Transaction banking: a rising star in the financial services industry
A new era of transaction banking has dawned upon the banking sector. Mohamed Dabo reports slew of poor results from the investment banking arms of the world’s major…
By
Mohamed Dabo
Latest articles
All Articles
Reshaping retail banking distribution strategy for the next normal
The primary challenge for retail-banking leaders is to manage a shift away from a distribution paradigm that, in just…
By
‘Underhand personal loan tactics are hurting consumers,’ TSB
The folks at TSB Bank are unhappy about the way consumers are being treated by 'a number of players'…
By
The new reality of retail banking
A new reality is taking shape in retail banking, giving banks further challenges. Mohamed Dabo delves into the data from the…
By
Latin America and the rapidly shrinking unbanked population
The pandemic has brought about a reduction of 40 million in the unbanked populations of Brazil, Colombia and Argentina. Mohamed Dabo reports…
By
US banks line up for IPOs
After a brief slump in 2020, the US initial public offering (IPO) market has managed to bounce back to…
By
Hong Kong regulator urges banks to ramp up Covid vaccination
The Hong Kong Monetary Authority (HKMA) is urging banks and all authorised institutions (AIs) to 'introduce additional effective measures…
By
FCA sets out to be a regulator for a new decade
The Financial Conduct Authority (FCA) has announced its Business Plan for 2021-22. Mohamed Dabo looks at a document that lays out…
By
The UK’s green finance strategy
Britain’s new target to reach net zero greenhouse gas emissions is 2050. Mohamed Dabo looks at the green finance strategy of…
By
ESG and Covid risks for banks: odd similarities
Pandemics and environmental risks are viewed as similar in terms of impact, representing an important wake-up call for decision…
By
Royal Bank of Canada declares dividends
Royal Bank of Canada announced today that its board of directors has declared a quarterly common share dividend of…
By
NatWest brings Mastercard’s Pay by Bank app to half of UK mobile banking customers
The NatWest Group and Mastercard have embarked on a further expansion of their partnership by bringing faster, secure online…
By
Retail CBDCs: the next payments frontier
Retail central bank digital currencies (Retail CBDCs) promise to provide cash-like safety and convenience for peer-to-peer payments. Mohamed Dabo looks at…
By
UK regulator vows to protect consumers’ access to cash
The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) say they’ll make sure that cash, and the…
By
SmartStream: the company behind the new brand identity
SmartStream Technologies is the financial Transaction Lifecycle Management (TLM®) solutions provider. Roland Brandli, the strategic product manager, speaks with Mohamed Dabo…
By
Hyper-personalisation: the growing imperative in retail banking
A new study from Deloitte Research has highlighted hyper-personalisation as a precondition for success in retail banking. Mohamed Dabo reports Hyper-personalisation…
By
HSBC goes big on conversational banking
Spurred by high demands placed on call centres during the pandemic, chatbots have taken on new prominence. Mohamed Dabo reports on…
By
Banks see new vehicle financing bounce back to pre-pandemic levels
New vehicle financing is returning to pre-pandemic levels as inventory shortages continue to push average loan amounts and monthly…
By
Another internet outage brings down UK banks’ websites and mobile apps
Several banks have been reporting issues to complaints tracker Downdetector as their online apps suffered an unexpected outage this…
By
Qatar banks’ profits bounce back to pre-pandemic levels
The net profits of Qatari banks returned to pre-pandemic levels in the first half of 2021 despite higher levels…
By
Banking deals snapshot: M&A activity intensifies
Snapshot for week beginning 8 September. The pace of banking mergers and acquisitions (M&As) continues to pick up, with…
By
Philippine bank ratings face another downgrade, Fitch Ratings
Fitch Ratings has revised the Outlook on the Long-Term Issuer Default Rating (IDR) of Bank of the Philippine Islands…
By
UK banks ranked by service quality
A new study reveals how well banks look after its customers, based on a survey of thousands of individuals…
By
UK banks to open shared branches in underserved areas
Major banks are in advanced talks about setting up community banking hubs to protect swathes of the UK from…
By
Flood-battered China ramps up fight against carbon emission
With five cities declared "red alerts" areas this week, after torrential rain that left 21 people dead and forced…
By
China: new bank lending drops to its lowest level in nine months
China’s new bank loans fell more than expected in July to their lowest in nine months while broad credit…
By
FCA: over 1000 whistleblowers got in touch in one year
The Financial Conduct Authority (FCA) has received a total of 2,754 separate allegations of misconduct, including fraud, money laundering…
By
Banking deals snapshot: Pandemic to boost European bank M&A activity
Snapshot for week beginning 1 August. The Covid-19 pandemic has set the stage for accelerated bank mergers and acquisitions…
By
US: Wells Fargo postpones return-to-office plans amid Covid surge
Wells Fargo has delayed plans for employees to return to corporate offices by a month in response to the rise…
By
Softbank’s net profit plunged 39% in the first quarter
Tokyo-based SoftBank Group has reported net profit for the April-June quarter fell 39% from a year earlier to 761.5bn…
By
Goldman pushes into consumer banking, raises entry-level pay by 30%
Goldman Sachs, which has been forging ahead into consumer banking and wealth management, has now hiked up the pay…
By
Smart homes: Inside a new fast growing market, set to be worth $75bn by 2025
The smart home makes for smart business: According to GlobalData forecasts, the home automation market will expand to $75.3bn…
By
Banking deals snapshot: US banks are lining up for IPOs
Snapshot for week beginning 25 July. After a brief slump in 2020, the US initial public offering (IPO) market…
By
BNP Paribas: net profit surges 26% after retail banking returns to form
Galvanised from a rebound of its retail bank and a decrease in its provisions for bad debts, BNP Paribas…
By
NatWest bounces back to profitability, declares dividends
NatWest Bank has returned to profit, as bad loan fears ebb, and immediately promised payouts to shareholders. The state-backed…
By
Starling Bank acquires buy-to-let mortgage lender Fleet Mortgages
Starling Bank has announced the acquisition of specialist buy-to-let mortgage lender Fleet Mortgages in a £50m cash and share…
By
Chinese banks ordered to cut fees for cross-bank ATM debit card usage
Bank of China (BOC) has announced that starting from 25 July 2021 it will reduce fees for use of…
By
Santander unveils receivables lockbox for RMS’ healthcare clients
Santander Bank has announced that its Commercial Banking division is collaborating with Revenue Management Solutions (RMS), a healthcare remittance…
By
Global internet outage hits Barclays, HSBC, Lloyds, and others
Dozens of websites across Britain, including those of major banks like Barclays, HSBC, Lloyds, Halifax, TSB, Tesco Bank, and…
By
UK government to offload more shares in NatWest
UK Government Investments (UKGI), which manages the government’s shareholding in NatWest, says it is aiming to sell shares over…
By
Banking deals snapshot: Wall Street banks bag monster fees as IPOs return big time
Snapshot for week beginning 11 July. The IPO business, which retreated for a good part of 2020 and early…
By
Santander and Infosys launch new international cash management platform
Santander UK and Infosys Finacle have announced the roll out of Santander UK's international cash management platform as part…
By
UBS shatters Q2 predictions amid boom in wealth management
Swiss banking giant UBS has reported a 63% rise in second-quarter net profit as markets continued to facilitate the…
By
Industrial Bank becomes first Chinese financial institution to report on carbon footprint
Beijing’s push for greater green financing in China is prompting leading financial institutions to step up their environmental information…
By
US banks, a cash stockpile, and the tricky accounting rule that hampers it release
US banks are sitting on a pile of cash that could turn into billions of dollars of profits, but…
By
Japan’s largest bank to eliminate in-person service counters at branches
The Bank of Tokyo-Mitsubishi UFJ (MUFG Bank) plans to get rid of in-person service counters, including those for opening…
By
Dubai’s oldest bank is gearing up to go digital-only
The oldest banks in the United Arab Emirates is preparing for a digital-only future as it fends off competition…
By
Citigroup tops Wall Street’s estimates despite a 12% drop in Q2
Citigroup managed to beat second-quarter expectations for revenue in spite of a 12% decline from a year earlier, driven…
By
Wells Fargo beats Q2 expectations after releasing Covid reserves
The second-quarter results of Wells Fargo bank were boosted by a $1.6bn release of its credit loss reserves as…
By
Banking deals snapshot: Global venture capital is smashing all records
Snapshot for week beginning 04 July. For the first time in history, global venture investments broke through the USD100…
By
Tally: a new type of bank account and currency comes to the UK
A revolutionary banking platform and currency anchored to physical gold, designed to protect customers not banks, is the new…
By
JPMorgan Chase’s earnings beats estimates in Q2 2021
JPMorgan, the biggest US bank by assets, has reporter second quarter net income of $11.9bn, up $7.3bn, driven by…
By
FCA fires off warning letter to banks over anti-money laundering failings
Retail banks have been issued a warning by the Financial Conduct Authority (FCA) about continuing weaknesses and failings surrounding…
By
Bank of England lifts ban on bank dividends and share buybacks
The bank of England (BoE) has announced it is ending its restrictions on banks’ dividend payouts and share buybacks,…
By
South Korean banks to keep a tight leash on home-backed lending in Q3
South Korean banks are set to ease rules on fresh loans for households and small businesses in the third…
By
FCA fines Lloyds Bank £90m for misleading insurance customers
The Financial Conduct Authority (FCA) has fined the Lloyds Bank’s insurance arm £90m for failing to ensure that millions of…
By
Tide launches Credit Builder for SMEs to help them build their credit score
Tide, a UK business financial platform, has launched Tide Credit Builder to help small businesses build up their Experian credit…
By
Banking deals snapshot: Prospect of recovery leads to rebound in M&As
