Last month, we asked Paybefore.com visitors to vote for the Best Challenger Banks—the ones shaking up the status quo with a legit chance to become consumers’ preferred accounts, not just a stepping stone to the big banks. For the next few weeks, we’ll be sharing our spotlight articles on these challengers. First up is Revolut.
A distinctly cheerless round-up as we highlight some key moments regarding fintech layoffs. Features Simple and Royal Bank of Scotland (RBS). US-based digital banking service Simple has fired 33 staff members (about 10% of its workforce), including several executives, according to The Oregonian. Simple’s CMO, chief people officer, VP of operations, and VP of engineering […]
Blockchain vacancies in the UK increase by 25% with Britain posting three times as many jobs as Germany – and more findings in this infographic.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
With standards as simple as what we see with shipping containers, creative folks will begin considering options for almost anything that can benefit from these containers being mobile. The user experience that today we enjoy with mobile devices has changed the very heart of today’s data centre even as we see on-premise IT moving to clouds. Couldn’t a case be made that such flexibility be embraced even more aggressively in the future and couldn’t that change the very way we view banking as it continues to transform?
HSBC is introducing a new improved software platform for brokers and also confirms Personal Touch Financial Services as its next intermediary partner. The new software, provided by Capita, replaces the current system and provides a single platform which “drives greater automation, making it easier for brokers to transact, upload documents, and track details of mortgage […]
Canada’s banking group CIBC has unveiled Simplii Financial, its new direct banking brand, signalling the end of its President’s Choice (PC) Financial consumer banking business with retailer Loblaw. Mike Boluch, EVP, direct banking, innovation and payments, CIBC, says Simplii will deliver “straightforward, no-fee everyday banking” and offer services by telephone, online, or through mobile and […]
Credit Union Australia (CUA) has joined a group of banking providers, becoming the exclusive Australia and New Zealand partner of Pivotus Ventures. The deal – which also includes the UK’s Nationwide Building Society, US bank Umpqua and the Netherlands’ De Volksbank – will let CUA develop new digital banking opportunities. The ideas are being developed […]
Nordea is now keeping people informed about an ongoing investigation by the Danish Prosecution Service into its alleged anti-money laundering (AML) violations. By way of recap, it follows criticism by the Danish Financial Supervisory Authority (DFSA) in June 2016 regarding AML transgressions by Nordea Bank Danmark. According to Danish newspaper Berlingske, the money laundering involves […]
In the P2P showdown, who will be left standing? See how early entrants like Venmo and Square Cash stack up against Zelle and Apple.
Samsung will launch a pilot programme that enables Bank of America (BofA) customers to log into their mobile banking app by taking a picture of their eye, reports Finovate (Banking Technology‘s sister company). According to a report from American Banker’s Penny Crosman, half of BofA’s customers are using fingerprint authentication to log into their app, […]
Uganda-based DFCU Bank is also upgrading its core banking software to the tune of $20 million. DFCU is moving from version 7 of its Infosys’ Finacle core banking platform to version 10.
As expected, U.S. Sen. Elizabeth Warren (D-Mass) is not going to let the CFPB’s final rule on arbitration agreements go down without a fight. The ranking member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protections wants big banks—not just their lobbyists—to address the issue.
Banks are beginning to re-align their internal processes and external-facing products to take advantage of, and more fully realize, the potential of digital transformation. One of the biggest challenges they come up against in this pursuit is how to balance customer experience and security. In other words, implementing a framework that accounts for all the […]
Utah-based FinWise Bank, a subsidiary of All West Bancorp, has partnered with alternative small business lender Behalf.
SEFCU, a top-50 credit union in the US, is modernising its core processing software with Fiserv.
Market players are bullish on the near- and longer-term promise of fintech, according to new research by Opimas, “Fintech Spending and Innovation in Capital Markets”. In 2017, it estimates fintech spending across all capital markets participants to exceed $127 billion.
In the age of the internet, fintech dominates finance. In the UK, the sector is currently worth £7 billion, employing around 60,000 people with figures set to increase. The industry is definitely awe-inspiring, but as the lines between traditional banking services and fintech blur, fintech could disappear entirely.
