lafgrp + qn   234

Adyen: the unknown unicorn
QUOTE At some point in the recent past, Pieter van der Does stopped caring that name recognition for Adyen, his 11-year-old Amsterdam-based company, is essentially zilch. "We [have taken] it on as a badge of honor: Adyen, the unknown unicorn," he says.
F580  QN 
june 2018 by lafgrp
Blockchain is opening up Kenya's $20 billion informal economy
QUOTE Janeffer Wacheke’s fresh-vegetable stall in Nairobi uses technology that’s helping crack a problem Kenyan banks have so far failed to solve -- measuring the creditworthiness of traders in the country’s $20 billion informal economy.

Economist Anzetse Were QUOTE If you want to penetrate markets in Africa, you need to have a strategy for the informal sector.”
3PW  FK  999  QN 
june 2018 by lafgrp
Goldman Sachs on the World Cup and Economics [PDF]
QUOTE We find a positive relation between output per worker in a given country and the proportion of matches won in all World Cup editions for the respective national squad. The conspicuous exception is Brazil
3PW  SN  PDF  QN 
june 2018 by lafgrp
Vickers: British banks ringfenced — but not enough
British economist Sir John Vickers has said that despite the ring-fencing being carried out by UK banks, lenders are still not in a good enough position to weather the next financial crisis — which he says is only two years away. Sir John, who drove the campaign for banks to separate their retail and investment operations, has said that while that does reduce the risk, banks should hold a higher percentage of their risk-weighted assets than they currently do. "The very fact you can't predict the direction, size, anything about the next shock is why you've got to make sure you don't have a fragile system when it does hit", he told the Financial News.
3PW  TM  QN 
june 2018 by lafgrp
Forbes: Why Banks Still Rule The World
QUOTE Of the ten top companies in this year’s list [of biggest public companies worldwide], seven are banks and just one company, Apple, is a non-financial institution. The message? In an era marked by technological change and industry disruption, the relentless growth of financial services in emerging and developed markets alike makes banking the steadiest business on earth.
3PW  FK  QN 
june 2018 by lafgrp
Visa outage and perils of push to cashlessness
Carol Hedges QUOTE Factor in the closure of bank branches, the pushing of people towards a 'cashless society' and the predominance of 'internet banking' and it makes you realise how dependent we have become on technology. Which can fail.
3PW  FK  QN 
june 2018 by lafgrp
India Kicks Off Gradual Rate Hike Cycle
The increase will see it rise from six percent to 6.25 percent, both to combat inflation and counter the effects of the rising price of crude oil. "Raising rates is a right move...other emerging markets have already begun raising rates — RBI should have probably raised rates earlier", one economist told Bloomberg.
3PW  TM  QN 
june 2018 by lafgrp
Revolut has two million users; to launch commission-free trading service
last 12 months have seen the digital banking alternative boost its customer acquisition by some 300 percent. Along with this, Revolut has also announced plans to launch a new global trading platform, meaning that users of its app will soon be able to easily invest in some of the biggest companies in the world, including Apple and Amazon. "This is another step towards our goal of building a one-stop shop where people can manage their entire financial lives, from day-to-day banking to cryptocurrencies and now investments", said the firm's founder and chief executive Nikolay Storonsky.
3PW  TM  QN 
june 2018 by lafgrp
Anglo: Ex-CEO guilty of conspiracy to defraud & false accounting
QUOTE The fraud, described as a "massive con" by the prosecution, occurred when Anglo lent some €7 billion to Irish Life and Permanent (ILP) ten years ago — only for the assurance company to give them the money straight back as false customer deposits, thus creating the illusion that Anglo was a much healthier bank than reality warranted. Meanwhile, Mr Drumm's co-conspirators Denis Casey (former ILP CEO), Willie McAteer (ex-Anglo financial director) and Anglo's former head of treasury John Bowe have already been jailed.
3PW  ML  QN 
june 2018 by lafgrp
Toronto-Dominion Bank Is Eating Everyone's Lunch
QUOTE TD has outperformed the Big Five over the past year, five year and 10 year periods. Its five-year outperformance is particularly impressive. It has returned 85%, while Bank of Montreal is a distant second with a 67% return.
3PW  FK  QN 
june 2018 by lafgrp
UK parliament probes 'catastrophic' Visa outage
In the UK, a number of MPs are looking for answers following the catastrophic outage that saw millions of Visa customers without access to payment services over the weekend. Charlotte Hogg, the head of Visa Europe has come under fire from Nicky Morgan, the chairwoman of the Treasury select committee, over how the situation was handled. The drop-off in Visa services across the continent was described as "deeply worrying" and Ms Morgan has given Ms Hogg until 15 June to provide answers about why the system failed so severely and so widely. If she doesn't offer satisfactory responses, she may have to provide evidence in person, according to the Guardian newspaper. One news outlet described the incident, in which many people were charged for declined transactions multiple times, as a "compelling (and ironic) case for cash".