Snapshot for week beginning 27 June. With dealmakers counting on economic recovery, the banking sector is witnessing a rebound…
By
Lloyds moves to become one of UK’s largest private landlords
Lloyds Banking Group has taken the first step to becoming a large private landlord as it searches for new…
By
Barclays blocks payments to Binance after FCA ban
Barclays Bank has become the latest UK bank to block customers from making credit and debit card payments to…
By
Wall Street banks are herding junior staff back into the office
While many companies are hailing the Covid work-from-home experiment as a success, top Wall Street firms such as Goldman Sachs…
By
Loomis and NatWest roll out Same Day Credit solution after successful pilot
Cash management specialist Loomis UK and NatWest are rolling out their Same Day Credit solution nationwide following a successful…
By
Wales plans to open a new community bank with 30 branches
The Welsh government says 30 branches of a new community bank will open across the country within the next…
By
Green finance: Chancellor wants to “reinforce the UK’s position as a world-leader”
The British government says it aims to transition to a green financial system and mobilise investment for a clean…
By
Ghana International Bank taps Backbase to step up digital innovation
Ghana International Bank (GHIB), a London-based pan-African bank, has announced that it has partnered with engagement banking technology provider…
By
Banking deals snapshot: India’s private placement bumps along amid the pandemic
Snapshot for week beginning 20 June. Over the years, privately placed debts have emerged as an important source of…
By
RBI sets 30 July deadline for Indian banks to ditch non-compliant accounts
The Reserve Bank of India (RBI) has set a deadline of 30 July for banks to relinquish the current…
By
Another Japanese bank rebuffs climate resolution
Activist investors, who have been successful in forcing US and European companies to divest their fossil fuel holdings, are…
By
Lloyds tries new ways of handling abusive call centre customers
Lloyds Bank’s call centres are trying out new ways of dealing with rude and abusive customers as the Coronavirus…
By
UAE digital bank Zand prepares for launch
Zand, which aims to be the first fully independent digital bank in the UAE, gears up to launch both…
By
SWIFT to launch new platform to enhance international payments flows
SWIFT’s new strategy for instant, frictionless payments and securities processing has received the endorsement of Six leading global banks.…
By
Banking deals snapshot: Accenture, “world’s most acquisitive company,” to gobble up Exton Consulting
Snapshot for week beginning 13 June. Accenture, the consulting giant that has announced 65 deals in the past two…
By
Italian bank Credem goes live with Temenos infinity in the cloud
Credito Emiliano (Credem), one of the largest 10 banks in Italy, has gone live with a new mobile app,…
By
Cash-rich US regional banks are ready to make deals
Many regional banks are emerging from the pandemic with loads of cash. As Mohamed Dabo reports, interest in acquisitions…
By
Goldman Sachs brings its transaction banking to the UK
Goldman Sachs has launched a transaction bank in Britain as the global investment bank steps up its move into…
By
The proposed global banking regulation for crypto is overdue, Fitch Ratings
The stricter capital requirements proposed for banks exposed to volatile cryptocurrencies reflect the high degree of risk of crypto-assets,…
By
Citigroup, HSBC, Santander, BNP, and others sued for FX rate rigging
Brazil’s exporters' association (AEB) is suing several foreign and domestic banks for 19bn reais ($3.77bn) over alleged manipulation of…
By
JPMorgan buys Nutmeg to expand digital banking presence in UK
JPMorgan Chase has agreed to buy digital wealth manager Nutmeg Saving and Investment, part of a push to establish…
By
Key milestones to the AI bank of tomorrow
Artificial intelligence (AI) is bringing retail banking its deepest level of disruption in decades, if not ever. Mohamed Dabo…
By
Covid-19: African banking and the struggle to recover
Despite seeing stronger revenues, African banks are facing a challenging path to recovery. Mohamed Dabo reports In plotting their…
By
Bank of America ramps up cybersecurity spending to $1bn a year
Bank of America is now spending over $1bn a year on cybersecurity, CEO Brian Moynihan said in an interview…
By
Banking deals snapshot: Banks diversify seeking noninterest income amid Covid
Snapshot for week beginning 6 June. In the low interest environment of the Covid-19 crisis, banks are increasingly hunting…
By
HSBC races to become an entirely digital bank
HSBC is taking major steps to becoming an all-digital bank. Mohamed Dabo reports Last November, the bank made two…
By
HSBC launches API Developer Portal
HSBC has launched an Application Programming Interface (API) Developer Portal - develop.hsbc - which will support all its market facing APIs. It…
By
Banking deals snapshot: US banks tap capital markets to raise Covid capital
Snapshot for week beginning 30 May. US banks were well capitalised going into the global pandemic, but the outbreak…
By
G4S and OneBanks partner to provide cash and bill payment services
G4S, a UK’s secure cash management firm, is partnering with OneBanks, a shared branch banking innovator, to enable banking…
By
BoE kicks off climate stress-test for banks and insurers
The Bank of England (BoE) has published the Climate Biennial Exploratory Scenario (CBES) to explore the financial risks posed…
By
Banks’ ID checks push one in four Brits to a competitor, survey
New data from FICO, the global analytics software provider, reveals the levels of consumer tolerance to new account opening security…
By
HSBC UK launches fraud awareness app to tip businesses off about scams
HSBC UK has become the first high-street bank to launch a free news-style mobile app to help British businesses…
By
FCA raises money laundering concerns with cryptoasset firms, again
The Financial Conduct Authority (FCA) says many cryptoasset companies are failing to meet money laundering standards. In a 3…
By
Starling to end suspension of payments to crypto exchanges
Starling Bank will once again allow its customers to transfer money to cryptocurrency platforms, ending a temporary ban imposed…
By
Banking deals snapshot: Cash-rich US regional banks are ready to make deals
Snapshot for week beginning 23 May. Many regional banks are emerging from the pandemic with massive cash reserves and…
By
Bankable, Aion, and Vodeno join to create European banking as a service offering
Bankable, Aion Bank, and Vodeno have announced a 10-year strategic, multi-layered partnership for all European markets and the UK.…
By
Bahrain sues 13 of Iran’s top banks for laundering $1.3bn
Bahrain’s public prosecutor has referred 13 banks, including Iran’s Central Bank, to court for money laundering and other “unlawful…
By
TD Bank exceeds earnings expectations as Covid eases off
TD Bank says its second-quarter profit more than doubled compared with a year ago as the bank recovered some…
By
Pakistan’s largest bank bankrolls country’s top SME lender
Habib Bank Limited (HBL) has become the first bank in Pakistan to invest in a digital fintech startup with…
By
Chinese banks face “improved operating environment,” Fitch
Fitch Ratings has revised upward its assessment for China’s bank operating environment (OE), to ‘bbb-’/Positive from ‘bb+’/Stable. The upgrade…
By
Banking deals snapshot: Nigeria’s Access Bank continues expansion frenzy across Africa
Snapshot for week beginning 16 May. Access Bank, one of Nigeria’s largest banks, has embarked on a round of…
By
Italian banking is gearing up for a “season of consolidations”
The coming months have been billed as a uniquely favourable time for bank mergers and acquisitions in Italy. Mohamed…
By
FCA warns about scams and the threat to financial services industry
The Financial Conduct Authority (FCA) has warned that the rise in scams represents a serious threat to a legitimate…
By
NatWest initiates daily transfer caps in fight against scams
NatWest Bank now allows its customers to set their own daily bank transfer limits, hoping it will help combat…
By
Microcredit: a look at Santander’s Brazilian operation
Microcredits allow low-income households to better cope with risk and to enjoy greater flexibility in how they earn and…
By
Singapore kicks off initiatives to accelerate green finance
The Monetary Authority of Singapore (MAS) has launched several initiatives to expedite green finance in the city-state through improving…
By
Islamic retail banking: the great missed opportunity in the West
The increasing awareness on Islamic banking and finance has created a huge potential demand that Western banks have largely…
By
Fed takes step closer to developing digital US dollar
The US Federal Reserve is exploring the possibility of developing a digital currency that “could be designed for use…
By
HSBC, University of Birmingham join to speed up UK’s move to net zero
The Birmingham Energy Institute (BEI) and HSBC UK have launched a new four-year philanthropic partnership to support businesses across the West Midlands…
By
HSBC’s AGM: “Covid test, mask required to attend—but please stay home”
HSBC Bank has strongly urged shareholders not to attend its Annual General Meeting (AGM) in person and instead to…
By
BlackRock and partners team up to help Americans build emergency savings
Investment firm BlackRock has announced that it is expanding its $50m philanthropic Emergency Savings Initiative, to include five new…
By
The HMRC is training its employees to be computer hackers
HM Revenue & Customs, the tax authority of the UK government, and the most impersonated organisation in the country…
By
Banking deals snapshot: NatWest edges closer to majority private ownership
Snapshot for week beginning 9 May. The British government has sold 5% of its stake in NatWest, one more…
By
Thousands of HSBC customers get up to £7,000 refund cheques
HSBC customers who fell behind on repayments between 2010 and 2019 have been sent refunds of £50, after the…
By
HSBC issues urgent scam alert to UK customers
An urgent warning has been issued to all HSBC customers in the UK: watch out for the following text…
By
FCA sends 4000 of its staff on cyber and financial crime training courses
The Financial Conduct Authority (FCA), the conduct regulator for 58000 financial services firms and financial markets in the UK,…
By
Lloyds picks Allianz Partners as new travel insurance provider
Lloyds Banking Group has selected Allianz Partners UK to underwrite and administer its travel insurance offering. Under the recently…
By
Santander says sorry after outage of phone, branch, online, card services