Since 2012, the top ten US banks (by assets under management) have participated in 72 rounds totaling $3.6 billion to 56 fintech companies, according to CB Insights. While investment activity dropped on a quarterly basis in Q1 2017, four of the last five quarters have seen over $1 billion invested into fintech start-ups in the US backed by venture capital firms.
Nigeria-based Skye Bank has launched a new digital banking platform, SkyeXperience, built on the Oracle FSS tech. The bank plans to enrol over two million clients on the new solution by the end of next year.
People often need financial advice that’s best suited to meet their needs, which differ from one generation to another. You cannot expect millennials to consume the same financial advice as baby boomers. Times have changed, so financial institutions and experts also need to change their approaches to cater for the needs of a much younger clientele that’s distrustful of not only the government, but also financial institutions.
Fintech zeitgeist! This week, Banking Technology’s editor Tanya Andreasyan muses about the growing trend of celebrity endorsement in the fintech world.
UK-based challenger bank Tandem received an emergency cash injection of £3.6 million from its existing investors earlier this year when a major funding deal with House of Fraser collapsed.
PayPal has set up two innovation labs in India – based out of the company’s tech centres in Chennai and Bangalore – to help the country’s fintech start-ups grow.
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi and UAE Exchange have teamed up “to support, develop and promote the fintech” ecosystem in the country.
Business-to-business (B2B) payment solutions company Trustly has partnered with e-commerce payment provider Qliro.
Managing a relationship is stressful enough without introducing unnecessary miscommunications about day-to-day spending. This is one reason why many couples maintain separate spending accounts with pre-defined responsibilities (e.g. you pay the rent, I’ll pay the utilities, etc).
Amid the hustle and bustle of MoneyConf in Madrid, Banking Technology managed to grab a coffee with Matteo Cassina, global head of sales at Saxo Bank. Conversation turned from the demise of bank branches to the rise artificial intelligence (AI) and open banking.
This infographic, courtesy of Savi Technology, explains how blockchain links offer immutable, trackable parcels of data that can include “smart contracts”, instructions such as other transactions that will be triggered to perform automatically later.
Trickbot is back, new and improved, and is targeting customers of Lloyds Bank in the UK in a new phishing campaign, according to cybersecurity specialist Cyren.
The second edition of Regtech Supplier Performance Report, featuring some 50 regtech suppliers, published by Market Fintech Limited and supported by Banking Technology, says that with over 50,000 regulatory documents published across the G20 since 2009, and an average of 45 new documents every week, we must assume that the future of banking will be driven by technological developments.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Behavioural authentication and threat detection company BioCatch teamed up with risk management company LexisNexis Risk Solutions in an effort to reduce losses caused by fraud.
Ben Jackson, who previously led Mercator Advisory Group’s prepaid advisory service, has joined the Network Branded Prepaid Card Association as chief operating officer.
In a Series B round led by Commerce Ventures, digital identity verification specialist Socure raised $13.9 million in new funding. The investment, which also featured the participation of Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, and Workbench, takes Socure’s total funding to $27.5 million.
Colorado-based Public Service Credit Union (PSCU), the state’s third largest credit union with more than $2.3 billion in assets, 28 branches and 219,00 members, has completed the roll-out of its new digital banking platform – powered by Malauzai Software.
HSBC and IBM are working on a project “to develop a cognitive intelligence solution combining optical character recognition with advanced robotics to make global trade safer and more efficient”.
Banking software developer Mambu has inked a large deal with Fuse, the lending arm of Filipino financial technology firm Mynt. Mynt itself is a subsidiary of Globe Telecom, a Philippines-based telco.
BML Istisharat, a Lebanon-based banking software provider, has gained two new takers of its ICBS core banking system. These are Peterhouse Securities, a financial services firm in London, and Liberty International Bank in Abu Dhabi.
Lower Valley Credit Union (LVCU), a small credit union in the US state of Washington, has gone live with new core banking software, Keystone from Corelation.
