The average bank now typically views web portals such as Google as the biggest threat to its business, according to a new report by French retail banking association Efma and business IT firm Infosys. Yet banks also report rising levels of innovation within their firms.
Large retail banks sometimes find it hard to change because they have assimilated many smaller banks through acquisition, each of which is running on a payments engine that has different features and may be very old. That can make it difficult to offer new services, but there is a solution according to Paul Thomalla, head of EMEA at US-based payments and technology firm ACI Worldwide.
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 […]
Coming to the US to tell an audience of payments specialists about how the UK has transformed its national infrastructure over the past five years with the introduction of an effectively real-time payment system might have been considered a rough assignment – what can the Brits teach the wider world, particularly the US, about payments […]
The overwhelming majority of US consumers would not use a mobile wallet, according to a survey carried out by consultancy Consult Hyperion during September.
Understanding and embracing cross-channel communication behaviours will become increasingly critical to success in the banking industry, writes Steve Dille, SVP of global marketing at Maryland USA based communications firm Message Systems.
With customers expecting consistent service across all channels, banks must step up to the plate and streamline their processes when it comes to customer interaction. Using the omnichannel approach, they’ll also reap the rewards of better customer intelligence and a clear idea of how best to spend precious budgets.
New technologies are transforming the consumer experience in retailing and in banking. For banks to remain relevant, they need to work with innovators, writes Paul Skeldon
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.
The UK’s second largest building society is being moved to a modern delivery platform managed by HP, with the establishment of a Shared Services Alliance with HP Enterprise Services UK to offer the platform to a wider range of UK financial services institutions.
The challenging ongoing economic climate and the resulting shrinking markets have created an environment of greatly increased competition. In order to deal with the pressures of recession, retail banks are increasingly being forced into a strategic transformation of business structure, culture and practice. How they interact with customers is a prime focus during these transformations, writes Mike Davies, Regional Vice President Sales EMEA North at GMC Software Technology.
Payments made via mobile devices are fast becoming de rigueur as tablet sales are expected to overtake personal computers by 2017. Shane Fitzpatrick addresses five common myths about m-commerce and how to capture online revenues. Smartphones are already more popular globally than desktop PCs and of the 1.875 billion phones to be sold in 2013, […]
Why are banks and insurers struggling to operate as true customer-centric organisations when they know great customer service is a crucial differentiator? The answer lies in the enterprise operating model, which can create a structural barrier to achieving customer-centricity, writes Sean Tomlinson. head of consulting, private sector, Steria (right). The problem with the enterprise operating […]
Banks need to embrace video banking if they are going to compete effectively and retain customers, according to a new report released by analyst firm Celent.
The possibility of jail for miscreant top bankers has hit the headlines following publication of the Parliamentary Commission on Banking Standards final report, a compendium of all that is considered wrong with both banks and the regulator …
Customers expect their interactions to be as short, and as easy as possible, with a satisfactory outcome. This ideal customer experience can be achieved through a combination of the right strategy, the right resources, the right workforce skills and supporting tools and technology . But so many firms still fail to get it right
While a child as young as nine years old can use Facebook and Twitter (despite rules saying users should be over 13), multi-million dollar financial service companies often fall behind in their adoption of social media.
UK Treasury officials and senior bank representatives showed diverging views over the future of retail banking at an event hosted by Experian in London yesterday, revealing differences of opinion about how best to reform the sector.
Nationwide Building Society has brought in a new tool from ATM maker NCR designed to protect its customers against card-skimming, a type of fraud in which criminals steal customer data from ATMs.
In early 2009, soon after the global subprime fallout, the official Vatican newsletter published a rather contextual referral for Islamic banking, observing that the ‘ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service‘, writes Riaz Akhtar, senior consultant, […]
The latest figures from UK retailers show a significant move to debit cards and new mechanisms like PayPal as consumers shy away from cash and credit cards.
The UK retail banking sector is characterised by a continuing lack of competition and resultant limited customer churn between financial services providers. This has made it difficult even for new market entrants to gain market share from long-standing, less popular competitors, due to the inconvenience and complexity involved in switching banks.
The idea of sending money via email is not entirely new. This month, however, a new financial player entered this arena: Google announced that it will integrate Google Wallet into Gmail.
Traditional finance is not as we once knew it. The internet has completely disrupted the financial services value chain. The banks are struggling to keep up with advancing technology. Understanding mobile, cloud computing, social media, big data and how to utilise each capability are key challenges for the banks to overcome.
Across Europe many banks feel unprepared for the next phase of the ‘digital revolution’, while factors such as expensive compliance regulations, poor data management and outdated systems are constraining them from implementing new solutions
Social investment network eToro is to open up shop in the UK, having won approval from new regulator the FCA this month. Founded in 2007, eToro is a social trading network that aims to revolutionise the way retail investors and high net-worth individuals connect with the market.
Bank has named FIS as its technology partner to provide a technology platform in a fully-hosted outsourcing deal that will run for the next four years.
In the debate about the future of UK retail banking, the role of the building society is often overlooked, but technological change is playing to their strengths.
Financial institutions have owned the commercial payment space for centuries, but are now seeing a threat to their incumbency from new technologies that have opened up the industry to other business sectors. Mobile transactions in particular are shaking-up banking.
Brett King, founder of Moven, speaks to Banking Technology editor David Bannister about how banks have to cope with the move to a virtual world and the emergence of what he calls “smarter payments”.
Lloyds Banking Group says it is well advanced in plans for the separation of branches that it had hoped to sell to Co-op Bank in compliance with a European Commission ruling following the state aid it was given by the UK government.
US banks Heritage Bank and Central Valley Bank have adopted an account processing tool called DNA from financial technology provider Fiserv. Parent company Heritage Financial says the platform’s flexibility will help the banks grow.
A journalist, a politician and a banker walk into a bar … sounds like the beginning of a joke, doesn’t it? Feel free to submit a punchline: personally, I’m starting to think that it would be a very sour joke. With banker-bashing now an established national pastime, the press having spectacularly fouled their own nest […]
At the beginning of March, George Osborne travelled to the English seaside town of Bournemouth to make a speech at the JP Morgan operations centre there. It wasn’t Henry V’s St Crispin’s Day speech, but it may well go down as a watershed moment in the history of the UK financial services sector. Osborne is […]
Banks should pay attention to the needs of a new generation of consumers if they want to secure their business lines for the future, according to Mark Hale, head of payments at KPMG.
Disruptive digital technologies such as mobile and the internet will destroy the established retail banking business models by removing the physical product and replacing it with a digitised bank account, according to Brett King, speaking at the IPS show in London today. “In the old days there was a physical product, and a physical store,” […]
Bank of America has launched a new ATM service that will allow users to have a video conversation with a human teller at the machine.
A new generation of ATMs that offer customers more personalised services will provide a core tool for increasing levels of banking competition, according to a new report by business consultancy Navigant.
Personal financial management tools have spluttered in and out of fashion, but a combination of mobile, tablet and internet banking uptake may mean their time has come, Recent years have seen the emergence of a plethora of PFM tools, each of which purports to be the best way to keep track of your finances.
In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.
