital only, each with intuitive apps, near-instant account setup and handy features such as instant notifications and automated roundups for saving pots. But as compelling as they are, the likes of Monzo, Revolut and N26 started their push into the world of finance via consumer accounts for individuals, leaving small businesses behind.

That’s no longer the case. Starling has signed 60,000 businesses (and is approaching a million consumer users), Tide passed the 100,000 mark last summer and Monzo’s business accounts are set to arrive any day now. However, traditional banks have also caught on and don’t want to lose their lucrative business clients to newcomers, unveiling their own take on the challenger bank idea with the like of Bó from RBS – think big brewers releasing their take on a craft beer. Whichever you choose, it means same-day account setup, easy-to-use apps, and integrated accounting and other software tools. 

SMBs long ignored

It’s high time banks paid better attention to SMBs. According to analyst firm EY, SMBs account for £1.9 trillion in turnover annually and make up 99% of private companies in the UK. But a survey from Adaptive Lab suggested SMBs feel undervalued by larger banks, with too high costs for not enough specialised services. No wonder then that British startup Starling decided early on to target SMBs. “We recognised it was an underserved segment of the market, where the incumbent banks dominate and where there hadn’t been much innovation,” says Alex Frean, head of corporate affairs at Starling. “We thought there was a real customer need out there.”

Oliver Prill, CEO of business challenger bank Tide, adds that his fintech startup started because the co-founders had previously gone through the difficulty of setting up a business bank account themselves. “It didn’t work smoothly,” he says. “The biggest motivation for switchers at the moment is the huge annoyance they have had with the big five banks… they’ve really had it with their bank.”

Why have incumbent banks failed to offer such services? “We come from a history of monolithic universal banks, where small business is one segment among many others without much mindset to look at it any differently,” Prill says. “We fundamentally believe that these are very different industries,” he continues, suggesting that one bank may not be able to serve consumers, corporations, sole traders and SMBs very well, let alone those operating across different industries. 

All this means that business banking is ripe for disruption – and the disruptors are at the gate. They’re helped by the rise of digital in SMBs and API-led fintechs, open banking regulations prising data out of incumbents, and also the Alternative Remedies Package, which means there’s money sloshing around to help boost fintech startups. And, so far at least, it appears to be working. 

Making the move

That said, despite the increasing options, a June 2019 survey from Accenture suggests a mere 15% of SMB customers intend to switch their bank in the next year, with only 25% saying they would be willing to move to a digital-only service. 

There are two types of customer that challenger banks need to convince: those starting new businesses and those switching from an existing company to a different financial provider. For Tide, about 70% of its customers are new-to-market, and 30% are switching. To win over the first tranche, challenger banks need better awareness, admits Prill. He says Tide opens 12% of all new business current accounts, but its own in-house research suggests there’s only brand awareness among 17% of new companies – that’s why Tide ads are plastered all over London at the moment. “For the new-to market, a bank has to be fast… and have a good reputation,” he says. “But you need to be aware of the bank in the first place.” Frean agrees, noting that the lack of high street banks means creating awareness is a challenge. “We have to go and find customers and make them aware of us,” she says.

And then there are switchers, those annoyed at their current banks. It’s not easy to switch, but open banking is making it easier. For consumers, trying out Monzo or Starling is easy: sign up for an account, order a card, install the app, and you can see if it’s a system you like without having your salary paid in or transferring over all your direct debits. It’s more difficult for businesses to try out a new bank fully, as switching everything over takes time and, therefore, money; you would have to be sure of a new service before taking the plunge.

To help, Tide wants to set up a system for trial switching, in which all your figures, transactions and so on are pulled into the Tide account as a data feed, with your existing account staying the same. That lets companies try a bank effortlessly without much risk. “The trial switching overcomes friction, but you need to have a real reason to switch,” Prill says. 

Worth the switch?

Alongside attractive apps with whizzy features, challenger banks are trying to convince SMBs to make the switch by helping with or even taking over admin such as payroll and accounting, either offering such services or software themselves or via a third-party provider. “It’s really around saving small businesses time,” explains Prill. “We look at the space not as business banking, but as everything a business owner would consider admin and finance.” Indeed, Tide sees itself not as a bank, but instead as a platform, letting others build products that SMBs can embed into their banking processes. “We want to be the operating system for an SMB, but not the application layer,” Prill says. 

And that’s where open banking and third-party partnerships come in. Rather than export transactions and then import them into your software of choice, tools such as Xero and FreeAgent are integrated into the app. When the right tool isn’t available, Tide builds one; so far, it’s created built-in systems for invoices as well as credit. Take invoicing, for example: an SMB needs to create, send and chase that invoice, noting when it’s paid and pushing the relevant information into an accounting system. “Across these different product sets – invoicing, credit, payments, accounting – is a connectivity chain that we orchestrate, we make it highly usable,” says Prill. 