Santander said its services have returned to normal after a “technical problem” which left some customers unable to make…
By
Starling Bank gears up for summer ad blitz to reel in new customers
Starling will soon launch a fresh fleet of adverts for the summer to showcase its app to the UK’s…
By
New law could give US banks access to cannabis industry’s piles of cash
Cannabis companies in the US lack access to banking and other financial services because the drug is federally illegal.…
By
US banks to begin issuing credit cards to “responsible” adult with no credit
A US regulator has asked major banks to think up ways of making loans to people who don’t have credit…
By
Citi steps up Asian hiring in pivot from retail banking to wealth management
Citigroup aims to hire some 1000 private bankers and relationship managers in Hong Kong as it prepares to shed…
By
Banking deals snapshot: Buying and selling banks in Africa
Snapshot for week beginning 2 May. Western media coverage of Africa has always been dramatic, seesawing between passionate eulogising…
By
US banks puzzle over bad loan accounting as economy improves
Early signs of economic recovery are putting US banks under growing pressure to slash funds they held for potential…
By
BNP Paribas targets France’s gig economy
France's biggest lender is finally waking up to the long-neglected potential of the country’s growing army of self-employed. BNP…
By
HSBC launches UAE’s first green mortgages
HSBC has issued the first green mortgages in the UAE, as the Arab country races to find new ways…
By
Four banks temporarily opt out of UK’s covid-19 rescue loan scheme
Four lenders that have been struggling to keep up with the staggering demand for Covid business loans have asked…
By
Citi considers jumping on the crypto bandwagon
US bank Citigroup is looking into the possibility of providing cryptocurreny-related services as demand for digital assets continues to…
By
Greece’s Eurobank taps Temenos to help boost its wealth management
Eurobank in Greece has selected Temenos Wealth to strengthen its position in wealth management and affluent segment services. Eurobank,…
By
Société Générale posts improved results as trading activity rebounds
French banking group Société Générale has published net income of €814m for the first quarter of 2021, against a…
By
Banking deals snapshot: Merger and diversification during the pandemic
Snapshot for week beginning 25 April. The economic effect of the pandemic has resulted in tightened credit standards and…
By
Virgin Money returns to profit as bad loans fall
Virgin Money said its first-half underlying profit before tax more than doubled to £245m (H1 2020: £120m), as the…
By
UAE requires ‘low risk’ specialised banks to serve residents only
The Central Bank of the United Arab Emirates (UAE) has issued a new regulation designed to develop specialised banks…
By
Barclays shareholders renew pressure on bank over fossil fuel financing
With Barclays Bank’s Annual General Meeting (AGM) due on Wednesday 5 May, a group of investors have written to…
By
Deutsche Bank posts best quarterly profits since 2014
Deutsche Bank has reported its highest quarterly Group profits in seven years. Profit before tax was € 1.6bn for the…
By
NatWest’s profits jump 82%, boosted by cost cuts and mortgage boom
NatWest Bank says its pre-tax profits soared by 82% to £946m over the three months to March. That compares…
By
Banking deals snapshot: Singapore’s DBS Bank grabs lion’s share of Chinese bank to stay on top
Snapshot for week beginning 18 April. Singapore’s financial powerhouse DBS Bank is set to become the largest shareholder of…
By
Lloyds’ £1.9bn profit beats forecast as CEO departs
Lloyds bank has reported a pre-tax profit of £1.9bn on net income of £3.7bn in the first three months…
By
HSBC beat earnings expectations in Q1 2021
HSBC has reported profit after tax of $4.6bn, which was $2.1bn or 82% higher than in 1Q20; profit before…
By
Fitch revises Australian banks’ outlook from Negative to Stable
Fitch Ratings has revised the outlook for the four large Australian banks to Stable from Negative. A significant and…
By
US home sales surge: is another housing crash on the way?
US home prices are rising coast to coast and are outstripping wages and rents. Some say it's another housing…
By
NatWest slams door on cryptocurrency businesses
Cryptocurrencies are high risk and speculative, and NatWest will refuse to serve any business customers that accept them as…
By
The bank switching war: HSBC ups the ante
The competition to win new banking customers seems about to heat up, with HSBC now offering a £20 Uber…
By
Banking deals snapshot: big venture capital spurs online lending
Snapshot for week beginning 11 April. Europe’s fintech startups have continued raising vast amounts of capital over the lockdown…
By
JPMorgan faces football fans’ outrage for backing the Super League
The American banking giant JPMorgan Chase has made European football fans angry by agreeing to finance the Super League.…
By
Barclays launches 95% mortgage guarantee scheme
Today, Barclays Bank is opening its new 95% LTV Mortgage Guarantee Scheme products for applications. The move follows on…
By
HSBC Kinetic: “A truly mobile-first banking service”
HSBC Bank has launched a mobile business banking app designed to help UK small business owners. Mohamed Dabo spoke…
By
FCA spotlights available support, as Covid decimates consumers’ finances
For consumers in financial distress, banks are willing to help, says the Financial Conduct Authority (FCA). As Mohamed Dabo…
By
Life without Libor: what the end of the benchmark means for consumers
The UK has announced plans to end the London interbank Offered Rate (Libor) at the end of this year.…
By
Neobanks in France: the unstoppable rise of banking contenders
Ever more numerous, neobanks have imposed their digital model in France. Mohamed Dabo reports on a booming sector The…
By
New £50 features Nazi-code breaker Alan Turing
Bank of England governor Andrew Bailey has unveiled the design of the new £50 banknote featuring the scientist Alan…
By
Covid stamps out current account competition; account switching dwindles
The Coronavirus pandemic has stifled competition among banks in the current account market, leading to a dramatic fall in…
By
Virgin Money launches Club M: a high-interest current account
Virgin Money has launched a high-interest current accounts that pays better rates than many savings accounts. A high-interest account…
By
HSBC offers bank accounts to people without homes
In partnership with Shelter, and other UK and local charities, HSBC Bank is helping people without a fixed home…
By
Urgent fraud alert: crooks target Barclays, Halifax, HSBC, Lloyds customers
Tens of thousands of scam messages are being sent out to lure customers at Barclays, Halifax, HSBC, and Lloyds…
By
Commerzbank taps Google Cloud to help with digital transformation
Commerzbank and Google Cloud have announced they are expanding their collaboration by entering a five-year strategic partnership intended to…
By
US banks and the cannabis conundrum
The federal stance on marijuana as a controlled substance and lack of regulatory guidance have left US banks in…
By
Fed to lift restrictions on banks’ dividend payments and share buybacks
The Federal Reserve has announced plans to allow most banks to resume dividend payouts and stock buybacks after 30…
By
After one year of Covid: Impact on the banking sector
As the UK marks one year since the first coronavirus lockdown, Mohamed Dabo has dug up a selection of…
By
HSBC is hiring 3000 agents to find customers across China
HSBC’s ‘Asia pivot’ gets a shot in the arm as the bank hires 3000 representatives to comb through mainland…
By
Banking deals snapshot: US M&As continue their hot streak
Snapshot for week beginning 14 march. US financial institutions are banking on dealmaking—banking mergers and acquisitions, divestitures, and alternative…
By
HSBC to sell French retail bank as it scales back in Europe, America
HSBC Holdings has engaged in discussions to sell its unprofitable French retail bank to New York-based private-equity firm Cerberus…
By
Small banks petition BoE for softer rules to help free an extra £28bn of lending
Several banks, including TSB, Metro Bank, and Co-operative Bank, have written to the governor of the Bank of England…
By
Myanmar military rulers go after banks to counter “foreign meddling”
Myanmar's military junta is coercing banks to reopen, by threatening to force them to transfer deposit accounts to military-controlled…
By
Banking deals snapshot: a US merger signals bank M&As are picking up
Snapshot for week beginning 7 March. If last year was not a year to make a deal, 2021 is…
By
Revolut leaves Canada after failing to make headway
UK digital bank Revolut is pulling out of Canada, nearly 18 months after introducing a beta version there. The…
By
NatWest faces criminal charges over money laundering
NatWest Bank has come under criminal investigation from the Financial Conduct Authority (FCA) for allegedly failing to comply with…
By
FCA opens investigation into Britain’s biggest doorstep lender
The Financial Conduct Authority (FCA) has launched a probe into the consumer credit unit of Provident Financial, the UK’s…
By
Citigroup begins Covid-testing its office workers
Citigroup has begun offering some of its US employees who are still working at offices and branches a rapid…
By
The Greensill crash continues to reverberate
The Collapse of Greensill Capital—described by analysts as “a ticking time bomb”—continues to spread pain and fear throughout the…
By
Japanese banks: Fitch warns of tougher road ahead
Fitch Ratings believes Japan’s already challenged banking industry will be further stung by lasting economic scars from the coronavirus…
By
Banking deals snapshot: an acquisition ignites the Nordic deal scene
Snapshot for week beginning 28 February. Scandinavia was the hottest spot during the dealmaking week. Across Europe, mergers to…
By
HSBC sets up record £15bn fund to help SMEs recover from Covid
HSBC has unveiled a record £15bn lending fund for Britain’s small businesses, to help spur on their recovery from…
By
M&S Bank to close all current accounts and in-store branches
M&S Bank has announced that it will close all customer current accounts and linked monthly savings accounts in August.…
By
French banks: The Gallic wars against soaring costs and slumping revenues
French banks are struggling to restrain their rising the costs as profitability slides. Mohamed Dabo reports The profit margins…
By
MPs want a law requiring “a bank in every village, town, and city”
With bank and building society branches disappearing at a frightening pace, some members of Parliament are pushing for the…
By
UK to abandon Libor at the end of the year