3PW  TM  QN 
june 2018 by lafgrp
Deutsche Shares Hit Record Low After Fed Assessment goes public
QUOTE Wall Street Journal [had] reported that the Federal Reserve had deemed its U.S. operations as "troubled" in a previously written assessment that hasn't been made public.
3PW  FK  QN 
may 2018 by lafgrp
RBS' McMurchie: industry sleepwalking into payments capitulation
QUOTE URGENT EMERGENCY talks need to happen NOW, if western banks and payments services wish to remain competitive & thus profitable....This is by no means hyperbole when I say the industry is sleep walking into complete & utter capitulation of payments not just globally (which is happening now), but also in our own back yard. WeChat dominate payments with 55% WePay vs 45% cash and offer services & functionality that doesn't even exist on paper here, let alone the fact it would take 10 years to develop given our traditional pace of change. Both WeChat and Alibaba are here in the West now — in coffee shops, retail outlets you name it. At the moment they are focused on Chinese debit cards and tailored for overseas Chinese consumers.... do you really think it will stop there? We are frogs in hot water, if meaningful collective progress doesn't happen now — then the first major bank in the west to cooperate with WeChat will see a snowball of acquisitions. Don't fool yourself, consumers don't care about borders and brand legacy, they care about convenience.
3PW  RL  QN 
may 2018 by lafgrp
Schrems launches legal action against Facebook and Google
Just a couple of days following the implementation of GDPR, a renowned privacy campaigner is already taking on Facebook, Google, Whatsapp and Instagram over illegally obtaining consent from users. Max Schrems and his None Of Your Business activist group claim that the Silicon Valley firms are blatantly violating privacy laws. "They totally know that it's going to be a violation. They don't even try to hide it", he said. Facebook has stated that it has already made strides to clarify its privacy policies, while Google said that it is "committed to complying with GDPR". As part of GDPR, companies are required to seek consent to retain customer data and can be fined four percent of their revenue if they are in breach of the regulations.
3PW  RL  QN 
may 2018 by lafgrp
SE Asia: Mobile payments struggling to dethrone cash despite e-commerce boom
QUOTE I have never tried using mobile payments because I don’t know how to use it and it seems a bit complicated to use,” said [one]....avid online shopper
3PW  SN  QN 
may 2018 by lafgrp
The US has more than 5,600 banks. Consolidation is coming
Could the appetite for mergers in US banking be returning? MB Financial Bank has agreed to merge with Cincinnati-based Fifth Third Bank in a $4.7bn deal this week, meaning that the pair combined would create one of largest banks in Chicago. A story from yesterday's Financial Times argued that these sorts of deals are increasingly likely to happen; bank profits are up, and the big banks are constantly looking for new ways to boost revenue. The most significant change has been a regulatory one: new measures from the Federal Reserve means that merged banks' total assets could be as high as $100bn (four times the previous threshold) without an intensive probe being triggered. As Rodgin Cohen, senior chairman at Sullivan & Cromwell, put it in the FT: "You've got positive incentives to do deals and the removal of obstacles to do deals".
3PW  RL  QN 
may 2018 by lafgrp
Who's Afraid of Kaspersky?
QUOTE Trust at your own risk.
3PW  SN  QN 
may 2018 by lafgrp
PayPal CEO Doesn't Fear Amazon Entering Mobile Payments
QUOTE We are an open platform company with literally more services hanging off that platform than one probably realizes. It's a wide suite of services that are now utilized by 19 million plus merchants around the world. So PayPal goes far beyond just that button. It could include working capital, rewards points, credit services to their customers. 

If I take a step back, the world is digitizing. We are in the very, very early innings of this move towards digital payments. As we look at the digital payments world, we think of it as a $100 trillion market. We think we maybe have captured 1% of that market share, maybe even less. So this is a rising tide, and there will be a lot of players in this and it's definitely not a zero sum game. There is just not one company that will dominate digital payments. 
3PW  QN 
may 2018 by lafgrp
I Tried to Get an AI to Write This Story
Paul Ford QUOTE asking Silicon Valley to pause for reflection is like asking a puppy to drop its squeaky toy
3PW  FK  QN  PDF 
may 2018 by lafgrp
Silicon Valley Bank to open office in Frankfurt with Deutsche alumna
"We will also lend money to companies that burn money," said its head of EMEA, Phil Cox, referring (one hopes) to firms that will use any funds they can get their hands on to build market share rather than profits.
