10.38 °C
Deloitte Predicts 'Japanification' of Banking in 2020s
- 06.12.2019 10:23 am
- Retail Banking
Leaders of banks need to look beyond banking in anticipation of disruption to their industry in the next decade, according to Deloitte. In its '2020 banking and capital markets outlook' report, the Big Four firm highlights its forecasts for financial services in the next year and beyond. Deloitte's broad prediction for the next decade is that of a consolidated industry with fewer banks existing in ten years' time. Fintechs will become mainstream... more
Zopa Closes in on £130m Capital Injection for Bank Push
- 03.12.2019 05:01 am
- Retail Banking
UK peer-to-peer lending outfit Zopa is set to secure £130 million in funding, enabling it to meet regulatory capital requirements for its foray into banking. As first reported by Sky News, an entity linked to IAG Capital Partners, a US-based fund, and its UK investment vehicle Silverstripe is on the verge of taking a majority stake in Zopa. The expected funding comes just days before Zopa's banking license-with-restrictions expires a year after... more
NatWest's Bó Forced to Fend off Fraudsters in Early Days
- 29.11.2019 04:09 am
- Retail Banking
Bó, NatWest's new app-based bank has been actively targeted by fraudsters within weeks of its public launch. The Times reports that around 30% of applications since the product went live two weeks ago have been fraudulent.
Equiduct Launches First Commission-free, on-exchange Trading Service for Retail Brokers in Europe
- 28.11.2019 08:08 am
- Trading Systems, Retail Banking
The service, named Apex, was developed to ensure that private investors can benefit from guaranteed best execution on a European regulated market. Apex will be available for the most liquid and fragmented equities and ETFs across the major European markets and guarantees a multilateral and MiFID II compliant trading environment. The new service is backed by Equiduct's pool of liquidity providers and active brokers.
Co-operative Bank Opens Loans Marketplace
- 28.11.2019 06:46 am
- Retail Banking
The UK's Co-operative Bank has launched a loans marketplace, enabling users to sift through a panel of alternative lenders to find the best deals. The bank is using proprietary technology and machine learning from fintech Freedom Finance for consumers to carry out a single ‘soft search’ of unsecured personal loan options which will not negatively affect their credit profile.
RBC Backs University Programme on Ethics in AI and Data Analytics
- 25.11.2019 05:57 am
- Retail Banking
Royal Bank of Canada (RBC) is joining forces with Western University on a programme exploring the ethical and social aspects of data analysis and AI. The bank is pumping $3 million into the RBC Data Analytics and Artificial Intelligence project at the Ontario university as part of what it calls its commitment to Canada's technology talent ecosystem and preparing future leaders for the AI and data-centric future.
CaixaBank Joins the Salesforce Financial Services Cloud Design Partner Programme
- 22.11.2019 01:28 pm
- Retail Banking
CaixaBank and Salesforce, the global leader in Customer Relationship Management (CRM), have reached an agreement for the joint development of technological innovation for financial services. Keith Block, the co-CEO of Salesforce, met Jordi Nicolau, Executive President of CaixaBank Digital Business, and Pere Nebot, Chief Information Officer (CIO) of CaixaBank, to sign the alliance between both organisations at a meeting held in San Francisco at... more
Pay.UK Knocks Back Faster Payments Fees to Cover APP Fraud
- 15.11.2019 11:21 am
- Retail Banking
Proposals by seven UK banks to levy a per transaction fee for for certain Faster Payment transactions as a means to provide a long-term, sustainable funding arrangement for the reimbursement of APP scam victims, have been knocked back by governing body Pay.UK following an industry-wide consultation.
Google Partners Citi on Checking Account
- 14.11.2019 05:00 am
- Retail Banking
Big tech's long march on financial services continues, with Google partnering Citi and a small Stanford University-affiliated credit union to launch a checking account. Code-named Cache, the account is slated to launch early next year, according to the Wall Street Journal.
OCBC Bank to Introduce account-to-account Transfers with Google Pay
- 12.11.2019 04:07 am
- Retail Banking
OCBC Bank has entered into a partnership with Google to bring a refreshed Google Pay app to Singapore in January 2020. The partnership will enable OCBC Bank customers to be the first in Singapore to make account-to-account PayNow fund transfers using the enhanced features of Google Pay. The service is currently in beta-testing phase and select OCBC Bank customers will be able to link their bank accounts to make digital payments.
DBS and Google to Integrate DBS PayLah! with GPay Services
- 12.11.2019 04:05 am
- Retail Banking
DBS today announced plans to launch Google Pay services with DBS PayLah! by early 2020. DBS’ collaboration with Google includes the integration of both peer-to-peer (P2P) and peer-to-merchant (P2M) transaction services. The integration will allow DBS PayLah! customers to send and receive funds and also pay merchants via Google Pay using a single-click sign-up.
Rapyd Unveils Singapore Platform to Help Firms Go Cashless
- 11.11.2019 07:01 am
- Retail Banking
Rapyd, a global Fintech-as-a-Service company, announced today its partnership with key players of Singapore’s payments ecosystem to provide a single “Singapore Platform” to enable businesses to go “cashless”, in line with the country’s vision of becoming a smart digital nation and a center for Fintech innovation.
JPMorgan Targets e-commerce and Gig Economy Firms with e-wallet
- 07.11.2019 05:52 am
- E-Wallets, Retail Banking
JPMorgan Chase has moved to bolster its valuable wholesale payments business by building an e-wallet that lets e-commerce and gig economy firms such as Amazon and Airbnb offer their customers virtual bank accounts. With technology giants increasingly moving in on banks' turf, JPMorgan Chase has decided that its best option is to help them do it. According to Bloomberg, the Wall Street giant has spent a year building an e-wallet that gives online... more
MoneyGram Announces Extension of Walmart Contract
- 06.11.2019 06:02 am
- Payments, Retail Banking
MoneyGram International, Inc. (NASDAQ: MGI), a global provider of innovative money transfer services, previously announced it has extended its agreement with Walmart to continue to provide MoneyGram-branded money transfer, 'powered by' white-label Walmart2World money transfer, bill payment and money order services into 2021.
SMFG Taps AI to Automatically Recommend Software Repairs
- 28.10.2019 08:49 am
- Retail Banking
Sumitomo Mitsui Financial Group has joined forces with Fujitsu and the Japan Research Institute (JRI) to trial the use of AI to scan for bugs in coding and automatically recommend software repairs. SMFG says that the competitive nature of the digital revolution in finance is pushing banks to roll out new services as quickly as possible, and that this has led to a need for methods that improve software quality quickly.