The Financial Conduct Authority (FCA) has announced a formal end to nearly all Libor rates at the end of…
By
Banks back government scheme to help more Britons up the housing ladder
Major British lenders—including Lloyds, NatWest, Santander, Barclays and HSBC—are in support of a government mortgage guarantee scheme designed to…
By
Retailers applaud new £100 contactless limit, banks are wary
The Chancellor of the Exchequer’s decision to raise the contactless payment limit from £45 to £100 has sparked strong…
By
Banking deals snapshot: Bank acquisition underscores Aussie M&A optimism
Snapshot for week beginning 21 February. The Australian M&A market is abuzz with anticipation. A significant banking deal sets the…
By
Sainsbury’s Bank lifts Covid ban on credit cards and loans to the self-employed
Sainsbury’s Bank has resumed issuing credit cards and personal loans to self-employed workers, a reversal of temporary coronavirus lending…
By
Bank of Ireland to close 15 of 28 branches in Northern Ireland
The bank of Ireland has announced it will close half of its 28 branches currently operating in Northern Ireland,…
By
NatWest introduces new Open Banking payments service
NatWest has launched a new payments service that participating retailers can use without a debit or credit card. The…
By
Banking deals snapshot: a mortgage-business acquisition is the week’s top deal
Snapshot for week beginning 14 February. It was another busy week for dealmakers, with 47 global deals cornered by…
By
Federal Reserve payment system crashes due to “operational error”
The Federal Reserve’s electronic payment system known as Fedwire was thrown into turmoil for several hours on 24 February…
By
Lloyds Bank profit plunges over 70% amid Covid, low rates
The Lloyds Banking Group says its profit crashed by 72% in 2020 as the bank struggled with the Covid-19…
By
The new economics of branch network transformation
Bank branches are in the throes of the same seismic shift taking place across the retail sector. Mohamed Dabo…
By
HSBC targets money-maker Hong Kong, ignoring geopolitics, as profit drops 34%
Seeing its profit plunge 34%, HSBC doubles down on Hong Kong, where the bulk of its earnings comes from,…
By
From Barclays’ archives: common tricks scammers use and how to foil them
Bank-fraud activity jumped by 66% between July and December 2020. As Mohamed Dabo reports, Barclays has warned against the…
By
Banks use ‘free’ cash and wine to lure customers
The battle between UK retail banks to win the bank balances of mainstream customers is back in full swing.…
By
NatWest to shut doors in Ireland after £361m loss
NatWest, one of the Big Four clearing banks in the UK, is planning a phased withdrawal from the Republic…
By
Barclays turns profit despite humongous loan loss provision
British banking giant Barclays says it garnered before-tax profit of £3.1bn (2019: £4.4bn) in 2020, even after setting aside…
By
Banking deals snapshot: M&As picking up in Japan after 2020 lull
Snapshot for week beginning 7 February. The global momentum in dealmaking that started at the beginning of the year…
By
Philippines: new law allows banks to ditch bad loans
Philippines President Rodrigo Duterte has signed the Financial Institutions Strategic Transfer (FIST) Act, a law that will enable firms…
By
Central bank should issue digital currencies, not private sector, Bank of Canada
Any digital currency should come from the central bank to ensure the public interest, not private sector profits, said…
By
PayPal’s Schulman is planning to be CBDC distributor
PayPal CEO, Dan Schulman has revealed that his company could be a distributor of central bank digital currencies (CBDCs),…
By
Banking deals snapshot: A strategic acquisition leads the week’s transactions
Snapshot for week beginning 31 January. A strategic purchase leads this week’s transactions, in a year billed as the…
By
Société Générale caps a tough year with better than expected Q4 results
Emerging from a difficult year, the French banking Group has reported a Q4 net profit of €470m from a…
By
Hong Kong banks look to 2021 with muted optimism
KPMG has issued its Hong Kong Banking Outlook 2021, highlighting some bright spots amid the challenging times. Mohamed Dabo…
By
A new sheriff’s in town: US Banks brace for tougher consumer protection and lending rules
President Biden’s focus on helping minorities and people with low and moderate incomes will lead to more robust consumer…
By
France: young people rebel against high bank fees
More than 60% of 18-30-year olds are considering changing banks in 2021, has revealed an annual survey on banking…
By
Canadian banks should report borrowers’ race, ethnicity, gender, groups urge
Canada’s civil rights and indigenous groups want the nation’s banks to disclose data related to race, gender, income, and…
By
Sumitomo Bank launches sustainability-linked loans for overseas Japanese
Sumitomo Mitsui Banking Corporation has announced the launch of Sustainability-Linked Loan (“SLL”) financing for its overseas Japanese customer’s “environmentally…
By
UK and US consumers choose digital-only banks for different reasons, survey
A new survey has found marked differences between UK and US consumers around reasons to switch to digital-only banks.…
By
Commerzbank posts first annual loss since 2009 financial crisis
Commerzbank, Germany’s second-largest lender, has reported a net loss of almost €2.9 bn, its first since the Great financial…
By
Banking deals snapshot: Aussie incumbent to buy thriving neobank for digital payoff
Snapshot for week beginning 24 January. It was a busy week for banking dealmakers. They were involved in 16…
By
Santander reports first-ever annual loss, as Q4 net profit drops 90%
Spain’s Santander, the euro zone’s second-biggest bank, booked a record annual loss of €8.77bn in 2020, as Q4 net…
By
Swedish banks now reject clients who pollute the environment
More and more Swedish banks are turning loan applicants away if their businesses are deemed not clean enough to…
By
RBC: Protesters threaten to move bank accounts over fossil fuel funding
The Royal Bank of Canada (RBC) has financed over $178bn in fossil fuel projects since the Paris Agreement on…
By
FCA asks banks to rethink 300 branch closures in 2021
The Financial Conduct Authority (FCA), the watchdog that oversees financial firms providing services to consumers, has asked banks to…
By
Britons’ ATM use dropped 37% in 2020
ATM transactions declined by 37% in 2020, though UK adults still withdrew more than £1,500 on average from cash…
By
Temenos launches corporate lending platform
Temenos has announced its next-generation end-to-end corporate lending platform, designed to help banks digitally transform their entire corporate banking…
By
Banking deals snapshot: investors eye India, engine of global growth
Snapshot for week beginning 17 January. Earlier this month, the IMF projected an impressive 11.5% growth rate for India…
By
Islamic finance gets a boost in Germany
Islamic finance is a relatively young and undeveloped sector of the German financial services industry. Two new entrants in…
By
NCA makes arrests in £6m Bounce Back Loan scam
The National Crime Agency (NCA) says it has arrested three men working for a London financial institution, as part…
By
UK banks freeze accounts to reclaim ill-gotten Bounce Back Loans
With greedy business owners, criminal gangs, and rogue landlords having fraudulently acquired bounce back loans, UK banks have begun…
By
Canadian banks’ quandary: how to spend a $70.4bn spare cash
For the better part of a year, Canadian banks have been stashing away enough capital to protect themselves against…
By
Tesco: customers’ bank accounts debited months after fuel station glitch
Tesco customers are seeing red after a technical defect caused their bank accounts to be debited—often multiple times—months after…
By
FCA slaps a £26m fine on Barclays for mistreating customers in financial distress
The Financial Conduct Authority (FCA) has fined Barclays Bank £26m for “failures in relation to their treatment of consumer…
By
Barclays need not repay a couple scammed out of £700K, Judge rules
Barclays Bank is not liable for restitution to a woman who was conned into handing over £700,000 to scammers…
By
Banking deals snapshot: North America and Asia-Pacific dominate the field
Snapshot for week beginning 10 January. Transactions in the retail banking and lending sector continue at the brisk pace…
By
Experts fear “usurious” rates as interest-free period expires on Covid loans
The UK’s emergency Covid loans will hit their one-year anniversary dates in March, marking the end of the 12-month…
By
JPMorgan scores a much better than expected 42% jump in Q4 profit
JPMorgan Chase, America’s largest bank by assets, has reported 2020 fourth quarter net income of $12.1bn, or $3.79 per…
By
FCA warns consumers about forex scams
The Financial Conduct Authority (FCA) has issued a warning about adverts online and on social media promising high returns…
By
Weekly Market Snapshot: Banks kick off 2021 with a spate of big deals
Snapshot for week beginning 3 January 2021. The banking sector ushered in the new year with a raft of…
By
Canadian banks expect no spending rebound till late 2021
Canada’s leading banks say they forecast no recovery in consumer spending in the short term, but expect it to…
By
HSBC will close your account if you refuse to wear mask
HSBC Bank says the wearing of face masks is now compulsory in all its branches, a measure designed to…
By
Caixa Geral de Depósitos signs up with Backbase to revamp digital channels
Caixa Geral de Depósitos (CGD), Portugal’s largest bank, has partnered with engagement-banking technology provider Backbase to accelerate its digital…
By
Leading Czech bank taps Temenos to boost digital banking
Komerční banka, one of the largest banks in the Czech Republic, has chosen Temenos Transact to digitally transform its…
By
Banks fined $15bn globally in 2020, with 73% in US
Banks forked over a total of $15.13bn (€12.79bn) in aggregated bank fines last year, according to data from the…
By
Revolut applies for UK banking licence
Revolut, the British “unicorn” fintech startup, has applied for a full banking licence in the UK, submitting its application…
By
Tesco, TSB, and Santander have the worst online banking security, watchdog finds
Which?, a non-profit consumer protection organisation, has rated 16 of the biggest UK banks on the security of their…
By
Shivalik gets commercial banking license from RBI
Shivalik Small Finance Bank (SSFB) has received a license from Reserve Bank of India (RBI) to carry on banking…
By
Arab Investment Bank picks Temenos to drive financial inclusion
Arab Investment Bank, an investment and commercial bank under the supervision of the Central Bank of Egypt (CBE), has…