3PW  FK  QN 
may 2018 by lafgrp
BofA to figure out AI before using it
Ethical AI is all the rage all of a sudden, though Lafferty Group suspects that adding this extra loop can also be a good excuse for not actually doing anything. Following Bank of America's announcement the year before last of an in-house-developed chatbot (dubbed Erica), the project has yet to come to light, though the bank tweeted in March that Erica would be available to customers in Rhode Island. The bank has been particular about developing its own digital services and is considering the implications of using artificial intelligence in its systems. "According to Bank of America technology executive Hari Gopalkrishnan, that's a problem for banks interested in using deep learning, the technology responsible for the current AI boom," according to Quartz. "That's because the decisions made by deep learning can be difficult to interpret — the 'why' behind everything the algorithm does is a bit of a mystery." For a more cutting take on Bank of America's decision, head over to the reliably hilarious Dealbreaker.
3PW  RL  QN 
may 2018 by lafgrp
Facebook’s blockchain experiment raises eyebrows
Mark Zuckerberg's Facebook business is engaging with blockchain in a radical shift of Facebook's "very centralised network". So what is Facebook going to do? To start with it has placed former head of Messenger David Marcus in change of Facebook's blockchain project. Lafferty's RB2020 Digital Banks and Banking report, due out this month, highlights how many social networks and messaging apps — from Telegram to Line and Kik — are already working with blockchain and cryptocurrencies. There's also the issue of trust: Facebook declared this week that it has shut down 583 million fake accounts, or about 20 percent of its entire network. Now there'a a trust issue: many suggest that blockchain offers solutions to otherwise tricky trust issues. Even after shutting down half a billion fake accounts, that still leaves two billion accounts — quite a healthy little network to get a payments loop going. On Twitter, the FT's Izabella Kaminska demurred: "We should congratulate Zuck for discovering the art of closed loop settlement 20 yrs after PayPal, 68 yrs after Diners Club did & 600 yrs after the Medici", But one former Facebook employee, now working in cryptocurrencies, said: "Facebook showing up at the party is like the New York Yankees showing up to play high school baseball".
3PW  RL  QN 
may 2018 by lafgrp
Wells' CEO says: don’t believe the negative headlines. Really?
It was in fact whistleblowers inside Wells, along with the Consumer Financial Protection Bureau, that brought the matter to the attention of the Los Angeles Times back in 2013, but Mr Sloan still thinks the press made too big deal about the systematic wrongdoing at his firm, which included firing the pesky whistleblowers. "I wouldn't believe the headline, period," Mr Sloan said at the company's annual investor day in Charlotte, N.C. "It's been very tiresome for us, to be honest with you, not only this team but the entire team, to have to live through some of the sensational headlines that, in many cases, just aren't true." Fortunately for Mr Sloan, the new CFPB boss Mick Mulvaney so hates his new organisation that he has had to deny he has effectively burned the place down. Asked by a lawmaker at a recent hearing how many enforcements the CFPB has undertaken since he took over last year, Mr Mulvaney responded: "We have initiated none."
3PW  RL  QN 
may 2018 by lafgrp
Google makes a nod to ‘digital wellness’ as it steams ahead in AI
Geoff Blaber, analyst at CCS Insight QUOTE Where mobile was once the platform for Google’s development and growth, artificial intelligence is now the basis that underpins the full spectrum of Google’s endeavours,”
3PW  RL  QN 
may 2018 by lafgrp
BBVA on climate change
QUOTE Francisco González, BBVA’s Executive Chairman [said] “We need to reimagine banking”....In March, the bank unveiled its ‘Pledge 2025’, designed to transform its operations to focus more on sustainable finance and the need to combat climate change. The bank, Spain’s second largest, has committed to invest €100 billion in climate projects by 2025 and cut its own carbon emissions by 68 percent.
3PW  FK  QN 
may 2018 by lafgrp
New Zealand: Big bank profits signal need for inquiry
QUOTE Claire Matthews ....said that although high bank profits can benefit customers with, for instance, investment in better services, there needs to be clarity on whether customers are being disadvantaged. "It's reaching a point where there has to be questions asked around the amount of money they are making," she said. Ms Matthews said she doesn't believe the New Zealand banks have the same issues identified in their Australian counterparts, but banks here "aren't perfect". "If we had an inquiry, we'd likely find something,"
3PW  TM  QN 
may 2018 by lafgrp
US: BofA head of digital wants cash out of the system
Bank of America is doing all it can to get rid of cash and build on the digital banking platform it has constructed to date. The firm's head of digital banking has said she wants "to get cash out of the system" by building on the 100-million mobile logins a week average it experienced throughout the first quarter of the year. "The world is moving to mobile...I have a fabulous group of technology partners, and together, we build everything that you see that comes out in the mobile app", Michelle Moore told CNBC.