Starling’s equivalent is the Marketplace. This is the epitome of the open banking idea, a digital library of services and tools that Starling customers can easily integrate with their account, from receipt tracking to lines of credit, as well as leading accountancy software Xero and FreeAgent. “They can immediately pull your files from your Starling account and populate your accountancy files,” Frean says. “We’re adding to the Marketplace all the time.” Of course, some of the key features aren’t high-tech. Starling and Tide offer cash deposits via the Post Office, with Frean noting that it’s one of Starling’s most popular features.

What’s next? 

Prill predicts the banking market will fragment even further, particularly for businesses. Rather than choose the best of few options from five or so big banks, we’re already seeing more competition from the likes of Tide, Starling and the rest. “In the long term, there will be many different models to suit different customer needs,” he says. “We think this is a sign of a healthy market, that there is not a monolithic culture but offering true choice.”

Such banks will become less about your finances, and more about all aspects of your company – that’s Tide’s idea with the “OS for SMBs” concept. Right now, invoices and accounting are built into challenger business accounts, but within the next several months, Tide plans to also offer company formations. “The data we collect to set you up with a bank account… we might as well set up the company for you,” Prill says. “We could register your domain and website for you too.

“I think we’ll continue to see traditional banking providers lose share,” Prill adds, promising more richness of services, as well as more variety – and that’s where artificial intelligence (AI) could come in, he suggests, with machine learning used to find and suggest the best services for your business from a multitude. So many features and services that small-to-medium sized businesses need help choosing between them? That’s a nice change from which of the five boring banks will stash your money.

Consultancy firm Ascertus has achieved all-round business growth for 2019, the company has announced, driven by a significant upsurge in customers adopting the iManage Cloud solution.

Ascertus, which provides document and lifecycle management solutions to law firms and legal departments across EMEA, said its 2019 growth includes revenue, headcount, new partnerships and expansion into Europe.

With revenue increase split equally between law firms and corporate legal departments, the company said the “key driver” for its progress was a 34% increase in customers moving to the iManage Cloud.

“The cloud has truly come into its own as a technology deployment platform,” commented Jon Wainwright, sales director at Ascertus. “In 2019 we have seen major take up of iManage Cloud by corporate legal departments of all sizes and in the law firm space, by mid-tier organisations. 

“This clearly signals a maturity in mindset – cost isn’t the only consideration for cloud adoption, elements such as disaster recovery, in-built security and the advantages of always being on the latest version of the solution has been deemed more important. We see this trend and line of thought across Europe.”

Ascertus has strengthened its presence in mainland Europe – particularly in Ireland and the Nordic countries – as well as made inroads in the pharmaceutical, finance and insurance sectors. 

In the last year, the company has struck partnerships with Xakia, a provider of matter management systems for in-house legal departments, managed printer services supplier DMC Canotec, as well as timekeeping software provider Smart Time. 

Headcount has also increased by 15% in key roles such as professional services, support, pre-sales and training, which the firm says are key to ensuring superior client service and customised and efficient solution delivery. 

Ascertus added that In 2020 it aims to further improve the services and support it provides to its existing clients, highlighting an incoming new client portal which will be supported by collaboration and secure file-sharing platform Hubshare.

“Our aim is to offer customers the most comprehensive set of solutions across the document and information management lifecycle and so although iManage is our key business partner, we are always looking to strengthen our relationships with our other current partners, plus enter into meaningful partnerships with suppliers of complementary solutions,” Wainwright said. 

“This approach enables us to design and tailor solutions that are best suited to customers’ business requirements.” 

Mozilla’s trial of voice technology in the Firefox browser has kicked off, letting users speak to search, open or close tabs, and more.

The idea was announced at the end of last year as part of Mozilla’s Firefox Voice Campaign, but the beta extension has now been made available to install for those who have signed up, notes Ghacks.

“Firefox Voice is an experiment from Mozilla that lets you browse and get more done with your voice – faster than ever,” the developer said on the campaign’s website, where you can sign up for the trial.

“We are looking for fearless early adopters who are willing to test the new add-on and give us feedback before the major public release.”

Firefox Voice uses Google’s Cloud Speech Service, the report adds, but Google doesn’t record the results. The extension asks for a wide range of data, including all your websites, bookmarks and tabs, but that’s partially because it uses voice to access those areas of the browser.

Once installed, the extension lets users click the microphone icon or enter a shortcut key to trigger the system. Then you can speak to close a tab, find a page, and run a search, as well as copy and paste, read text, and pause videos.

The extension remains a beta, and you do need to register to get access.