The FCA’s Consumer Duty clamps down on unfair savings rates
The regulator’s 14-point plan seeks fairer interest rates on UK savings accounts.
Retail Banking
Vanquis Banking Group buys UK smart money app Snoop
Snoop leverages AI and open banking technology to provide personalised overviews of spending habits.
ING names Görkem Köseoğlu as new chief technology officer
Görkem Köseoğlu is to assume the position of chief technology officer from 1 September 2023.
The Philippines’ UnionBank taps NCR to manage its ATMs
The Philippines’ ninth largest bank currently operates over 400 ATMs across the country.
FinTech Futures: Top five stories of the week – 28 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
ICYMI fintech funding round-up: Giraffe, eflow Global, Galaxy Ventures & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
UK challenger Monument names Fiona Pollard as new chair
Pollard replaces Niall Booker, who indicated his intention to step down from the position last year.
Pay.UK reveals big jump in number of current account switches in the UK over last 12 months
Pay.UK’s Current Account Switch Service has seen a 50% increase in switches compared to last year.
NatWest chief exec Alison Rose steps down with immediate effect
The group’s board of directors says Rose has “agreed by mutual consent to step down”.
Vietnam’s OCB taps Backbase for personalised digital banking solution
The project implementation will be led by Backbase’s partner SmartOSC.
Banco Santander, BBVA and CaixaBank team up to tackle fraud with FrauDfense
FrauDfense is a new company set up to enable the exchange of information between the three banks.
NCR reveals new names for separated brands as company division accelerates
Its digital commerce business is to be called NCR Voyix, while its ATM business will be known as NCR Atleos.
JP Morgan CEO confirms German expansion for Chase digital bank
The confirmation comes two years after the digital bank launched in the UK.
Banking Tech Awards 2023: Nominations deadline extended!
Submit your nominations before 4 August 2023!
N26 reportedly cuts 15% of Brazilian workforce
N26 Brazil has laid off around 20 staff, according to local news outlet Estadao.
Nordea acquires Danske Bank’s Norwegian personal customer and private banking business
The agreement is set to bring approximately 285,000 new customers to Nordea.
Germany’s BaFin provides updated order on the prevention of money laundering at N26
N26 will reportedly continue to be restricted to 50,000 new customer acquisitions per month.
Banque Saudi Fransi completes payment processing upgrades with TCS
The Saudi bank selected TCS BaNCS to digitise its IT landscape across deposits, lending and payments.
ila Bank taps Arab Financial Services for prepaid card offering
The Bahraini denominated card can be used to pay for transactions in both an in-store and online setting.
Santander reportedly looks to boost investment banking operations with new hires
Reuters reports Santander is making at least 50 new hires in a push to become a major investment banking player.
Standard Chartered exits several markets in Africa through sale of subsidiaries to Access Bank
Access Bank will acquire Standard Chartered’s subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone.
UK fintech Suits Me looks to revive face-to-face banking with new digital service
The service’s arrival is a response to the failings of chatbots.
Thieves make away with $20m from Revolut following payment flaw
Flaws in its US and European payment systems meant that some declined transactions were wrongly refunded.
Humo and Credo Bank to pilot RTGS.global settlement service
The pilots will seek to streamline historically cumbersome cross-border settlement processes.
Amplifi Capital raises £50m from M&G to boost the UK credit union sector
Amplifi Capital is the company behind UK financial services brands My Community Finance and Reevo Money.
Congratulations to the Banking Tech Awards USA 2023 winners!
Take a look at the 2023 Banking Tech Awards USA well-deserved winners.
US banking giants JP Morgan Chase and First Citizens cut 500 jobs each
Both banks laid off around 500 employees last week, according to media reports.
NatWest buys back shares worth £1.26bn from the UK government
The sale is the sixth block sale of shares since it rescued the bank during the financial crisis of 2008.
Sonata Bank aims to boost quick service restaurant employees’ financial health
The challenger has raised more than $20 million in its initial round of funding.
American Bank & Trust taps Marstone for digital wealth management offering
With the partnership, the bank aims to retain existing client deposits and attract new retail bank customers.
Spain’s CaixaBank partners Google Cloud to drive digitalisation
The partnership will see the bank leverage Google Cloud’s cloud computing, data analytics and AI/ML capabilities.
German challenger N26 to cut 71 jobs, around 4% of total workforce
N26 says the cuts are a result of the firm “sharpening its focus on its strategic priorities”.
Join the elite panel of judges for Banking Tech Awards 2023
Apply to become a judge for the Banking Tech Awards 2023!
UBS announces leadership team shake-up following Credit Suisse takeover
Credit Suisse CEO Ulrich Körner will join UBS’s executive board upon completion of the acquisition.
TD Bank nixes First Horizon merger citing regulatory approval delays
The merger has been mutually terminated and TD Bank has agreed to fork out $200m in cash to First Horizon.
FinTech Futures: Top five stories of the week – 5 May 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Banking super-apps, marketplaces, ecosystems and platforms
You should always have a clear understanding of exactly what you’re building before you get started.
Loughborough Building Society taps Finastra for digital banking and analytics solutions
The company will deploy Finastra’s Essence and Retail Analytics offerings.
LHV lands UK banking licence from the Prudential Regulation Authority
LHV is the first company to receive a banking licence without restrictions in the UK in 2023.
JP Morgan Chase snaps up troubled First Republic from FDIC in $10.6bn deal
JP Morgan has assumed all deposits – insured and uninsured – worth approximately $92 billion from the FDIC.