By
The four major trends that are shaping retail banking
Powerful forces are now operating to alter retail banking for a new digital era of empowered customers. Mohamed Dabo…
By
Mobile banking: The future of money in the palm of your hand
An increasing demand for a digital banking experience is transforming how the entire banking industry operates. Mohamed Dabo reports…
By
Alpian taps Temenos to launch new digital bank in Switzerland
Temenos has announced that Alpian SA has selected Temenos Transact, core banking and Temenos Payments delivered as SaaS to…
By
2020: UK banks likely to remain profitable despite Covid
Major UK banks are set to remain profitable this year despite the effects of the coronavirus. The BoE estimated…
By
BOE seeks to make mortgages more affordable for first-time buyers
The Bank of England (BOE) is reviewing its mortgage market recommendations to take account of record-low interest rates, which…
By UK banks strong enough to ride out pandemic, BOE says
UK banks are healthy enough to withstand severe economic blows and still continue to lend during the pandemic, Bank…
By
BPC launches SmartVista digital banking app to give banks and fintechs a boost
BPC, a global provider of digital payment solutions, has unveiled its new mobile and digital banking app solution, designed to…
By
Santander pledges £1m to support apprenticeships in Leeds
Santander has pledged £1m to support small and medium businesses (SMEs) in the Leeds City Region with new apprenticeship…
By
TymeBank and IDEMIA team up to increase security in bank card issuance
TymeBank, South Africa’s first digital-only bank, has teamed up with IDEMIA, a global player in augmented identity, to deliver…
By
Scammers stole $2bn from California unemployment fund at Bank of America
Fraudsters have made away with $2bn from the California Employment Development Department (EDD), one of the largest departments in…
By
Bank of Queensland chooses Fiserv to further its digital strategy
The Bank of Queensland (BOQ) Group has selected Fiserv, Inc., a global provider of payments and financial services technology…
ByGlobalData’s new Financial Services Briefing – monitor the global banking & payments industry
Covid-19 has strained existing operations and forced providers to change their products, service delivery, and business models during acute…
By
India’s RBI warns HDFC not to launch more digital businesses or take on new card customers
India’s central bank, the Reserve Bank of India (RBI), has ordered HDFC, one of India’s largest private sector banks,…
By
Barclays introduces dashboard to track progress towards net zero
Barclays Bank has publishing a new climate dashboard designed to keep track of its progress towards a net zero…
By
LTI selects Temenos to launch in the Nordic market
Larsen & Toubro Infotech (LTI), a global technology consulting and digital solutions company, has partnered with Temenos to launch…
By
Japan: bank branches take on a new look as they speed into the digital age
The Covid-19 pandemic is thrusting Japanese banks deeper into the digital age with the revamping of branch outlets and…
By
Virgin Money’s profit plunges 77% as it takes £501m loan losses
In its full-year financial results Virgin Money has disclosed a 77% drop in profit, partly due to £501m ($658m)…
By
Ulster Bank cuts fixed rates amid growing mortgage price war
Ulster Bank is to cut nearly all of its fixed mortgage rates from 26 November, making a number of…
By
Entersekt and Cellulant partner to deliver safer mobile banking in Africa
Entersekt, a major player in device identity and omnichannel authentication, has announced a partnership with Cellulant, Africa’s leading financial…
By
NatWest closed bank account to placate Russia, Kremlin critic says
UK retail and commercial bank NatWest let itself be browbeaten by the Russian state into shutting Bill Browder’s account,…
By
Starling becomes first challenger bank to turn a profit
Outdoing earlier predictions by founder and CEO Anne Boden to break even by year-end, Starling bank has announced that…
By
Another bank closure leaves town with just one branch
Virgin Money UK has announced the closure of its Yorkshire Bank branch on Kirkgate, effective 16 March 2021, which will leave…
By
Hong Kong: Virtual banks take baby steps in uncertain climate, Fitch
Virtual bank competition in Hong Kong is off to a slow start as growth prospects are still hindered by…
By
Payability and Newegg team to launch a working capital solution
Payability, a major funding platform for eCommerce businesses, says it has partnered with online marketplace Newegg to launch Newegg…
By
Covid loan scheme: “No level playing field,” small lenders say
The government needs to level the playing field between non-bank lenders and banks to deliver emergency loans to small…
By
UK-based open banking startup Yapily makes a foray into Germany
London-based enterprise connectivity platform Yapily has launched in Germany as it turns its attention to “driving open banking adoption…
By
Challenger banks Vs Incumbents: How well they meet customer needs, report
Temenos, the banking software company, has published a new report by The Economist Intelligence Unit (EIU) based on an…
By
Barclays and HSBC feel the heat from climate campaigners
Barclays and HSBC have been taken to task by environmental activists, after the banks increased their fossil fuel investments…
By
BlueShore Signs for Temenos’ SaaS technology to offer personalised banking
Temenos, the banking software company, has announced that BlueShore Financial, a boutique full service financial institution, has signed for…
By
UK banks grapple with a flood of loan applications as 2nd Covid lockdown hits
British lenders face a growing stream of new demand for loans as Covid-hit businesses seek funds to cope with…
By
Banks averted £1.1bn in bounce-back loan scam
Banks were able to prevent more than £1bn in Covid-19 support loans from being paid out to scammers, according…
By
Canada: watchdog unhappy with banks’ handling of consumer complaints
Canadians were up in arms earlier this year when a regulator’s report into how banks deal with customer complaints…
ByVideo banking: the human face of the digital banking revolution
Video banking provides a high-tech alternative to face-to-face interactions. Mohamed Dabo reports on the next-level efficiency in consumer banking. Video banking…
By
UK banks consider charging fees to hold customers’ money
As the Bank of England hints at cutting the base rate from 0.1% to below zero for the first…
By
Citigroup retools its consumer banking, “a critical growth engine”
Citigroup has named a new leader for its global consumer bank, as the former head is promoted to CEO.…
ByHow fintech is shaping the future of banking
Banks have been partially replaced by fintech companies that offer faster, more convenient, and cheaper financial services. Mohamed Dabo brings you…
By
BNP Paribas was propped up by its investment banking in Q3
BNP Paribas Group posted net income of nearly €1.9bn in the third quarter, or 2.3% less than a year…
By
Bank lending to UK businesses hits 13-year high amid Covid, EY
The Covid-19 pandemic is expected to see business lending grow by 14.4% this year – the highest level in…
By
Lloyds Bank is back in the black due to more mortgages and fewer defaults
Lloyds Bank has announced a pre-tax profit of £1bn ($1.3bn) in the third quarter on income of £3.4bn, recovering…
By
Opportunities and challenges in consumer credit
Successfully maintaining the flow of credit to consumers is at the centre of any solution to the coronavirus crisis.…
By
McKinsey & Company report: Four shifts that are reshaping retail banking
Four important trends are changing the terms of success in retail banking. New research by McKinsey & Company looks…
By
Mortgage lenders’ responses to the Covid-19 crisis
Presenting the biggest challenge to global mortgage markets since the 2008 financial crisis. mortgage markets since the 2008 financial…
By
Barclays made £2.4bn in profit, pre-tax in Q3
Barclays became the first major UK bank to report third-quarter results today: group profit before tax for the first…
By
Covid-19, insolvency and consumer credit in Finland
There has been a record growth in unsecured consumer credit granted by Finnish credit institutions. Mohamed Dabo reports on…
By
Monzo Bank and Assurant team up to insure Monzo Premium account holders
Assurant, a global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, has partnered…
By
UK crime watchdog probes claims that banks forged clients’ signatures
The UK’s National Crime Agency (NCA) has announced that it is carrying out a “thorough assessment” into allegations that…
By
Apple Pay coming to Bank of Ireland “soon”
Bank of Ireland, the only major bank in Ireland that does not currently support Apple Pay, says it will…
By
Ulster Bank introduces new plastic £20 notes in Northern Ireland
Ulster Bank, a retail bank and one of the Big Four Irish clearing banks, has put into circulation new…
By
Sand Dollar: Bahamas aims to take its digital currency global
The Central Bank of the Bahamas (CBOB) is preparing to launch its new digital currency, the so-called Sand Dollar,…
By
TSB customers to get real-time banking experience with new Adobe platform
One year after setting out its 2022 strategy, TSB Bank has expanded its relationship with Adobe to make greater…
By
IFC and Union Bank join forces to bolster Nigerian businesses amid pandemic
The International Finance Corporation (IFC) has announced a finance guarantee facility to Union Bank to boost access to finance…
By
Santander branch closes after Covid-positive contractor’s visit
Santander in North Walsham is closed until October 21 as staff cover for colleagues at the firm’s Norwich bank,…
By
Temenos helps Jordan’s Ahli Bank to develop better digital banking
Banking software company Temenos has announced that Ahli Bank of Jordan has gone live with cloud-native Temenos Infinity to…
By
FlowBank selects Temenos to launch digital Bank in Switzerland
Banking software provider Temenos has announced that FlowBank has selected Temenos Transact delivered as SaaS to power its new…
By
Standard Chartered uses Moneythor to kick off new personal financial management tool
Standard Chartered Bank in Singapore has partnered Moneythor, a digital banking software provider, to launch its new data-driven SC…
By
Danske Bank to shed 1,600 jobs by 2023
Denmark’s biggest lender Danske Bank will slash 1,600 jobs as part of its ongoing effort to save money amid…
By
Temenos supports Flowe in launching ethical challenger bank
Temenos, the banking software company, today announced that Banca Mediolanum Group’s digital bank, Flowe, has gone live with Temenos…
By
ECB’s Lagarde warns banks: brace for a surge in cyber-attacks!
