A new study in the UK by analytics software firm FICO shows that UK consumers today are 31 percent more likely to open an account digitally than a year ago. However, the surprising outliers in the rush to digital-first account opening are Generation Z (Gen Z). Financial education is key as it appears that digital savviness is not enough to counter the need for in-person help and advice when selecting banking providers. Continue reading
Boubyan Bank Group today announces the launch of Nomo, a fully licensed and regulated UK Islamic digital bank catering for customers with a global financial outlook. Nomo has launched as a brand name of the UK-based Bank of London and The Middle East (BLME), in which Boubyan Bank is a majority shareholder. Continue reading
As cases of fraud and money laundering rose during the pandemic last year, banks in the UK faced unforeseen challenges. In a new study by global analytics software provider FICO and independent research firm OMDIA, 79 percent of respondents from UK banks said that working from home had a high or major impact on the effectiveness of their financial crime prevention. Continue reading
sync. is aiming to become the first digital smart open banking app offering their easy-to-use financial services across Europe, promising to manage every aspect of a user’s financial life in one place.
sync. was created out of frustration with traditional banks and the niche offering of new challenger banks that are not responding to all the needs of the end customer. Read more
Finastra has announced that CIH Bank, a Moroccan-based commercial bank, has gone live with Fusion Corporate Channels and Fusion Trade Innovation, to digitize its end-to-end corporate banking services. The solutions are automating the bank’s trade and supply chain finance services, providing its corporate customers with access to services online, rather than in-branch. The solutions reduce manual processes, helping the bank to become more efficient and agile, grow its customer base by providing a more seamless digital customer experience and ultimately, generate new revenue streams. Read more
Finastra research reveals that 86% of global banks are looking to use open APIs to enable Open Banking capabilities in the next 12 months. In addition, 30% of banks surveyed believe Open Banking is already making a tangible impact in delivering improved overall customer experience. This is against a backdrop where regulation is perceived to be tighter than a year ago and close to half (48%) of those audited believe that regulators are holding back innovation. Read more
The U.S. Secret Service this week issued an alert to banks warning banks about an ATM exploit known called “jackpotting.” Continue reading
A taxi driver in Barnala city of India’s northern Punjab state was taken aback when cash to the tune of INR 98 billion (approximately USD 1.43 billion) was transferred into his account.
Bangladesh’s central bank governor Atiur Rahman has resigned after $81 million was stolen from the bank’s account at the New York Fed. As Sonia Legg reports, it was one of the largest cyber heists in history. Continue reading
New rules to hold bosses responsible for wrongdoing at British banks may be deterring some bankers from taking on senior management roles and even prompting big-hitters to play down their own importance, say industry experts.