It is a truism that we need bank like services but we really don’t need banks. The portfolio of services offered by a traditional analog bank sometimes feel cobbled together. Difficult to manage and expensive to use. Current accounts is an excellent example. For some insidious reason, banks tend to charge consumers silly fees to lend out their money. Most consumers just accept it because that’s just the way it is. But innovative Fintechs are changing this paradigm. (more…)
On Wednesday, KeyBank announced it has acquired digital lending platform for small businesses Bolstr. According to Key, the fintech software, which is expected to be implemented later this year, will enable the banking group to provide faster and easier access both to SBA loans and to traditional capital for business owners. The acquisition comes just after the OCC recently called on banks to issue more SME loans. (more…)
A Mckinsey study states that ‘manufacturing’, the primary industry for a bank’s financing and lending business now generates about 53% of industry revenues and 35% of profits with an ROE of 4.4%. On the contrary, ‘distribution’ produces 47% of revenues and 65% of profits with an ROE of 20%. This changing nature of banking balance sheets is a reflection of a clear shift in the banking business model. The traditional interest-based income of banks from lending and deposits is under pressure, and banks are looking to augment their revenue with new fee-based models. (more…)
FinCompare, the German fintech startup that offers a comparison platform for SME financing, has closed €10 million in Series A funding. The round is led by ING Ventures, the venture capital arm of dutch bank ING. The company’s previous backers Speedinvest, and UNIQA Ventures also followed on. (more…)
Royal Bank of Canada (RBC) is moving with the times with a series of useful innovations and launches.
RBC has been proactive with its digitisation strategy. Instead of aiming to offer all things to all people it has instead chosen to focus on best use of technology in areas where there is a real friction point and a problem to be solved. By doing this it has added value to its customer base and seen impressive take up figures of its various initiatives.
Its most recent play was a mass scale artificial intelligence (AI) digital service, NOMI. This offers its customers insights about their financial habits and the ability to automate their savings. Its mobile offering meanwhile, has seen new iterations based on building its P2P capability and it is also in the throes of introducing a loyalty scheme and other partnerships to bolster its offering.
The silver surfers are on the rise, with 90% of ABN Amro’s customers over the age of 65 using internet banking, although just a quarter access their accounts via mobile phones. (more…)
Supply chain finance outfit Tradeshift has joined the unicorn club after closing a $250 million Series E funding round led by Goldman Sachs and Public Sector Pension Investment Board. (more…)
Raiffeisen Bank will use new customer onboarding technology from analytic software firm FICO to increase its digital lending capabilities in Romania. (more…)
Intesa Sanpaolo Innovation Center, subsidiary of the Intesa Sanpaolo Group that promotes innovation development processes and plans, and OurCrowd, a world leader in equity crowdfunding and a fast-growing Venture Capital platform, announced today that it has signed a Memorandum of Understanding with the aim to promote startup access to international capital markets. (more…)
KPMG and MAS Schedule Second Global Fintech Hackcelerator for the 2018 Singapore FinTech Festival, Accepting Applications Now
For the second year running, KPMG Digital Village and the Monetary Authority of Singapore (MAS) will be organizing the Global FinTech Hackcelerator for the 2018 Singapore FinTech Festival. (more…)
On Thursday 24 May Operation X, a programme broadcast by the Danish television channel TV2, will put the spotlight on Nordea’s role in delivering foreign exchange to foreign exchange bureaux. (more…)
After a fairly flat quarter of stock performance in Q1 2018, PayPal CFO John Rainey sat down with CNBC “Mad Money” host Jim Cramer last week to discuss growth of the company, plans for its mobile payment app Venmo and the possibility of enabling crypto payments on its platforms in the future. (more…)
Marc O’Brien, former CEO of Visa UK and a key advisor of Revolut, has been appointed chief executive officer of mobile crypto bank Crypterium. (more…)
Castlight Financial, the Glasgow-based financial capability company, has partnered with HSBC UK in the delivery of the bank’s first open banking loan. (more…)
Mitsubishi UFJ intends to roll out a new payments platform for micropayments and Internet of Things applications using a blockchain network from Akamai. (more…)
Digital banking transformation programmes are creating a new wave of operational and systemic risks for which the industry is ill-prepared, warns UK Finance. (more…)
Sberbank has launched a new service called ‘Electronic Archive’. It is a cloud-based SaaS solution for long-term storage of electronic documents and suits all companies, from major corporations to small enterprises, thanks to its convenient interface and accessible price. (more…)
DBS Bank, a leader in digital transformation, today signalled that the time has come for a new kind of banking. (more…)
HSBC UK has created the first live use case of open banking for credit applications using the InterConnect platform from Equifax, the consumer and business insights expert. (more…)