Banks must now prepare themselves for onslaughts of cyber strikes as criminals will try to exploit every potential disruption…
By
TSB to slash 900 jobs as it shuts 164 branches
TSB Bank has announced that it will cut around 900 jobs as part of plans to close 164 of…
By
Deutsche Bank and Donald Trump: a peculiar relationship
When other banks considered Mr. Trump too risky a client, Deutsche was the lone bank that stuck with the…
By
Most borrowers will resume mortgage payments, Canadian banks say
Canada’s six biggest banks said they expect most borrowers who took advantage of pandemic-related deferral programmes to resume payments,…
By
Australia eases lending rules to combat first recession in 30 years
Australia has announced plans to relax lending rules in order to jumpstart its economy out of the country’s first…
By
PFS is working with fintechs & banks to disrupt financial technology
Prepaid Financial Services (part of a listed entity, EML Payments) has unveiled a range of product enhancements designed “to…
By
BlueShore extends partnership with Temenos
Temenos, the banking software company, has announced that BlueShore Financial has implemented additional functionality for Temenos Transact, the next…
By
Illimity creates Italy’s largest Open banking platform
Italian banking group illimity and Italian Open banking firm Fabrick have have announced a joint venture to create HYPE,…
By
Tink acquires OpenWrks’ aggregation platform to forge ahead in UK
Swedish open banking platform Tink continues its expansion across Europe with the acquisition of the aggregation platform of OpenWrks,…
By
UK banks prepare to ditch clients across Europe
UK banks are “outrageously failing” many tens of thousands of expat clients across Europe, as the banks set out…
By
Fed to stress-test big banks’ resistance to Covid slump
The US central bank will analyse large banks’ ability to endure two coronavirus-related recession scenarios as part of a…
By
Temenos partners with Alibaba Cloud to power banks’ digital transformation
Temenos has joined forces with Alibaba Cloud to offer financial institutions scalability, performance, resilience and innovation. Temenos, the banking…
By
No recovery in sight for ASEAN banks, Maybank reports
Maybank has downgraded its sector outlook on Asean banks to negative, saying their asset quality risks remain high while…
By
Temenos to offer differentiated digital experience to credit union members
Temenos, the banking software company, has announced that Elevations Credit Union selected Temenos Infinity delivered on the cloud to…
By
UK banks and police foiled £19m of fraud in H1 2020
Bank branch staff across the United Kingdom worked with the police to stop more than £19m of fraud in…
By
Bank of Canada warns of Covid effect on low-paid, youth and women
The governor of the Bank of Canada warns the slower rebound facing women, young people, and low-wage workers could pose a…
By
US charges 57 people with stealing $175m from SME loan scheme
The US Department of Justice has charged 57 people with trying to steal more than $175m from the Paycheck…
By
Canadian banks to start $221m loan programme for Black entrepreneurs
The Canadian government is creating a new national programme to help Black Canadians get business loans with national banks. The total…
By
Detroit Pistons use Flagstar Bank to pay fans interest on season tickets
The Detroit Pistons have partnered with Flagstar Bank to launch a new program called “Pistons IPO: Initial Pistons Offering,”…
By
UK crime agency blamed for not investigating banks that forged signatures
The National Crime Agency (NCA) has been denounced for failing to properly investigate allegations that banks forged signatures and…
By
Number of first-time homebuyers in Scotland hits seven-year low
Bank of Scotland has revealed that the number of first-time buyers in Scotland is at a seven-year low, falling…
By
Australia’s big four banks reeling from bad loans and sluggish credit, Moody’s
Moody's Investors Service says in a new report that pressure continued to rise for Australia's four major banks during…
By
China’s largest banks suffer biggest profit drop in a decade, amid “national service”
The five largest Chinese banks posted at least 10% year-on-year declines in profit for the first half of 2020,…
By
US mortgage refinance Rates slide
Several key US mortgage refinance rates dropped this week, according to data compiled by Bankrate. The national averages for…
By
North Korean hackers seeking to rob banks across the globe, US and UN warn
Desperate to fund its massive military and nuclear weapons programmes, the bankrupt North Korean government is attempting bank heists…
By
South Africa’s Absa Bank launches family banking
Absa Bank ha initiated family banking solutions, bundled banking benefits “designed for the whole family and tailored for each…
By
Co-op Bank to slash 350 jobs and shut 18 branches
The Co-operative Bank has announced plans to cut around 350 jobs, as it closes 18 branches and reduces middle…
By
US: Regions Bank branches now open for walk-in service
Regions Bank today announced it has reopened branch lobbies for walk-in service and implemented health and safety best practices to…
By
Asia: Covid spells uncertain times for digital banks, Fitch Ratings
The impact of the coronavirus pandemic is clouding the prospects for digital banks in Asia, according to the credit…
By
Home finance old-timers launch new venture: Certified Rate
A team of veteran executives in the home finance sector have announced the launch of a new undertaking “to…
By
China: Banks’ profits to drop as more loans are repriced, Moody’s warns
Moody's Investors Service says in a new report that China's new loan prime rate (LPR)--which was reintroduced in August…
By
Canada: mortgage insurers averse to extending 6-month payment deferrals
Mortgage insurers in Canada dread extending six-month Covid payment deferrals, anticipating with horror what could happen if the payment…
By
Fed floats digital currency trial balloon
The US central bank has partnered with the Massachusetts Institute of Technology (MIT) in a multiyear effort to build…
By
Citigroup sues over £134m “accidental transfer”
US banking giant Citigroup has initiated a lawsuit to recover £134m ($176m) it claims it accidentally transferred to creditors…
By
UK’s best and worst banks for customer service, rated by customers
An independent survey asked retail banking customers whether they would recommend their bank to friends and family: their answers…
By
China to expand pilot test of digital currency
China’s Commerce Ministry has announced imminent plans to expand a pilot programme for its homegrown digital currency to include…
By
WhatsApp sees big profits in financial inclusion
For Abhijit Bose, head of WhatsApp India, there is a remarkable business opportunity in bringing prosperity to the aspiring…
ByNegative interest rates: what to expect, how to prepare
The Bank of England (BoE) is preparing the City for the possibility of a shift into negative territory for…
By
Malaysia’s Islamic banks lean on retail financing amid Covid, Moody’s
Moody's Investors Service says in a new report that a concentration on retail financing and other structural features will…
By
NY Banks and tech giants pledge to hire 100,000 minorities
The CEOs of 27 firms among New York’s major industries—including banks, tech companies, and consulting firms—are forming a group…
By
UK consumer lending will dive 16% in 2020, EY forecasts
Britain’s banks will lend 15.9% less to individual and household using funds for individual and family purposes, predicts the…
By
Fed to launch a real-time, instant payments system ASAP
The US central bank has said it hopes to make its round-the-clock, instant payments system operational "as soon as…
By
Commerzbank writes off €175m-Wirecard loan as “lesson learned”
Germany’s second-largest bank has said it wrote off €175m ($207m) in the second quarter related to a large single…
By
Singapore: bank lending continues to drop despite economy reopening
Bank lending in Singapore fell for the third consecutive month in May as the contractionary effects of the lockdown…
By
Revolut brings Open Banking to its Italian customers
Revolut has announced the launch of Open Banking for its over 400.000 retail and business customers in Italy. The…
By
Canada’s banks launch comprehensive Covid relief plan
As the coronavirus pandemic continues to take a mounting toll on the Canadian economy, the Canadian Bankers Association (CBA)…
By
HSBC: profit fell 69% during “most challenging times in living memory”
The British multinational’s performance in the first half of 2020 was heavily impacted by the Covid-19 outbreak, geopolitical risk,…
By
Varo Money gets licensed to become a national bank
Digital bank Varo Money has received a bank charter from the Office of the Comptroller of the Currency (OCC)…
By
UK banks face hard-Brexit uncertainty amid Covid
With the UK and the EU “unlikely” to reach a free-trade agreement by the end of the year and…
By
India’s banks tussle to lend against 1.5tr gold stockpile
Gold prices have soared to an all-time high, and banks in India are outdoing one another in the rush…
By
Lloyds Bank suffers rare loss as Covid takes toll
Lloyds Banking Group has reported a rare pre-tax loss of £602m in the first half of the year, after…
By
Santander reports €11bn loss, citing adverse economic climate
Spanish banking giant Banco Santander has announced an €11bn loss in the second quarter, citing Covid-plagued economic environment and…
By
DBS and GovTech join hands to test face verification technology
Development Bank of Singapore (DBS) has partnered with the Government Technology Agency of Singapore (GovTech) to pilot the latter’s…