3PW  TM  QN 
may 2018 by lafgrp
SA: Ramaphosa says banking sector needs to be transformed
QUOTE We need to move away from the monopoly of just four banks in our country,” Ramaphosa said. He was responding to a follow-up question by EFF deputy president Floyd Shivambu, who questioned whether the president supported the establishment of a state-owned bank. Ramaphosa said he supported the creation of such a bank because it would broaden the “money pool” within the country.

“A state-owned bank is a resolution taken by the ANC, so if you ever wanted the originator of this concept you would do well to work with the governing party,” the president said.
3PW  FK  QN 
may 2018 by lafgrp
Airlines to launch payments system to rival credit card groups
QUOTE: The new system for web-based ticket sales to individual passengers, which does not have a brand name yet, is scheduled to be rolled out across Europe from the end of 2018, with Germany as the first market."

DH QUOTE First significant PSD2 implementation?
3PW  CD  DH  PDF  QN 
may 2018 by lafgrp
Want a window on the economy? Try Spotify, says Bank of England
QUOTE Andy Haldane said the rise of digital leisure might help policymakers crack the problem of understanding the mood of consumers, whose spending drives the economy.
3PW  FK  QN 
may 2018 by lafgrp
MPs slam TSB boss's complacency over IT fiasco
CEO Paul Pester QUOTE If I had a time machine, I would take myself back to one minute before one o’clock in the afternoon and change the decision. If there was one decision in my life I could change, it’s the decision to go ahead with the migration on 1pm on Sunday afternoon
3PW  FK  QN 
may 2018 by lafgrp
Australia's Largest Bank Lost The Personal Financial Histories Of 12 Million Customers
BuzzFeed News QUOTE One possibility that was canvassed by KPMG is that the drives weren’t secured properly and fell from a truck in transit that was carrying the data for destruction.
3PW  FK  QN 
may 2018 by lafgrp
Luxembourg says UK banks must be realistic about EU access after Brexit | Euronews
Country's QUOTE Finance Minister Pierre Gramegna said the way forward was to revamp the EU’s current “equivalence” system to cope with a global financial centre on its doorstep. Equivalence refers to Brussels granting market access to foreign banks, clearing houses, fund managers and insurers if their home rules are in line with the bloc’s. It is used by financial firms in the United States, Singapore and elsewhere. Britain has rejected it, saying it is one-sided, patchy and access can be withdrawn at a month’s notice. Gramegna said Luxembourg and France wanted to explore how the equivalence regime could be “enhanced”. “If equivalence plays a much bigger role than it plays today then we need enhanced equivalence, that means putting on the table how does this equivalence work,” he told Reuters during a visit to London.
3PW  TM  QN 
may 2018 by lafgrp
Lloyds CEO: It's time to end the workplace taboo around mental health
QUOTE The approach we have taken focuses on the spectrum of mental health, from everyday wellbeing through to clinically diagnosed conditions, and looks at prevention as well as support. What has been most powerful for many colleagues has been the simple step of enabling people to talk openly about their experiences without fear of judgement. Changing the corporate mindset on mental health is, I believe, the most fundamental step towards changing things for the better. We need to remove any trace of stigma. Last year we launched a competition on social media for colleagues to share their top tips for improving mental wellbeing at work, which continues to be a live conversation today. More than 2,000 colleagues shared entries
3PW  FK  QN 
may 2018 by lafgrp
Deutsche Bank CFO: We have to ‘define and defend’ the company
CFO QUOTE "The discipline here is in defining ourselves in relation to our European core, ensuring the discipline is there to be active in areas that are product strengths of ours," the CFO said, stressing the need to focus on the bank's connection with its home market of Germany and Europe.

"We'll still participate in those markets, but it's clearly a scaling back of our ambition we once had in markets like the U.S."
3PW  QN  FK 
april 2018 by lafgrp
Europe: Regulation of bonus culture in banking was 'needed'
Daniele Nouy, chair of the ECB Supervisory Board QUOTE Is this the moment right now to think about bonuses when you still have work to do on your balance sheet, to clean the balance sheet before the next crisis - definitely not in my view. A number of banks need to get the authorisation of the supervisory board of the SSM to deliver these bonuses or pay dividends - because we consider they are not strong enough to be doing that. These banks will have to ask for that authorisation and they are likely not to get it [from ECB Supervisory Board]"
3PW  FK  QN 
april 2018 by lafgrp
US: Could Postal Bank Wipe Out Payday Lending? [25APR18]
Democratic Party senator, Kirsten Gillibrand, has proposed legislation that would install banking services in every office of the US Postal Service. If the bill passes, it would mean that all 30,000 locations would enable customers to carry out banking transactions such as cashing a cheque or taking out a small loan. "Millions of Americans are being forced into payday lending schemes that only exacerbate their money problems, and Congress has the ability to wipe out these predatory practices right now by creating a Postal Bank that would be accessible to everyone, everywhere", Senator Gillibrand said.
