BANKING NEWS FLASH February 28, 2014
Table of Contents Sales & Marketing ................................................................................................................. 3 Finance ................................................................................................................................. 7 Technology .......................................................................................................................... 11 Strategy .............................................................................................................................. 15
2|Sutherland Insights Banking News Flash Feb 28, 2014
Sales & Marketing RBS plans to reduce technology and payments platforms from 130 to 20 February 28, 2014 | BBR http://payments.banking-business-review.com/news/rbs-plans-to-reduce-technology-andpayments-platforms-from-130-to-20-280214-4186748 Royal Bank of Scotland (RBS) is planning to reduce the total number of technology platforms by 50%, as part of its cost cutting drive to enable it return on profitability track. The bank, which recently reported ÂŁ8.2bn of losses, will reduce the number of core banking systems from current 50 to 10, while the payments systems will be decreased from 80 to 10. The lender has decided to restructure its seven divisions and seven support departments into three customer businesses including personal, commercial, and corporate which will be supported by one shared support structure. The 81% UK government owned bank is reportedly also considering to up to 30,000 positions at its various business units. Royal Bank of Scotland CEO Ross McEwan said, "We have made progress over the last year in improving the resilience of our systems and our investments over the next 12 months will maintain that focus. "Once we have a resilient base, in the following two years we will seek to make progress in building an agile and flexible technology platform that makes banking easier for our customers." The bank said that it will invest ÂŁ700m to boost its retail banking footprint by 2017. Furthermore, the bank will hire hundreds of business bankers to enable small businesses open accounts, apply for loans, and get the help they need
NSE to unveil volatility futures to protect investors from stock market volatility February 26, 2014 | BBR http://ecnandexchanges.banking-business-review.com/news/nse-to-unveil-volatility-futures-toprotect-investors-from-stock-market-volatility-260214-4184883 National Stock Exchange of India (NSE) will launch a futures contract tied to volatility in its benchmark CNX Nifty stock index, as part of its strategy to offer investors a channel to hedge against stock market volatility. Dubbed as India VIX INVIX), the contracts will be available in the existing futures and options segment on the NSE as well as for all existing investors in the segment, as reported by The Wall Street Journal.
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National Stock Exchange of India new products chief R Sundararaman was quoted by the news agency as saying that given the wild swings in stocks in recent years, the need for volatility as an asset class to hedge portfolios has become much more pronounced. The Indian stock exchange said that with the latest protection offering, it aims to exploit into domestic institutional investor demand for equity futures and options. He NSE has announced rebate ranging between 10% and 40% in transaction charges in respect of trades done in futures contracts on India VIX, to boost active participation of investors. NSE said that the rebate structure would be effective from tomorrow and would until 31 March 2014 and the rebate structure shall be reviewed based on the performance of the contract. By purchasing derivatives tied to the Volatility Index created by the Chicago Board Options Exchange, investors across the globe have shielded their portfolios against volatility, or sharp price swings. Generally, the index typically gains value when stocks fall and vice versa, and is used as a gauge of fear in the market, although; such derivatives have yet to be launched in Asia, reported the news agency
Southern Missouri Bancorp completes acquisition of Citizens State Bankshares of Bald Knob February 24, 2014 | BBR http://retailbanking.banking-business-review.com/news/southern-missouri-bancorp-completesacquisition-of-citizens-state-bankshares-of-bald-knob-230214-4182518 Southern Missouri Bancorp, of Poplar Bluff, Missouri, the parent company of Southern Bank, has announced that it has completed the acquisition of Citizens State Bankshares of Bald Knob, and its subsidiary, Citizens State Bank. Southern Missouri is the holding company for Southern Bank, headquartered in Poplar Bluff, Missouri, operating 22 branch offices in Missouri and Arkansas. Citizens is headquartered in Bald Knob, Arkansas, and operates three branch offices in Arkansas. Greg Steffens, President and Chief Executive Officer of Southern Missouri, welcomed Citizens State Bank customers. "We are very happy to offer these communities a wider selection of services and look forward to growing with these markets," said Steffens. Larry Kircher, Chairman & CEO of Citizens, who will remain with the combined entity in an advisory capacity, commented, "As we knew entering into this agreement with Southern Bank, we are bringing to our community an organization with a strong commitment to customer service and local decision-making. Citizens depositors can look forward to a great relationship with our organization going forward." As of December 31, 2013, Citizens State Bank reported total assets of $70 million, loans, net, of $12 million, and deposits of $62 million
