Russia’s TCS bank turns to big data to create value
Clever use of data about customers can be the key to success as customers move from cash to cards, according to Oliver Huwes, chief executive at Russian bank Tinkoff Credit Systems.
Clever use of data about customers can be the key to success as customers move from cash to cards, according to Oliver Huwes, chief executive at Russian bank Tinkoff Credit Systems.
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.
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.
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.
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.
US banks Clare Bank and Farmers Exchange Bank have chosen to install cloud-hosted core banking services from vendor Temenos, in a deal that the banks say will help them reduce costs and roll out products to customers more easily.
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.
Swedish payment company iZettle and Spain’s Banco Santander have launched a new ‘social payments’ system in Brazil, which is designed to help small businesses take card payments with Apple and Android smartphones and tablets.
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, […]
Half of Europe’s bank branches could be obsolete within the next seven years, according to new research by real estate advisory firm Jones Lang LaSalle.
The UK Payments Council has set a date for the introduction of the seven-day account switching service, which will make it easier for UK customers to switch their bank.
One in three US adults now uses mobile banking in their day to day lives– a rise of almost double since 2011, according to new research from the US Pew Research Centre.
US-based Kearny Federal Savings Bank has chosen to install bank processing and mobile payments technology from specialist firm Fiserv, which it says will help the bank increase efficiency and attract new customers.
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 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.
Banks should not be afraid to go further and faster in their adoption of cloud computing, says Mohamed Gamil, chief operating officer at Islamic Bank of Britain.
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.
Bangladeshi bank AB Bank has chosen ElectraCard Services to run its ATM network and process credit and debit cards, as the bank ramps up its drive to increase financial inclusion in the country.
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 …
Spanish bank Sabadell has released a mobile app that lets consumers withdraw cash without a debit card.
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.
The financial services sector needs to be wary of payments solutions that may be solving phantom problems that are of little relevance to the consumer, according to speakers at the Experian payments conference in London on Tuesday.
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.
Swift’s innovation-focused spin-off Innotribe has announced the five Singapore finalists for its global startup challenge, which aims to help innovative new companies in financial services to develop their ideas and transform them into working businesses.
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.
Ukraine’s Oschadbank has installed a remote banking service that it says will help it to create a single ‘payment ecosystem’ that covers cards, security, payments and transfers.
Two different visions of the future of retail financial services did battle at the Building Societies Association annual conference in Harrogate this week , revealing a dilemma facing UK building societies.
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”.