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July 24, 2018
On the web
How Canada’s Banking Protections Stifle Innovation At Home, But Give Big Six Free Rein To Expand Abroad
Financial Post
“Canada has a reputation for having a relatively steady banking sector and the high degree of regulation is intended to keep the financial system safe. Yet the same rules keeping everything on an even keel could also have the unintended consequences of limiting competition and consumers’ choices. Current rules include restrictions around ownership and anti-money laundering practices, but there are also certain regulatory requirements for capital and other well-meaning standards that set a high bar to clear for any potential newcomers.”
Hackers Breached Virginia Bank Twice In Eight Months, Stole $2.4M
Krebs on Security
“Hackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, making off with more than $2.4 million total. Now the financial institution is suing its insurance provider for refusing to fully cover the losses. According to a lawsuit filed last month in the Western District of Virginia, the first heist took place in late May 2016, after an employee at The National Bank of Blacksburg fell victim to a targeted phishing email.”
July 18, 2018
On the web
Hong Kong Regulator, Banks Launch Blockchain-based Trade Finance Platform
Reuters
“Hong Kong’s banking regulator and seven banks, including HSBC Holdings PLC and Standard Chartered PLC, on Tuesday said they will jointly launch a trade finance platform in September using blockchain technology.The platform will be one of the largest examples globally of a government-led, cross-bank effort to reform the multi-billion dollar trade finance sector using the distributed ledger technology that underpins digital currencies such as bitcoin.”
Banks Are Building A Super-Speed Money Highway In The Nordics
Bloomberg
“The biggest Nordic banks expect to launch a new piece of financial infrastructure next year, promising to dramatically speed up international transfers in one of the world’s most technologically advanced regions. The aim is to make it possible to clear payments and settle accounts within seconds, regardless of currency. The P27 project — so-called for the 27 million people who live in Sweden, Norway, Denmark and Finland — will build on the success of smart-phone payment applications that Nordic banks have already created, like Swish in Sweden, Norway’s Vipps, and MobilePay in Denmark.”
July 12, 2018
On the web
New York State Will Regulate Online Lenders To ‘Level Playing Field’ For Banks
Bank Innovation
“Online lenders may own more than half of the personal lending market, but they face serious headwinds. For one thing, rising interest rates will increase their cost of funds, and perhaps make their offerings less attractive, and for another, regulations may arrive that make operating their businesses more expensive. In New York State, perhaps anticipating a vacuum of consumer protections at the federal level, that second condition has been met.”
June 29, 2018
Top Post
Inside Chase’s Strategy For Digital-only Brand Finn
Tearsheet
“Chase wants to take the lessons from the St. Louis pilot and offer Finn to a broader audience of digitally comfortable iOS users, ahead of an Android launch later this year. The St. Louis experiment yielded three key conclusions: Autosave triggered by rules is a priority for the customer community; a digital-only offering backed by a known, established player like Chase is a reason why customers trust Finn; and a 24-hour-a-day client-support team can replicate most of the functions of a brick-and-mortar branch. Customer feedback has inspired some product updates, including the ability to save a percentage of one’s paycheck, and pre-set autosave rules when customers spend at popular brands like Starbucks.”
June 28, 2018
On the web
SolarisBank Aims To Become The Banker For The Cryptocurrency Industry
Finextra
“SolarisBank has cobbled together a range of services to support its programme, including a ‘Blockchain Company Account’ for the banking business of blockchain companies, and an automated escrow account for people buying and selling fiat currencies in cryptocurrency marketplaces. The German bank has already secured its first deal with vPE Bank, to enable institutional trading of cryptocurrencies. Further services combining debit cards and cyrptocurrency wallets are currently in progress with other corporate clients.”
June 27, 2018
Top Post
SoftBank’s Humanoid Robot Pepper Comes To HSBC USA
BankingTech
“Pepper’s key features will include communicating directly with bank staff based on customers’ answers to qualifying questions; and tutorials and instructions. In addition, Pepper will be used to promote HSBC products and services, and the bank even wants customers and visitors to pose with Pepper and upload their photos to social media channels. As reported earlier this month, HSBC said it was looking for growth again as it plans to invest $15-17 billion in new technology.”
June 15, 2018
On the web
Chase To Reach Business Owners Through ‘Business Advice Center On Wheels’
Tearsheet
“JPMorgan Chase is taking a new twist on meeting customers “where they are:” A 27-foot trailer at business events across the U.S., offering free one-on-one advice sessions on marketing, business insights and small-business financing. The trailer, which is called Chase BizMobile, is the latest iteration of the bank’s plans to grow face-to-face connections with business owners, alongside conferences and seminars it has organized for the last two years. The objective is to connect with clients and prospects who may consider taking up service offerings from the bank in the future.”
June 13, 2018
On the web
Wells Fargo Simplifies Payments Pricing To Compete With Square
American Banker
“Wells Fargo will simplify the prices it charges small businesses to accept credit and debit card transactions as the bank responds to pressure from startups such as Jack Dorsey’s Square Inc. The changes, which are tailored for small businesses that process $100,000 a year or less, eliminate many of the complicated pricing policies that varied from client to client, according to Danny Peltz, who leads treasury management and merchant services at the company. Business customers will also be able to apply online for payment processing capabilities with Wells Fargo, Peltz said.”
June 12, 2018
On the web
Digital-Only Banks Grapple With Integrating ‘Human’ Interaction Into Their Products
Tearsheet
“Recent customer surveys indicate otherwise, according to research findings released this month from Celent, commissioned by Samsung. It revealed that customers want some kind of human interaction for complex issues. The study found that about half of U.S. banking customers aged 18 to 44 said they banked digitally, but prefer to resolve some matters in-person. Overall, most customers surveyed preferred dealing with humans on matters like setting up financial goals or getting investment advice. To respond to fraud, a lost or stolen card, or identity theft, a majority of those surveyed across age categories preferred to phone the contact center or address it in a physical branch.”
Banks Plan Blockchain ID System
Korea JoongAng Daily
“Amid efforts to streamline online and mobile banking in the country, a new system based on distributed-ledger technology will be introduced into the local banking sector starting next month. According to the Korea Federation of Banks (KFB), which represents major commercial banks in Korea, “BankSign,” a blockchain-based identity verification program, will officially be launched in July.”
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