3PW  TM  F587  QN 
april 2018 by lafgrp
After Australian revelations, should banks in NZ be investigated?
Economist Shamubeel QUOTE Eaqub said it should be expected that businesses within the same parent company would not have comparable culture and practises. "What's the harm in having a targeted inquiry to find out?" David Whyte, former managing director of AIG Life in Australia and former general manager of AIA in New Zealand, earlier said the culture in a multinational organisations tended to be driven by the same metrics, same performance measures and same expectations of shareholder value, in all the countries they operated in. Eaqub said banks and other product providers should not be in the business of giving advice because it most often amounted to just selling products from their own stable.
3PW  FK  QN 
april 2018 by lafgrp
PayPal chases the 'unbanked' 55 million in Brazil
In 2017, m-commerce QUOTE represented 27.3% of all online purchases – that should increase to 37% this year, according to local research firm Ebit. In addition, PayPal’s own research from March suggests that over 80% of services in Brazil are now purchased via smartphones. PayPal wants to capitalize on that trend

PayPal's director general in Brazil, Paula Paschoal QUOTE One of the best aspects of being a part of this universe is seeing the future shaping up right in front of our eyes. And that can change anytime.
3PW  FK  QN 
april 2018 by lafgrp
Jaron Lanier: We have to start paying for Google and Facebook
QUOTE I can’t call them social networks anymore. I call them behaviour modification empires"
3PW  FK  QN 
april 2018 by lafgrp
Italy: central banker says bank mergers "essential"
Bank of Italy’s Governor Ignazio Visco said QUOTE More adequate corporate structures, higher levels of efficiency and productivity, the search for tie-ups and mergers… are essential to generate adequate profits and reach required capital thresholds"
3PW  FK  QN 
april 2018 by lafgrp
Monte dei Paschi CEO says bank getting back on its feet
Marco Morelli to shareholders: QUOTE A rise in gross lending, excluding defaulted loans, is the first sign the bank is getting back on its feet"
3PW  FK  QN 
april 2018 by lafgrp
Bank of America launches a (mostly) digital mortgage
now rolling out an app-based approach that enables customers to fill out applications without visiting the branch. Although customers will still have to visit the branch to complete the process (known as 'closing'), the app could cut process time by half. "Digital doesn't replace the lending officer — it enhances the experience of the lending officer because we make the 'busy work' easy", said Michelle Moore, head of digital at BofA. The major lender joins Quicken Loans, Lenda and others in its attempt to give a digital overhaul to what has traditionally left a lengthy paper trail.
3PW  TM  QN 
april 2018 by lafgrp
PayPal to roll out banking products in weeks ahead
dipping its toes into mainstream banking by teaming up with small banks to offer its customers debit cards connected to their PayPal accounts. The move, set to be completed in the first half of this year, is aimed at the unbanked and is also being touted by the firm as a route away from debt. "For folks who don't have bank accounts, for folks who don't have credit and debit cards, we want to give them something so they're not turning to prepaid cards, check cashiers and payday lenders", Bill Ready, EVP and chief operating officer at PayPal told TechCrunch. It follows moves by Amazon to start offering current account-like services in collaboration with banks.
TM  3PW  QN 
april 2018 by lafgrp
India: Is Aadhaar ID scheme hurting the poor?
For example, QUOTE for the last three years, [a Jharkhand family] have been deprived of subsidised food from India's vast public distribution system, a lifeline for the poor. That is not because supplies have dried up at the neighbourhood shop, but because their ration cards have not been linked to their biometric-based, 12-digit personal identification numbers.
3PW  FK  999  QN 
april 2018 by lafgrp
Matt Comyn takes the reins at Commonwealth Bank
CBA has been mired in scandals of late involving mis-selling insurance policies as well as alleged breaches of money-laundering regulations, but Comyn bit the bullet with a clear apology for the bank's poor track record: "We have been too slow to fix mistakes and we have failed to meet some important regulatory and compliance obligations. This is unacceptable", the Financial Review reported him as saying.
3PW  TM  QN 
april 2018 by lafgrp
Deutsche Bank's new CEO faces familiar questions over strategy
Christian Sewing QUOTE Setbacks like in the fourth quarter of 2017 are not to be repeated under any circumstances"
3PW  FK  QN 
april 2018 by lafgrp
SA: Tweet from new African Bank CEO
Basani Maluleke, first black woman to head a bank in country: QUOTE Today is momentous for me and my fellow African Bankers.
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april 2018 by lafgrp
Meet Square's Irish CFO
QUOTE As chief financial officer of Jack Dorsey's $20bn payments company Square, Sarah Friar is setting a pace that has helped the company to beat market expectations and triple the share price.

