Alior Bank to downsize branch network; invest $100m in technology
Poland's Alior Bank has unveiled plans to trim its branch network and invest in technology in response to the rise of digital banking channels.
The bank currently has a network of 324 branches and 786 franchise outlets. It expects to reduce this figure to 200 branches and 680 franchise outlets by 2020. The remaining branches will be upgraded and equipped with mobile tools.
The bank also plans to invest PLN400m ($100.4m) in IT and innovation projects by 2020, which is on top of its existing spend in IT systems and infrastructure.
Alior said that it is currently working to deploy face and voice biometrics and artificial intelligence technologies, and will also use cloud-based solutions, blockchain and open-API banking / PSD2 tools.
The bank has also set a target of generating 40% of the total sales of key products through digital channels in the next three years.
Alior Bank CEO Wojciech Sobieraj said: “To face the technological revolution in the banking industry, the changing expectations of clients, and the competition, Alior Bank must transform from a financial firm with a strong IT angle into a fin-tech with a banking licence.
“This way, Alior Bank will maintain customer satisfaction, improve effectiveness, continue dynamic business growth and provide a satisfying return on equity to the shareholders.”
Nets partners Chainalysis to facilitate validation of virtual currencies
Danish payments processor Nets has joined forces with distributed ledger technology provider Chainalysis to help banks validate virtual currencies such as bitcoin and comply with anti-money laundering rules.read more
Hearsay rolls out new enterprise compliance platform
US-based financial technology provider Hearsay has unveiled the next generation of its enterprise compliance platform to better counter social and digital risk.read more
UBS deploys electronic signature service
Swiss banking giant UBS has deployed the Qualified Electronic Signature (QES) service from Cryptomathic and SwissSign to strengthen security and control of its document management.read more
SIX Payment Services taps IBM technology to boost cyber security
SIX Payment Services has selected IBM Watson for Cyber Security to develop a next-generation Security Operations Center (SOC) in order to boost cyber defence and provide customers security services for compliance with Swiss privacy and financial market regulations.read more
Scotiabank, Cardtronics extend ATM deal at 7-Eleven Canada stores
The Bank of Nova Scotia (Scotiabank) has extended its ATM branding agreement with Cardtronics to give its customers surcharge-free ATM access at over 640 Scotiabank-branded ATMs at 7-Eleven Canada stores across Canada.read more