Metro Bank to axe 20% of jobs and review branch opening hours in push to cut costs
The bank is due to cut around 800 jobs as it looks to save up to £50 million per year in costs.
Banking
UK challenger Aldermore Bank enters strategic partnership with Mambu
Aldermore joins 18 regulated UK banks and 22 non-bank lenders and EMIs which run on Mambu.
The ‘Boots’ theory of socioeconomic unfairness
The people who need fair credit products the most may not have access. That’s economic unfairness.
Video: Highlights from FinTech Futures’ AI Insights panel and networking event
Watch our highlights video from the FinTech Futures AI Insights event on 22 November.
State of play: GenAI in financial services
Generative AI is currently in the ‘experimental phase’ in the financial services industry.
HSBC appoints CEO and COO for new embedded finance JV
HSBC executives Vinay Mendonca and Shehan Silva have been appointed as CEO and COO of the new JV, respectively.
JP Morgan receives approval from ADGM to upgrade licence, plots UAE expansion
The US banking giant is aiming to boost its presence and service offerings in the UAE.
ASR Nederland explores sale of digital bank Knab
ASR first acquired the brand in July this year after buying up Aegon’s domestic operations in the Netherlands.
Australian banks join forces to protect customers from scammers with new Scam-Safe Accord
The industry will also make an AUD 100 million investment towards a new confirmation of payee solution.
Shareholders give Metro Bank refinancing deal the green light
The £925 million rescue deal also grants Spaldy Investments a 52.88% ownership stake.
Jack Henry’s president of bank solutions, Stacey Zengel, to retire in 2024
A longstanding company executive, Zengel has worked with Jack Henry for the last 24 years.
HSBC launches $150m venture debt product for high-growth scale-ups in Australia
Loans are anticipated to range from $6.6 million to $19.8 million.
India’s PhonePe reportedly planning to launch consumer lending in January 2024
According to sources, over the next six to seven months, PhonePe plans to launch multiple consumer credit products.
Are we AI ready?
As we continue to layer AI technology into our day-to-day lives, the risks continue to multiply.
Demystify Podcast: What banking can learn from telecoms with Herve Manceron, Skaleet
What banking can learn from the telecoms industry that has already undergone cloud technology transformation.
European Central Bank highlights continued sector-wide risk in latest Financial Stability Review
The ECB says residential and commercial real estate markets face “downside surprises” due to inflation.
Barclays could reportedly cut around 2,000 jobs in push to reduce costs by £1bn
Reuters reports that the bank’s managers are looking to increase profitability and are reviewing proposals.
What the FinTech? | S.4 Episode 22 | Personalisation in digital banking
In this episode of the podcast, we’re joined by Olivier Berthier, CEO of Moneythor.
Wealthtech start-up Alpheya receives investment from BNY Mellon and Lunate
Based in the ADGM, UAE, Alpheya will build a wealthtech platform for the MENA region, with plans to launch in 2024.
UK financial services firms cautious but keen to adopt GenAI, new survey says
The study surveyed 23 members of UK Finance, including banks and non-banking financial services firms.
Funding Circle and Atom Bank to provide an additional £150m in financing to UK SMEs
The third such partnership between the two firms takes Atom’s total lending with Funding Circle up to £800m.
UK government publishes findings from the Future of Payments Review
Commissioned by the UK chancellor and launched in July this year, the report has been authored by Joe Garner.
FinTech Futures: Top five stories of the week – 24 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Mashreq taps Visa and Ecolytiq to launch climate banking platform
The platform uses transaction data to produce carbon footprint analytics.
This can’t be right
The only way to support people who need money is to give them fair, affordable and speedy access to it.
BBVA Switzerland selects Metaco’s Harmonize to power digital asset operations
Metaco will work with the bank’s existing partner Avaloq to deploy its digital assets offering.
Blue Ridge Bank set to trim BaaS fintech partnerships down to a “limited number”
The bank was flagged by the OCC last year for “unsafe or unsound” practices concerning its BaaS business.
Jordan Ahli Bank taps Fintech Galaxy to comply with open banking standards
The bank’s customers will now be able to share their financial and banking data with third-party apps.
BNF Bank chooses Aspire Systems as strategic partner for implementing cutting-edge Temenos digital banking solutions
Aspire Systems has partnered with BNF Bank on a transformation journey to implement Temenos digital banking solutions.
WeLab launches Bank Saqu as its second digital bank in Asia
The newly launched digital bank aims to target the younger generations, with a focus on solopreneurs in Indonesia.
Driving competitive advantage in financial services with UX research
The role of UX is to be the voice of the customer in the journey of transformation and solution discovery.
ICYMI fintech funding round-up: Refine Intelligence, Apiture, Solvimon and more
Our weekly fintech round-up for you to get the latest funding news from around the world.
US digital bank Green Dot appoints SVP Dave Harden as new CTO
Harden has served as the bank’s SVP of product development since February 2022.
FinTech Futures: Top five stories of the week – 17 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Ireland’s Synch ditches plans to roll out mobile payments app
Synch says “it was no longer feasible to launch its payment app Yippay into the Irish market”.
The irony of incumbent core banking vendors
Incumbent core banking vendors have become the very thing they have been selling banks to replace.
Lynx raises £15m Series A funding to fight fraud and financial crime
Created 20 years ago, Lynx leverages AI and machine learning to detect and prevent financial crime.
AMP Bank and Salt Bank tap Starling’s Engine platform for digital banking offerings
Engine enables clients to build their own banking propositions using the same core technology that Starling uses.
Commerzbank becomes first German bank to receive crypto custody licence
With the new licence, Commerzbank aims to build up a range of digital asset services, with a focus on crypto assets.
FCA places embattled Metro Bank on financial crime watchlist as rescue deal continues
Its position on the watchlist was revealed last week via the release of a 217-page dossier outlining a rescue deal for the bank.