Sarah Friar QUOTE People want one app for one thing and another app for another, doing financial things versus chatting to friends and family. For a long time [Facebook has] had the ability to let users send cash. We could paint on a social overlay but people don't really want that.
3PW  EM  QN 
april 2018 by lafgrp
Alipay ready to conquer Europe in earnest
QUOTE The projections Wang [head of Alipay EMEA] reels off are dizzying. It aims to grow the number of merchants who accept it as a payment method by 15-fold within 12 months, and expects merchants in 20 European markets to accept Alipay transactions by next March. She’s doubling her team’s headcount—at a minimum—though she won’t say how big the team is now. She says transaction volumes in her region are growing at a rate of 50% per year, although she won’t provide detailed figures.

Li Wang QUOTE We have a massive team in Hangzhou working on this topic. I wouldn’t be surprised if they have over 100 people working on GDPR.”
3PW  RL  999  QN 
april 2018 by lafgrp
Italy's top pastry chef to open confectioneries in banks
QUOTE delicate pastries, rich fruit tarts and multi-coloured pates de fruits sweets sit side by side with counters and cash machines. "A bank with cakes!" Massari told Reuters. "It's quite a challenge, but it's also a record as I am the first pastry chef to open in a bank."
3PW  FK  QN 
march 2018 by lafgrp
Brexit: German bank body sees expansion by 20 foreign banks
QUOTE “This will involve up to 5,000 new jobs (in Germany) in the next two years, many of which will be hired locally,” Stefan Winter, the head of the Association of the Foreign Banks in Germany (VAB), said on Wednesday. Winter said the VAB, which represents more than 200 foreign banks and financial services institutions in Germany, expects the bulk of bank jobs to shift to Frankfurt next year.
3PW  FK  QN 
march 2018 by lafgrp
Starling and TrueLayer integrate for open banking
mobile-only bank's customers will have the option to share their data with developers. "This first quarter of the year has been extremely encouraging for PSD2 and Open Banking. We witnessed a strong consumer response and a conversion rate between 50-80 percent...in relation to sharing financial information with third party apps", said Francesco Simoneschi, CEO of TrueLayer.
3PW  TM  QN 
march 2018 by lafgrp
US: TV pundit Larry Kudlow appointed to NEC Chair
Bradford DeLong QUOTE The right way to view this appointment is, I think, as if Donald Trump were to name William Shatner to command the Navy's 7th Fleet.
3PW  FK  QN 
march 2018 by lafgrp
BSB: Bankers need higher professional standards to regain trust
The organisation's deputy chairman, Brendan Barber, argued in the Financial Times yesterday that professionalism can only be fortified by taking a "look at the attitudes, judgment and standards of behaviour, knowledge and skills of everyone who works in banking in whatever role."
3PW  TM  QN 
march 2018 by lafgrp
How banking practices stifle business growth in Nigeria
Speaker of the House of Representatives, Hon. Yakubu Dogara QUOTE unless you have assets or equipment, there is no way you can take loans or access loans from Nigerian banks to do the business. If you are not careful in taking loans from Nigerian banks, one will just end up in the poverty gap. I don’t think our citizens are supposed to do their businesses with money they already have in their pockets. Businesses elsewhere are executed by loans by the banking industry in those countries. [Also] I don’t know why the interest rate in Nigeria is so high."
3PW  FK  QN 
march 2018 by lafgrp
Latvia pledges tighter bank controls to defuse standoff with US
PM QUOTE Our ultimate goal is to eradicate any suspicious transactions. We don’t want the banks who are just using Latvia or its vulnerabilities to make money,. This is definitely not the future we have envisaged for ourselves. We definitely do not want to become the Switzerland of the EU. When it comes to shell companies, the dangers outweigh the benefits.”
3PW  FK  QN 
march 2018 by lafgrp
EU Shoots Down maximum access for UK banks
It's looking increasingly unlikely, to go by the latest indications from EU president Donald Tusk, that British banks will be getting any special accommodation from the European Union after the March 2019 Brexit deadline. The British prime minister, Theresa May, wanted to retain access to aspects of the single market for the City of London's financial institutions. However, Mr Tusk's rejection of Downing Street's desire for special treatment now leaves little wiggle room for anything other than a Canada-style relationship with the EU.

Tusk QUOTE I fully understand, and of course I respect, Theresa May's political objective to demonstrate at any price that Brexit could be a success and was the right choice....Sorry, it's not our objective"

Bloomberg QUOTE UK banks will be allowed to sell services in the EU “under host-state rules, including as regards right of establishment for providers,” the European Council said in draft negotiating guidelines on the future relationship with the UK obtained by Bloomberg.