By
Euro zone lending still up 7.1%, after biggest jump since 2009
Data from the European Central Bank (ECB) have revealed that lending to nonfinancial firms increased 7.1% year on year…
By
US: Covid-stricken banks rely on soaring mortgage business for profit
As homeowners rush to take advantage of lower rates, mortgage refinance applications have jumped 122% from a year ago,…
By
Green Finance: Barclays to become Net Zero bank by 2050
Barclays Bank takes a leading role in tackling climate change by becoming one of the first banks to pledge…
By
Covid crisis: BofA sees signs of recovery
While banks generally don’t expect the economy to pull out of its slump anytime soon, Bank of America executives…
By
Hong Kong banks shelve return-to-office plans as 3rd wave of covid hits city
Major banks in Hong Kong have suspended their back-to-office plans as a third wave of coronavirus infections—the worse yet—reaches…
By
China: regulators warn about imminent surge in bad loans
China’s financial regulators have rung the alarm bell about a new wave of bad loans, as the covid-19 crisis…
By
Britain’s £36bn toxic loans problem and uneasy solutions
Up to £36bn worth of government-backed business loans could turn toxic by next year, as firms struggle to repay…
By
Bank of England mulling new digital currency post-Brexit
Andrew Bailey, the governor of the Bank of England (BoE), has revealed Britain’s intention to introduce a central bank…
By
Canada: “Stay out of banking business,” banks tell post office
The lobby group representing Canada’s big banks says there just is “no public policy objective or existing gap in…
By
Digital challenger SoFi has applied for a bank license again
The US-based personal finance innovator that withdrew a 2017 bank license application amid sexual harassment allegations against co-founder and…
By
Canada’s Big Five banks join “Stop Hate for Profit” boycott against Facebook
The Canadian banking giants are among the latest companies to climb aboard a campaign that has vowed to fight…
By
Yapeal launches digital wallet powered by Marqeta
Digital banking startup Yapeal has chosen card-issuing platform Marqeta to help energise its digital wallet. The Marqeta platform facilitates…
By
Pulling together to shape the future of payments
The payments landscape is on the verge of a major transformation. All participants must step up to keep pace…
By
TSB: learning from the mistakes of the past
TSB Bank emerged from a much-publicised IT crisis two years ago determined to regain customer trust. As Mohamed Dabo…
By
Rethinking self-service in the age of covid-19 and beyond
Self-service is an integral part of today’s consumer banking. NCR’s Robert Johnson warns against complexity as the industry strives…
By
Fintech innovation and the banking sector
The fintech-big bank relationship is often depicted as a David-versus-Goliath story. This is wrong, says Lloyds’ Ravi Bhalla, the…
By
South Africa’s first digital-only bank is breaking all the rules
TymeBank is the first bank to be issued a new banking license by the South African Reserve Bank since…
By
South Korea : the world’s “best” counterfeiters issue fewer bogus banknotes
Data from the Bank of Korea (BOK) has revealed that the number of fake South Korean banknotes found in…
By
TransferWise to offer retail investment services in UK
British online money transfer service TransferWise has received regulatory approval to provide retail investment products and services in Britain.…
By
Scammers made off with £16m during lockdown
Online shoppers lost over £16m to cybercriminals during the covid-19 lockdown, with younger shoppers bearing the brunt of the…
By
Covid-19 scams: how criminals are profiting from the pandemic
Warning bells have been sounded over scammers targeting customers and claiming to be from banks or the financial watchdog.…
By
Covid-19 battle strategies for consumer banks
The coronavirus pandemic is the biggest challenge faced by financial institutions over the last century. Mohamed Dabo asked what…
By
Asia: big banks are hiring again to bolster digital platforms
Major banks in Asia have resumed hiring new staff to boost their digital operations. Financial institutions ranging from the…
By
Japan’s Mizuho: Conditions are “worse now than during the Lehman Brothers collapse”
The CEO of Japan’s third-largest lender says economic conditions are worse today than they were during the emblematic event…
By
UK Banks could extend credit card holiday to September
British banks and regulators are discussing the possibility of extending relief measures for covid-hit customers until the end of…
By
CIMB Bank scraps mortgage rate hike after customer outcry
CIMB Bank in Singapore was forced to backtrack after a group of angry customers set up a website to…
By
Spain’s Sabadell plans to close 235 branches
Spain’s fifth-biggest lender is preparing to eliminate 235 branches in the country, to trim costs and focus on its…
By
Worldline bags contract to set up BNP’s Contact Service Centre
Worldline has reached a multi-year deal to build and operate an omni-channel contact service centre for BNP Paribas Fortis.…
By
Requiring face masks could lead to bank robberies, says US regulator
Brian P. Brooks, acting head of the Office of the Comptroller of the Currency (OCC), has warned that mandating…
By
US: minority businesses, worst hit by covid-19, get the fewest loans
US policy makers are grappling with a paradox that has Black- and other minority-owned businesses facing the biggest hurdles…
By
UK: 650,000 businesses get £27.5bn through Covid-19 lending schemes
UK lenders have approved £27.5bn to more than 650,000 businesses so far through the three major government-backed lending schemes.…
By
India may provide $20bn to bolster covid-hit state banks
India may need to invest up to 1.5tn rupees ($19.81bn) into its state-owned banks, whose bad loans problems have…
By
Indonesia: state bank’s clients worse hit than during Asian crisis
State-owned lender Bank Rakyat Indonesia (BRI) is struggling to help customers that are worse off during the pandemic than…
By
EU: jittery banks risk crippling recovery efforts
Trillions of euros in ultra-cheap money is too slow getting into the hands of the intended targets, as fearful…
By
US relaxes banks’ leverage rules to boost lending
US banking regulators have temporarily eased a key capital measure for large banks to allow them to grant more…
By
Tesco customers warned about default from payment holidays
Tesco Bank customers who have been granted credit card payment holidays on the back of the covid-19 crisis have…
By
Banks see a 238% surge in cyber attacks amid covid-19
The coronavirus pandemic has ignited a proliferation of attempts to damage, disrupt, or gain unauthorised access to the computer…
By
Tinkoff Bank profits big amid covid-19
Tinkoff Bank CEO Oliver Hughes says “this is a brilliant time,” as the Russian online banking platform reports robust…
By
Indian banks ask government to fund ‘bad bank’
Debt-plagued Indian banks have petitioned the government to set up a bank that would buy bad loans to help…
By
Japan: banks’ lending growing the fastest since the 2009
Covid-hit Japanese firms' voracious need for funding boosted bank lending faster in April than at any time since the…
By
Brits get 700K card pmt breaks, 470K loan freezes
The banking and finance industry has provided financial relief to hundreds of thousands of consumer credit customers whose finances…
By
Banks turn down ECB’s offer of more money to make loans
European banks have declined the European Central Bank’s offer to pay them to keep loans flowing to eurozone businesses.…
By
Philippine: banks’ credit losses to jump threefold
Philippine banks have increased provisioning to prepare for a possible threefold surge in credit losses, amid sagging domestic economy.…
By
Vietnam: overdue loans threaten banks’ viability
The covid-induced surge in loan delinquencies is threatening Vietnamese banks’ earnings and their growing capital momentum. Banks across the…
By
Australian banks ramp up support for covid-hit customers
Data released by the Australian Banking Association (ABA) shows that banks are escalating their assistance to consumers and businesses…
By
BNP prepares for a flood of loan defaults
BNP Paribas has set aside new provisions in anticipation of a surge in customers defaulting on their loans because…
By
Banks urged to reimburse APP fraud victims
The Lending Standards Board (LSB), which provides independent oversight over personal and small business borrowing in the UK, says…
By
Asian banks struggle with covid-induced IT challenges
Remote working and disruptive changes in operations are bringing about a range of technical problems that banks across the…
By
Covid-spooked banks hike up personal loan rates
High street banks have increased interest rates on new personal loans as fears of the coronavirus raise concerns about…
By
UK: heavy workload, credit checks, staff shortage impede covid loan approval
Banks are giving out fewer Coronavirus Business Interruption Loans (CBILs) as time-consuming steps slow down the processing of the…
By
Future bank branches could be multipurpose, says Barclays boss
Post-covid-19 bank retail branches could be used by investment banking and call centre workers, Barclays chief executive Jes Staley…
By
Kenya is advising citizens to use digital payments
Kenyans should use digital payment methods instead of cash as a precautionary measure against the coronavirus, the government has…
By
Barclays suffers 42% drop in profit, takes £2.1bn credit impairment charge
The British bank has reported a 42% fall in first-quarter net profit year-on-year and decided to take a £2.1bn…