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RBS to divest structured retail IP&ED unit to BNP Paribas February 20, 2014 | BBR http://ecnandexchanges.banking-business-review.com/news/rbs-to-divest-structured-retailinvestor-products-equity-derivatives-unit-to-bnp-paribas-200214-4180763 Royal Bank of Scotland (RBS) has signed an agreement with BNP Paribas to divest the certain assets and liabilities of its Structured Retail Investor Products and Equity Derivatives business (IP&ED) The completion of the transaction, for which both companies were negotiating since November 2013, is still subject to competition approval and expected to conclude during the first half of 2014. Under the terms of the agreement, RBS's Structured Retail IP&ED will be acquired by BNP Paribas Global Equities and Commodity Derivatives (GECD). RBS said that the disposal of IP&ED business is part of its plans to free its markets division from risk and it will enable the bank to rationalize its operations. Commenting on the deal, BNP Paribas GECD global head Yann Gerardin said that the transaction will allow the firm to serve existing and potential new clients more effectively, using RBS's financial offerings with its strategic growth targets. "It will thus accelerate our development in the space of retail listed products and structured retail products, without modifying our risk profile," Gerardin added. RBS markets co-CEO Peter Nielsen commented, "The reputation of BNP Paribas, its long-term commitment to the Equity Derivatives business, track record with this kind of transaction and the quality of its teams and platform, made BNP Paribas an ideal partner for RBS." Headquartered in Edinburgh, the RBS Group manages operations in the UK, Europe, the Middle East, the Americas and Asia, and serves more than over 30 million customers globally.
United Bank for Africa launches current account for women customers February 18, 2014 | BBR http://commercialbanking.banking-business-review.com/news/united-bank-for-africa-launchescurrent-account-for-women-customers-180214-4179036 United Bank for Africa (UBA) Ghana has rolled out its latest current account designed to target young women customers. Known as Ruby, the account is targeted towards women within the mass affluent and high net worth individual segment of the population, reported allafrica.com. UBA Ghana managing director/CEO Abiola Bawuah was quoted by the news agency as saying that the Ruby account was launched to address issues of women. In order to offer an array of benefits to its new current account holders, the bank has teamed up with many companies in the region.
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Furthermore, the new account, which will enable women to become financially independent, will offer free healthcare services, according to the lender. The Ruby account offers benefits that include Zero COT account; access to consumer credit facilities; access to discounts at various partner shops/outlets/concierges nationwide using Ruby cards on point of Sales (POS) at the shops. The account holders can also get free enrolment for e-banking products and services; and tailored Ruby account cheque book and debit card
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Finance Mobile payment start-up Dash raises $1.2 million seed round February 28, 2014 | Finextra http://www.finextra.com/news/announcement.aspx?pressreleaseid=54144 Dash, a mobile payment platform for restaurants, bars, and clubs, that allows patrons to check-in, view, split, and pay their tab from the Pay with Dash smartphone app, announces today that it has raised $1.2 million in a Seed-2 round, bringing its total seed fundraise to $1.9 million. Existing investors including New York Angels, Caerus Ventures and Jonathan Segal, Founder and CEO of The ONE Group, participated in this round, with new investment from Mike Germano, CEO of Carrot Creative. "The growth of the mobile payments industry is evident- and it's here. Pay with Dash provides a 360degree mobile payments solution for both vendors and patrons," says co-founder at Dash, Jeff McGregor. "We've managed to streamline the process and seamlessly connect the consumer-facing app with the back-end app built for venue owners or managers, similar to the Uber app for their users and their drivers. With these new funds, we will be rapidly expanding our partner network in New York and hope to launch in several new cities before the end of the year." Coinciding with the new fundraise, Dash also released today a iOS 7 update for the Pay with Dash app that incorporates location-aware BLE to automatically check-in patrons as they walk into a venue. Additionally, a stored credit system allows both Pay with Dash users and venues to pay with and offer credit that can be used towards any Dash tab. Participating restaurants in Manhattan where people can Pay With Dash includes: Agave, Los Feliz, Edward's, Tammany Hall, Opal, Village Lantern, The Royal, Dukes (USQ), Dukes (3rd Ave), Big Daddys (USQ), Big Daddys (2nd Ave), Big Daddys (Broadway), City Crab (USQ), Barn Joo, Clinton St Baking Co, Barramundi, and more. Pay With Dash launched last November in New York City with a mission to overhaul the traditional restaurant payment process to streamline a solution that allowed groups of friends to pay for restaurant bills and bar tabs seamlessly via their smartphones. With Pay With Dash, users can check in at any point while they're at the venue to see their bill in real time as they place their orders. Pay With Dash effectively removes the need to ask for the bill at the end of the night and also eliminating the hassle of splitting the bill. For restaurant and venue owners, Pay With Dash also offers a back-end solution called DASHBoard that connects with its consumer-facing app to become the first mobile payment system to incorporate patron data right next to the POS system. Using an iPod that is connected to the POS system, DASHboard allows for the seamless incorporation of the platform into existing staff processes