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march 2018 by lafgrp
Digital wallets are safe, yet Americans remain wary
QUOTE Digital payments, through apps like Apple Pay, Venmo and Zelle, are faster, easier and generally more secure than some traditional payment methods. Still, more than half of all consumers are sticking with credit cards because they just don't trust their mobile wallet.

Michael Bruemmer, Experian's vice president of consumer protection QUOTE It's not the technology that's the problem...it's the people that are not using the technology properly"
3PW  TM  QN 
march 2018 by lafgrp
Big banks really aren't that profitable, says Westpac
In Australia, a prominent banking executive has rejected claims from a government research and advisory body that financial institutions are highly profitable. Westpac's chief financial officer, Peter King, railed against the Productivity Commission's suggestions, citing return on equity (ROE) figures from Canada, Sweden and Denmark which put Australian banks' performance into context with better or similar numbers (despite Australia banks' ROE being greater than in the America, Britain and Germany). Although Mr King was eager to defend banks on this topic, he was open to proposals vying to ensure customers could be treated fairly by mortgage brokers employed by banks. "There's merit in having brokers and aggregators, whether they are owned by banks or separate, with a responsibility to act in the customer's interest", said Mr King.
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march 2018 by lafgrp
Overdue US credit card debt hits seven-year high: $11.9bn
Bank bosses have shrugged off the losses, according to the FT. Indeed, card profits have been spectacular in recent years. But "now it's time to pay the piper," said David Rosenberg of wealth managers Gluskin Sheff. Indeed attitudes towards credit cards may be changing. A survey by bankrate.com suggests that Millennials are less than enamoured with credit cards, with two out of three in that cohort surviving just fine without one: after all, they are already carrying a historically high debt burden with college tuition loans.
3PW  RL  PDF  QN 
march 2018 by lafgrp
RBS CFO Says Job Cuts ‘Inevitable’ in Digital Transformation
Ewen Stevenson, chief financial officer of British lender RBS, said further job cuts are inevitable as the bank moves steadily towards a digital model by 2020. It's all part of the new trend of admitting that digitalisation, AI and robotics are going to cost jobs, rather than pretending that we'll all keep our jobs and work happily alongside the robots. Speaking to Bloomberg Television, Mr Stevenson acknowledged that customers are migrating to digital channels, and the bank closed 259 branches in December as well as cutting 8.5 percent of its staff last year, taking the total number employed down to 71,000. The bank announced further restructuring costs of $3.45 billion as it winds down some legacy technology assets such as data centres. Last week, RBS reported its first annual profit since being nationalised ten years ago.
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march 2018 by lafgrp
MPs concerned by 'rebranding' of RBS restructuring division
QUOTE New office comprised mostly of staff who worked for Royal Bank of Scotland’s ‘disgraceful’ GRG
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march 2018 by lafgrp
Bank of America to Open 500 US branches, Expand Into Ohio
Bank of America is set to open 500 branches across the United States, hiring over 5,000 new staff members in the process as it turns its focus to consumer and retail banking. The new premises will be designed to act as places for customers to discuss financial products such as mortgages and business loans with bank representatives. "There's less a need for a big, giant, grandiose lobby...We want to build it for our clients, not for us", Dean Athanasia, co-head of the firm's consumer banking and small business operations, told Bloomberg. It's unclear whether the new branches will replace older ones as technology has taken the place of many human-led services such as deposit-taking, and the possibility of closures remains.
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march 2018 by lafgrp
Australia: Productivity Commission chairman says mortgage market is 'absurd'
And "shrouded in smoke and shadow". Mr Harris also levelled criticism at the lack of transparency that customers have to deal with when applying for a home loan, adding that it was "absurd" that customers should have to guess a competitive rate before negotiating with a bank. He also registered concern regarding the size of commission being paid to mortgage brokers, adding that either the consumer or the shareholder is likely footing the bill. "It should worry a shareholder. But shareholders have gotten good consistent dividends and perhaps that's all people worry about, but from our perspective we can go no further than saying that it is surprising."
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february 2018 by lafgrp
Latvian central bank governor accuses banks of trying to oust him
Ilmars Rimsevics QUOTE I could only guess that I have been a very inconvenient public figure for several financial institutions in this country, thus making them for an extended period of time try to gather some evidence or [organise] provocations in order to remove me.
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february 2018 by lafgrp
US bank halts NRA credit card, car rental firm ends discount
First National Bank of Omaha spokesman QUOTE Customer feedback has caused us to review our relationship with the NRA” [National Rifle Assn]
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february 2018 by lafgrp
UK: Women earning less at Barclays
QUOTE For its UK retail bank, women earn 14.2% less than men on average

Dominie Moss of the Return Hub QUOTE There's no silver bullet - for banks and City firms it's about getting more women established in senior executive roles, so they can in turn embed a culture that's more attuned to the needs of both women and men."
