Export news in brief: ONS, CBI, trade deficit, banking

Export news in brief
Export news in brief

Latest ONS trade statistics highlights challenges of exporting

The latest trade statistics from the Office for National Statistics show the major exports challenge facing the UK. This is according to the Confederation of British Industry’s economic director Rain Newton-Smith.

Newton Smith said: “These figures reiterate...the importance of remaining in the EU with its access to 500m consumers, in meeting this.

“Already around half of our exports go to the EU and there is huge potential to increase that by completing the EU Single Market by taking into account services and digital, which are among the UK economy’s biggest strengths.

“Being part of the EU also helps the UK reach other markets - there are already 50 countries covered by EU trade deals, and the bloc is pressing ahead with free trade deals with others, including the US.”

Identification solution for quicker sign-up processes

Following a successful launch at Money 20/20 in Copenhagen this week, mobile payments innovator Auka has signed an agreement with electronic identity assurance provider Signicat.

The two Nordic FinTech pioneers will join forces to give banks that licence the Auka solution access to Signicat’s identity services. This will dramatically simplify the customer identification and acquisition process for banks entering into a new market.

Research from Signicat has revealed that 40% of potential customers abandon applications for bank products during the on-boarding process, mostly due to it taking too long or the amount of personal information required.