Banking


Keeping the customer profitable

Separating customer billing from core systems can have dramatic effects on the bottom line – a study by Boston Consulting Group at one bank found that 17% of clients were unprofitable.

Standard Chartered Hong Kong rolls out digital branch

Standard Chartered Hong Kong has opened its first ‘digital’ branch, in which customers are greeted by giant screen TVs, the bank’s mobile apps in a special experience zone, and QR code scanning on an iWall, as well as e-signature pads and virtual queuing.

Standard Bank launches West Africa expansion drive via Côte d’Ivoire

Standard Bank of South Africa has launched a major expansion drive in West Africa, starting with the opening of a new representative office in the Côte d’Ivoire. The bank plans to use the Abidjan office to become familiar with the region and identify further opportunities within it.

Looking to China’s Skipped Generation

China’s miraculous economic catch up since reform and opening up has created an unprecedented generation of consumers. The way this generation has adopted the on-line world in China is very different from that in the West.

HSBC rolls out mainland China corporate cash management solutions

HSBC Bank China has completed its first electronic tax payment for a corporate client in Shanghai, in a move that the bank says is the first among all foreign banks I the city. The new tax payment service deducts funds in real time and enables customers to complete tax reports and process payments on the government’s tax system terminal from any location.

LCH. Clearnet appoints new chief executive

LCH.Clearnet, the clearing house subsidiary of the London Stock Exchange, has appointed Suneel Bakhshi as its new chief executive. He will take up his new role in early 2014.

KPMG calls time on the universal banking model

Geopolitical shifts and increasing protectionism among nations will mean that the universal banking model is no longer sustainable – and there is little that anyone can do, according to Bill Michael, EMA head of financial services at KPMG. “The future shape of banking is beyond the control of boards, individual regulators or countries alone,” Michael […]

Citi builds out global eBAM service and cross-border payments

Citi has expanded its electronic bank account management service to 55 countries, in a move that the bank says will help corporate treasurers to better manage risk. The bank also expanded its cross-border WorldLink payment service into new emerging markets.

Markit masses support for open messaging service

Financial information services company Markit is aiming to create the largest financial markets messaging community and remove barriers to cross-market communication through its open messaging initiative and supporting technology, Markit Collaboration Services.

The challenges of paying Asia faster

Slowly but steadily, financial institutions and their corporate clients are beginning to talk about growth again. Markets are gradually shifting from a purely defensive position; the Fed has spoken about tapering its quantitative easing programme; and many companies are putting expansion back on the agenda in response, writes Greg Murray.

Making ‘social’ communication pay

Social media may be a dirty word to most banks’ CFOs. But when 28 hours of a 40-hour week are lost to emails and searching for information, there has to be a better way, according to Tony Zingale, chief executive at Jive Software, which has just launched in Europe.

Lloyds partnership marks start of overseas extension

Lloyds Banking Group’s partnership with Standard Chartered Bank, announced this week, is likely to be the first of a series of such deals intended to allow the UK-focused bank to extend its client services overseas.

NDAB-Deutsche Bank deal will ease dollar flow

The National Bank of Abu Dhabi (NBAD) has signed a deal with Deutsche Bank to use its Guaranteed US Plus payment solution, which it promises will improve price transparency for clients with individual US dollar flows into the US.

Trade: adjusting to a new direction of travel

As trade flows shift across regions and economic headwinds blow, the trade finance business is facing challenges. Anne Queree examines how correspondent banking networks are adapting

Operational risk: Hell is other people

As the focus on operational risk increases, Nicholas Pratt discovers that the greatest threats to a bank’s security lie outside of its four walls

Innovation: there is a better way

Innovation in financial services may not generate products quite so world-changing as the inventions of Edison, but the principle of finding better ways to do something does inform most developments.

Payments: the final push

For those involved in European payments, the final months of this year are likely to be characterised by a frenzy of activity as the deadline for migration to single euro payments area instruments looms.

Deutsche Bank signs wealth of global deals

Deutsche Bank has signed deals with Dubai Islamic Bank, Abu Dhabi Commercial Bank, Agricultural Bank of China and China Merchant Bank to use its products and services in Europe, the Middle East and Asia.

Securities settlement: the guessing game

With implementation of Europe’s Target2-Securities beginning in 2015, financial institutions are still defining their strategies and business models. Some questions remain to be answered.

Barclays builds on Pingit head start

Barclays is making a determined effort to capitalise on the two-year lead it has built up with its Pingit mobile payments application with two new applications intended to allow retailers to integrate mobile payments into their services.

Standard Chartered backs mobile wallets

Standard Chartered has launched a mobile wallet service targeted at corporate clients in Kenya. The service has been developed in partnership with Safaricom, which operates the mobile money transfer service M-Pesa. The bank hopes the deal will herald the start of a major drive to open up financial inclusion in emerging markets.

BAML builds single data repository

Bank of America Merrill Lynch (BAML) has completed consolidation of client transaction banking data from multiple systems into a single centralised data repository. The service will provide corporate clients with up to 14 months of data online or in file format.

Millions prepare to switch banks as UK switching service launches

Experts are saying millions of people will abandon their old banks and switch to a new provider, following the introduction of new rules on 16 September designed to make it easier to change banks. But estimates vary widely, from single digits to tens of millions.

Brave new worlds

International financial centres can play an important role in easing companies’ participation in new markets. Heather McKenzie looks at the elements needed to build a successful financial centre

Zapp zeroes in on UK banks as mobile banking competition builds

Mobile payments specialist Zapp is expecting to sign up five of the six major UK banks within the next few weeks, following a deal with acquirer WorldPay, announced this week. However, the platform still has a long way to go to catch-up with rival Barclay’s Pingit, which has a significant head-start, having launched in February 2012.

UK account switching rising – but still below par

Retail banking competition is likely to heat up over the next decade, with millions more people switching accounts every year, according to new research published by the Centre for Economics and Business Research. But current levels are still far behind those found in other industries such as electricity and gas utilities, the study found.

Goldman Sachs trading error is “a warning to all”

Financial industry analysts have warned that investors should be careful about how they approach automated trading, following news that a trading error at Goldman Sachs lost the firm $100 million on Tuesday.

UK retail bank reform: a road to nowhere?

The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.