BankingTech


Financial innovation in emerging markets

Earlier this month, the Ecuadorian Government announced its plans to introduce a digital currency, the first of its kind globally. In a country where 40% of citizens don’t have a bank account according to The Economist, this has the potential to transform banking and allow companies to gain access to those without a bank account for the first time

IT teams need to address the challenges facing UK banking

The challenger banks are coming of age. Aldermore, the UK’s fastest growing bank, is rumoured to be preparing for its IPO, just like OneSavings Bank, which was the first bank to list on the stock exchange since Bradford & Bingley in 2000.

Banks should go digital says Monitise

The time is right for a new breed of digital-only banks to enter the market and steal away share from the established players, according to a new report by Monitise.

IT skill shortage boost salaries as demand picks up

The fintech start-up sector and renewed spending by larger firms are combining to create a demand for IT skills that is outstripping supply in some areas. Cyber-security, big data, business intelligence and application development skills are all in demand.

Customer Not Present threat prompts response from US providers

As the US moves to adopt EMV chip and PIN cards and mobile payments, authentication is becoming a serious concern, particularly for customer not present transactions – evidenced by the number of Money20/20 exhibitors focusing on the topic in contrast to the blockchain focus of much of last year’s event.

Diebold unveils concept banking “experience” at Money20/20

ATM maker Diebold has unveiled a new concept banking platform with four “experience zones” at the Money2020 conference in Las Vegas. The concept aims to demonstrate how banks can combine convenience, security and self-service with a low cost ‘footprint’.

Don’t neglect social media and tablets, banks warned

Banks will be judged on how well they provide mobile services and social media interaction in the coming years. Instead of being just another channel, these forms will be the first point of contact for customers, according to a new report by analyst firm Celent.

Brett King preaches the “good news” of mobile banking

Banks need to stop trying to exploit customers and start actually helping people, according to Brett King, chief executive at Moven. Instead of getting people to max out their credit card, a progressive bank should use smartphones and Big Data to help the consumer with the little things.

Case study: Exporting payments excellence

The Singapore challenge Singapore is an advanced economy that employs a variety of clearing and settlement systems. It needed to transform its payments infrastructure to offer instant interbank transfers. The core technology VocaLink could deliver a practical solution, Immediate Payments (IPS), and also offer practical support during the implementation and beyond. BCS could embed IPS […]

Hollywood Sharia Law controversy rekindles Islamic finance debate

Controversy over Sharia Law reached Hollywood recently as protesters boycotted the glamorous Beverly Hills Hotel over a tough new code introduced by the hotel’s owner, the Sheikh of Brunei. More prosaically, bankers remain divided over how best to respond to demand for Sharia-compliant banking.

Ripple protocol integrated into risk management system from Yantra

Yantra Financial Technologies, an electronic payment systems developer, has integrated its latest system for risk scoring of payments with the Ripple real-time settlement protocol. The integration means that institutions using the Ripple protocol can analyse transactions in seconds, including what other payments the customer recently made and potential concerns regarding a specific transaction. Risk levels can be assigned to certain transactions based on pre-determined criteria.

Currency Cloud and XE.com plan “transparent” FX service

Currency site XE.com and money transfer business Currency Cloud plan to launch a new international payments service called XE Money Transfers before the end of this year, which they claim will make foreign exchange transactions more transparent.

Lloyds closures highlight shift to digital banking

Lloyds Banking Group’s decision to close 200 branches and axe 9,000 staff was to be expected – but the firm’s digital plans highlight the changing nature of retail banking and the bank branch in general.

The death of the branch? Or is mobile over-hyped?

Do banks still need branches, or does the smartphone make a physical presence obsolete? Panellists disagreed during a spirited debate hosted by ATM maker Wincor Nixdorf in Istanbul last week.

“Mobile is the future” says Garanti Bank

Banks are pioneering advanced technologies in Turkey, giving the country a headstart over many of its European counterparts. In Istanbul, Garanti Bank explained how it pays for its customers to get mobile internet access – and how it is using social media to attract and keep customers.

High frequency traders under the regulatory spotlight

The regulatory spotlight is shining on high frequency traders and dark pools, but the technological changes that have driven down trading costs for everyone will not be reversed. With market making increasingly the preserve of profit maximising algorithmic traders, there is a growing responsibility on institutions to control where their trades are going and how they are being executed. Those that do not are writing checks to HFTs with clients’ money