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february 2018 by lafgrp
Bank of England hints at earlier and larger rate rises
QUOTE Around 8.1 million UK households have a mortgage, and of those almost half are on either a standard variable rate or a tracker rate. Interest rates on those types of mortgages would be likely to match any increase in official rates made by the Bank of England.
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february 2018 by lafgrp
Global tech giants will threaten Australian bank tax receipts
The Australian Bankers Association is on red alert to the increasing presence of tech giants with the era of "open banking" looming — and its chief executive is warning that they could harm the tax ecosystem (paywall) which has so far ensured that bank profits are not sent offshore. Anna Bligh describes it as a "heightened challenge" for the government and adds that the task for banks to deliver customer-centric services will "intensify as the number of innovative fintech companies locally and particularly from overseas will grow rapidly."
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february 2018 by lafgrp
Australia: 'Four pillars' banking policy is 'ad hoc' and 'redundant'
The report has blasted the 'Four Pillars' banking policy, introduced in the 1990s to foster competition and keep the main banks as separate entities, as "redundant". "At worst, in this consolidation era it protects some institutions from takeover [which is] the most direct form of market discipline for inefficiency and management failure", the report read.
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february 2018 by lafgrp
Australia: Scandals drag Commonwealth's H1 net profit
Commonwealth Bank of Australia (CBA) has posted a cash profit dip for the last six months of 2017. The two percent shortfall, when compared with the same period in 2016, is due in part to the 375 million Australian dollars that the financial institution has reportedly set aside to cover the forthcoming charge related to their failure to comply with anti-money laundering and counter terrorism regulations. "We recognise, and regret, that these costs arise from our failure to meet some standards that we should have", said CBA's outgoing chief executive, Ian Narev.
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february 2018 by lafgrp
Stocks are down sharply in the past two days: why? - Barro
QUOTE Maybe higher budget deficits mean we'll need higher interest rates, regardless of what central bankers are thinking.
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february 2018 by lafgrp
US: Chime Set to Sign 100,000 New Accounts This Month
Since its launch in 2014, online challenger bank Chime has opened up 750,000 customer accounts — and that rapid growth is set to continue. By the end of this month, Chime is expected to add another 100,000 accounts to its list. The bank offers mobile savings and checking accounts with no monthly or transaction charges. It also employs innovative saving measures, including the 'Save When I Get Paid' feature which automatically transfers ten percent of every pay-cheque into a savings account. But it's the absence of fees that really make it popular: "Bank fees are at epidemic levels in the United States and unfortunately traditional banks have adversarial product structures that rely heavily on fees and profit from people's misfortune or mistakes", CEO Chris Britt told Bank Innovation.
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january 2018 by lafgrp
UK: Mortgage approvals by banks 'falling off a cliff'
QUOTE Experts blame a squeeze on consumer incomes as new data reveals a sharp decline in the number of home loans in December.
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january 2018 by lafgrp
Nigerian banks not structured to fund SMEs, says incoming head of chamber
QUOTE “We all know our banks are not structured to fund SMEs. The organised private sector is therefore ready to help canvass and develop new concepts of alternate funding mechanism for SMEs. This will include finance leasing, peer certification for scrutiny of facility for SMEs,” he said. Kayode also called on the Federal Government to fully operate the National Economic Council and urged state governments to replicate same.
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january 2018 by lafgrp
India’s $33bn bank bailout cures the symptoms, not the disease
QUOTE government has thrown a bone to each bank irrespective of its performance, with only the promise of a stricter watch on them [in future].
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january 2018 by lafgrp
ING CEO: European banks must fix ongoing problems
QUOTE Ralph Hamers, CEO of ING [says] "Some of them are still soul-searching. Until that is really over I think... banks will not be the real push for economic growth." Non-performing loans have been a burden for banks since the global financial crisis, as businesses struggle to pay back their debt.
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january 2018 by lafgrp
Australia: card debt falls for third time ever
Australians marginally reduced their total credit card debt last year. They owed 260 million Australian dollars ($207m) less in 2017 than the previous year, but the overall total of the nation's card debt still stands at a sizeable 52.2 billion Australian dollars. "Credit card holders are becoming more financially savvy, taking care to repay debt and keep their interest costs low", economist Tony Pearson of the Australian Bankers Association told the Herald Sun.
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january 2018 by lafgrp
ECB's Nouy 'inflexible' in meeting with Italian banks: sources
QUOTE The European Central Bank’s Chief Supervisor Daniele Nouy was “inflexible” at a meeting with Italian lenders on Wednesday where topics such as bad loans were discussed, two sources with knowledge of the matter said
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january 2018 by lafgrp
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