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197 stories
Analysts at Wells Fargo are forecasting that up to ten percent of bank jobs in the US will be wiped out by ongoing technological progress in the next ten years. As many as 200,000 jobs will disappear as machines replace labour during a new ‘golden age of banking efficiency’, the 225-page report states. And it’s […]
On day two of the World Conference of Banking Institutes, executive director – business development of the Abu Dhabi Global Market Steve Barnett opened sessions with a focus on sustainability in emerging markets and explored how education is a core pillar when ensuring commitment to environmental, social, and governance (ESG) initiatives. While the financial services […]
London-based GoCardless is opening for business in the US, on a mission to shake up recurring payments in the world’s biggest market. With an office in San Francisco, GoCardless has hooked up to the Automated Clearing House Clearing network, enabling merchants to pull payments directly from their customers’ bank accounts, at a lower cost than […]
Singapore in all probability will have new digital banks by mid-2020. The country’s banking regulator, the Monetary Authority of Singapore is expected to award licenses to such banks by early next year and the entities soon. MAS said it expects to complete the procedure of accepting applications by the year-end and assessment with a brief […]
Visa has unveiled a suite of new security services and capabilities to detect and disrupt fraud threats targeting banks and merchants. Among the free tools are Visa Vital Signs, which actively monitors transactions and alerts financial institutions of potential fraudulent activity at ATMs and merchants that may indicate cashout attacks. Another new feature applies deep […]
Online bank Starling is today cutting the ribbon on its new office in UK town Southampton as it looks to bolster its operational resources. The office will employ 150 people, comprising 50 software engineers and 100 customer service staff, the majority of which will be new hires. Like other challenger banks, such as Revolut which […]
Consumers in Asia Pacific are some of the most advanced when it comes to digital engagement with financial services, with seventy-three percent of consumers believing that they should be able to accomplish any financial task on a mobile device, according to new data released by Forrester. Consumers today prefer to interact with their financial services providers on digital […]
Mastercard has acquired the account-to-account payment business of Nordic platform Nets for €2.85 billion. The acquisition comprises the clearing and instant payment services, and e-billing software of Nets’ Corporate Services business. The deal positions Mastercard at the forefront of the move to real-time payments and acts as a bulwark against the incursion of account-to-account payments […]
Nationwide is to open a new digital innovation centre in London, creating over 750 new technology jobs.The news follows Nationwide’s announcement in September 2018 that it would spend an additional £1.3bn in technology over the next five years – totalling £4.1bn over the period. The new London space will house a Digital and Technology Innovation […]
Standard Chartered has opened its latest innovation lab and fintech incubator in Shanghai, in a bid to tap into the country’s vibrant tech ecosystem and expertise in AI and Big Data. The eXellerator in China builds on the Bank’s global network of innovation labs across Singapore, Hong Kong, London, Kenya, and San Francisco. The labs […]
Open Banking in Australia Open banking initiatives are suddenly popping up all over the world from Brazil and India to Japan and New Zealand, but of all markets, Australia looks to have learned most from what has happened so far in the US and Europe. The concept of open banking is hardly new because some […]
UK banks falling behind in digital transformation efforts research from Accenture. Despite investing more than $1trn globally in new technology over the last three years, the majority of banks have yet to see any financial boost from their digital transformation programmes. This is the finding from a report issued by Accenture into banks’ IT investment. […]