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Bank of Montreal Q1 2014 profits increased to $1.06bn February 27, 2014 | BBR http://retailbanking.banking-business-review.com/news/bank-of-montreal-q1-2014-profitsincreased-to-106bn-270214-4185649 Canada-based BMO Financial Group has reported a net profit of C$1.06bn or C$1.58 per share, compared to a profit of C$1.04bn during the comparable period last fiscal, backed by improved results across its business and lower provisions for bad loans. BMO's adjusted profit stood at C$1.08bn or $1.61 per share against C$1.03bn or C$1.50 per share during the corresponding period last fiscal. BMO Financial Group CEO Bill Downe said, "BMO's first quarter results reflect continued revenue growth and strong operating group performance, especially in Canadian Personal and Commercial Banking." "We gained market share in domestic personal lending complemented by double-digit growth in both commercial loans and deposits. "Our U.S. commercial banking team also continued to deliver excellent volume growth with core commercial and industrial loans up 14% from a year ago." Canadian P&C net income stood at C$484m, up by 8% While US P&C net income decreased by 15% to $153m from a strong first quarter a year ago, when it posted a net income of $179m. Wealth Management's net income stood at C$175m, with an increase of 8% from C$163m during the year ago quarter. BMO Capital Markets net income for the current quarter decreased by 7% to C$277m, compared to C$297m during the same period last financial year
HSBC full year 2013 PBT rose by 9% to $22.56bn February 26, 2014 | BBR http://retailbanking.banking-business-review.com/news/hsbc-full-year-2013-profits-rose-by-9-to2256bn-260214-4184874 HSBC Holdings has reported a profit before tax (PBT) of $22.56bn for the full year 2013, with an increase of 9% from $20.64bn during the corresponding period last fiscal. For the year ended on 31 December 2013, its earnings per share stood at $0.84 compared to $0.74 during the same period earlier financial year. The London-based bank said that said that its underlying revenue increased to $63.29bn compared to $61.6bn during the comparable period a year ago, underpinned by a resilient performance in global banking & markets and growth in commercial banking.
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HSBC group chief executive Stuart Gulliver said, "Our performance in 2013 reflects the strategic measures we have taken over the past three years. Today the Group is leaner and simpler than in 2011 with strong potential for growth. "Our strong capital generation continues to support our progressive dividend policy and reinforces HSBC's status as one of the best capitalised banks in the world." HSBC core tier 1 capital was $149bn, equating to a ratio of 13.6% and its estimated CRD IV end point basis common equity tier 1 ratio was 10.9% as at 2013. HSBC commercial banking, underlying profit before tax increased by 5%, driven by higher revenues and lower costs, while global banking and markets, underlying profit before tax increased by 15%. Retail Banking & Wealth Management, underlying profit before tax rose by $2.4bn as the bank made further progress in running-off the consumer mortgage and lending (CML) portfolio in North America, among others
Credit Suisse in $196m settlement with US SEC over unregistered advisory services February 24, 2014 | BBR http://retailbanking.banking-business-review.com/news/sec-fines-196m-credit-suisse-forproviding-unregistered-services-to-us-clients-230214-4182429 Credit Suisse has agreed to a $196m settlement with the US Securities and Exchange Commission (SEC) for violating the federal securities laws by offering cross-border brokerage and investment advisory services to US clients without registering with the SEC Under the terms of the settlement, Credit Suisse will pay $82m in disgorgement, $64m in interest and a $50m penalty. The federal securities watchdog claimed that Credit Suisse started offering cross-border securities services to 8,500 US clients from 2002 and that contained an average total of $5.6bn in securities assets. The bank charged fees at a tune of nearly $82m without complying with the registration provisions of the US securities laws. The Swiss bank's relationship managers made nearly 107 trips to the US to solicit clients, offer investment advice, and encouraged for securities transactions, as per the SEC's order instituting settled administrative proceedings. Furthermore, these relationship managers were not registered to offer brokerage or advisory services, nor were they affiliated with a registered entity. SEC enforcement division director Andrew Ceresney said that the broker-dealer and investment adviser registration provisions are core protections for investors. "As Credit Suisse admitted as part of the settlement, its employees for many years failed to comply with these requirements, and the firm took far too long to achieve compliance," Ceresney added.