By
Japan: covid-19 boosts card payments, lowers ATM withdrawals
The number of card payments in Japan will grow by 2.6% in 2020 and ATM withdrawals will shrink by…
By
Metro bank to refund customers £10.5m plus interest
Nearly 13,000 Metro bank customers are set to receive more than £10.5m in refund after the bank failed to…
By
UK’s chief banking regulator urges “fair” lending amid covid-19
The Financial Conduct Authority (FCA), Britain’s regulator of the financial services industry, says banks must be impartial in how…
By
US banks prioritised wealthy clients for SME rescue loans
America’s biggest banks gave preferential treatment to their wealthiest clients as they processed the federal government’s $349bn aid package,…
By
Chinese banks’ bad loan ratio to rise again in 2Q
Chinese commercial banks’ non-performing loan (NPL) ratio is expected to continue climbing in the second quarter of this year,…
By
Banks notice a rise in credit card skimming amid covid-19
As consumers everywhere take to online shopping amid coronavirus social distancing and lockdown mandates, cybercriminals are increasingly focusing on…
By
US banks struggle with large cash withdrawals amid covid-19
Banks and credit unions across the United States have run low on cash as the coronavirus pandemic prompts customers…
By
Banks can help, but many cardholders are unaware help is available
While banks, lenders, and credit card issuers are offering assistance, many customers who have been financially affected by the…
By
Banks run out of loan money, leaving US SMEs hanging
The US government’s $349bn emergency small business lending program has officially tapped out, leaving small business owners waiting in…
By
UK: new rules helping covid-hit credit card holders take effect
New measures designed to help credit card holders and debtors that are impacted by the coronavirus pandemic will take…
By
Banks face a flood of covid-related credit card defaults
Banks are bracing for billions in credit card losses as cash-strapped customers struggle with rising unemployment and salary cuts…
By
Taiwan banks to get more stimulus funds as epidemic goes on
The Taiwanese government has made available an additional $1.33bn, on top of the previous $2bn (T$60bn) package, to stimulate…
By
Banks brace for coronavirus recession as profits dive
Big banks are setting aside billions in additional money to get ready for an avalanche of loan defaults as…
By
US lenders overlook minority-owned businesses in allocating covid-19 aid
As US lenders strive to divvy up the government’s $349bn aid package, Black-owned and other minority-owned businesses are struggling…
By
Singapore banks will refuse entry to customers not wearing mask
All customers visiting bank retail branches must now wear face masks to be allowed to enter, the Association of…
By
Fed lifts Wells Fargo’s asset cap so bank can lend to SMEs
The Federal Reserve is modifying the asset cap it has imposed on Wells Fargo so the bank can participate…
By
BOA to hold annual meeting remotely due to covid-19
Bank of America will host its 2020 annual meeting of shareholders via a live webcast due to public health…
By
Bank bosses take pay cut to “share the pain” of Covid-19
The heads of Britain’s Barclays and Spain’s Banco Sabadell are the latest European bank captains to sacrifice part of…
By
NatWest scrambling to keep up with calls for emergency loans
The UK’s biggest business lender is receiving nearly 10 times as many calls as usual from ailing firms vying…
By
Singapore loosens the leash on banks grappling with covid-19
The Monetary Authority of Singapore (MAS), the island’s central bank and financial regulator, is allowing banks to adjust their…
By
Wells Fargo slashes home loan products amid coronavirus crisis
Wells Fargo has decided to offer fewer mortgage products as the coronavirus-fuelled economic downturn puts increasing pressure on America’s…
By
Trump’s SME lending programme is crippled by system failure
America's $350bn small business loan programme has been hamstrung by a host of technical glitches preventing thousands of applicants…
By
Coronavirus whips up anxiety about savings accounts
The coronavirus pandemic has triggered a ‘significant rise’ in the demand for savings solutions, reveals an independent financial advisory…
By
Coronavirus relief measures hit Singapore banking profits
The raft of financial support measures for businesses and consumers announced by the Monetary Authority of Singapore (MAS) threaten…
By
UK: banks scrap dividends, bonuses to lend to clients in pandemic
Large British banks have decided not to pay shareholders nearly £8bn worth of dividends, and to cancel cash bonuses,…
By
US banks may boycott small-business relief plan on liability fears
Several US banks have warned they will find it hard to take part in the government’s small-business rescue programme,…
By
BoA hired 2,000 workers in March, will not layoff in 2020
Bank of America, which hired over 2,000 new employees in March alone, says it will not be doing any…
By
India orders banks to stay open during coronavirus lockdown
The Indian government has directed that banks are essential services that must remain operational during the three-week coronavirus lockdown.…
By
Canada cuts down capital requirement, freeing C$300bn for lending
Canada’s banking watchdog has reduced the amount of capital banks have to set aside for a buffer, freeing up…
By
EU postpones new capital rules to help coronavirus lending
The European Union has decided to delay tough new capital requirements for banks in order to encourage business and…
By
Experts, businesses blast banks for coronavirus loan handling
Small business owners and industry observers have criticised banks for impeding access to the government emergency coronavirus loan scheme,…
By
RBI cuts rate, suspends debt payments to offer coronavirus reprieve
The Reserve Bank of India (RBI) has initiated a host of measures aimed at minimising the damage from covid…
By
Singapore has set up a US$60bn coronavirus crisis fund for banks
The Monetary Authority of Singapore (MAS) has pledged to provide up to UD$60bn to support more stable USD funding…
By
“Digital dollars” get big push as coronavirus crisis deepens
Separate bills in the US House of Representatives and Senate propose creating so-called digital dollars and the accounts that…
By
Coronavirus: banks scale back retail operations in US
As the impact of the coronavirus outbreak continues to intensify across the United States, reducing foot traffic to retail…
By
FCA urges banks to ease access to cash amid coronavirus hardship
The UK financial watchdog is encouraging banks to take steps to facilitate customer access to cash--such as waiving fees…
By
UK’s £330bn rescue package not enough, businesses warn
Some businesses have warned that the government's £330bn rescue package for British businesses doesn't go far enough. The government…
By
US to ban overdraft fees during coronavirus pandemic
Two Democratic senators have introduced a bill that would keep consumers from paying “unnecessary bank fees” during the coronavirus…
By
US banks call for deregulation to combat coronavirus
America’s biggest banks have asked the federal government to give them some regulatory relief to better enable them to…
By
UK banks say they will survive coronavirus
After decades of rising capital requirements, UK banks are confident that their balance sheets are strong enough to withstand…
By
Coronavirus: JPMorgan to pay $1000 bonus to frontline workers
The largest US bank by assets has pledged to pay a $1000 bonus to its workers who are staffing…
By
Coronavirus: Aussie banks unveil SME relief package
Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months. Australian Banking Association CEO…
By
Bank of America to give $100m for coronavirus relief
Bank of America commits $100m to help communities around the world get through the coronavirus Pandemic. As the world…
By
MatchMove joins Singpura to get digital banking license
Singapore financial-technology firm MatchMove has teamed up with home-grown finance company Singapura Finance and two others to apply for…
By
Big US banks halt stock buybacks to lend to customers
The biggest banks in the US have decided to stop buying their own shares in order to use those…
By
City of London’s biggest banks take on coronavirus
Many of the City of London's biggest institutions are taking decisive action to combat the spread of the coronavirus.…
By
Coronavirus: banks nudge customers towards online banking
Banks are increasingly encouraging the use of their online and mobile banking, as more customers are seeking ways to…
By
Bank of America to help customers impacted by coronavirus
Bank of America CEO Brian Moynihan said his banks is ready to help out customers impacted by the virus…
ByPakistan bank fears CPEC might fall victim to coronavirus
HBL Bank, Pakistan’s largest bank, is worried that the pandemic might force China to put the break on the…
By
UK Banks to offer coronavirus mortgage holiday
Mortgage lenders across the UK have announced plans to allow people affected by the coronavirus outbreak to defer mortgage…
By
Asia: banks reassess coronavirus contingency plans
Global banks including UBS Group and Bank of America are expanding their contingency plans across Asia to ensure their…
By
Virgin Money to close 52 branches, slash 500 jobs in restructuring
UK-based banking and financial services firm Virgin Money said it was closing 52 branches and cutting 500 jobs as…
By
HSBC’s new retail and private banking targets the globally mobile
HSBC is to bolster its newly combined retail and private banking business as it aims for the internationally-minded wealthy…
By