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SEC enforcement associate director Scott Friestad commented, "Credit Suisse failed to effectively implement internal controls designed to keep its employees from crossing the line and being noncompliant with the federal securities laws." Credit Suisse has agreed to pay the monetary penalty and acknowledged wrongdoing to settle the SEC's charges.
Mashreq allows foreign ownership of up to 49% February 18, 2014 | BBR http://ecnandexchanges.banking-business-review.com/news/mashreq-allow-foreign-ownershipup-to-49-180214-4179303 Mashreq has announced to give foreign investors the opportunity to own up to 49% of its capital as it prepares for the incorporation of UAE stocks into the Morgan Stanley Capital International (MSCI) Index in May. This reclassification into emerging markets status will make UAE stocks, including Mashreq, more attractive to foreign investors, who are expected to inject up to AED one billion into UAE stocks following the reclassification. By giving foreign investors the opportunity to own up to 49% of Mashreq's capital, the bank will become more attractive to the power of global institutional investors and the wealth of international capital markets. In turn, they will benefit from the Bank's solid performance and its reputation as one of the leading and most innovative financial institutions in the UAE. H.E. Abdul Aziz Al Ghurair, CEO of Mashreq said: A global market needs a global welcome - this is something we at Mashreq are proud to give when the world's eyes will turn towards the UAE's stocks on the back of its upgraded emerging markets status later this year. The UAE has already proved it is home to some of the world's most innovative companies, and foreign investment will open these companies right up to some of the most powerful institutional investors in the world."
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Technology Integration with paysafecard enables cash upload to Skrill Digital Wallet February 28, 2014 | BBR http://payments.banking-business-review.com/news/integration-with-paysafecard-enables-cashupload-to-skrill-digital-wallet-280214-4187143 Skrill, a digital payments company, has announces that customers can now use paysafecard to top up their Skrill Digital Wallets. This integration, which follows Skrill Group's acquisition of paysafecard in early 2013, enables Skrill Digital Wallet users to add funds to their wallets quickly, easily, and safely, without the use of a credit card or bank account, adding a new option for loading money to the Skrill Digital Wallet. Users can purchase paysafecard in person at more than 450,000 sales outlets around the world. After purchasing paysafecard, customers can instantly top up the credit in their Skrill Digital Wallet using their "my paysafecard" account. Customers can load up to €300/£250, and after verification make top ups of up to €1,000/£850 a day and up to €3,000/£2,500 within a 30-day period. Topping up your Skrill account with 'my paysafecard' is currently available for residents of Austria, Belgium, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Ireland, Italy, Luxemburg, Latvia, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, Switzerland, Spain and the United Kingdom. Once funds are uploaded through paysafecard, customers can use them with any merchant that accepts Skrill payments, or to transfer money to other Skrill Digital Wallet holders. Users can enjoy the advantages of advanced security and control of their money, as there is no need to enter credit card or bank account information at any point in the process. Stuart Gregory, VP of Digital Wallet at Skrill, comments: "In a world where digital transactions continue to grow, the Skrill and paysafecard integration provides a level playing field that enables those without bank accounts to still benefit from being able to make payments via the Internet." paysafecard is available from many supermarkets, petrol stations, tobacconists and newsagents
MasterCard and Syniverse partner to offer new mobile and payment services February 26, 2014 | BBR http://payments.banking-business-review.com/news/mastercard-and-syniverse-partner-to-offernew-mobile-and-payment-services-260214-4184871 MasterCard and Syniverse have joined hands to provide various mobile and payment services to help mobile users to carry out their financial transaction anywhere without being worried about security risk as well as frauds.
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Currently, both companies are piloting an opt-in service that will allow card transactions for users only when they have their mobile device switched on in a specific geolocation overseas. The new service will decrease consumers' frustrations when their payment cards are used without their knowledge or having their own transactions unnecessarily declined while paying shopping bills abroad. It will also empower financial institutions to make more effective decisions when approving or declining a transaction on behalf of their customers. MasterCard global strategic alliances president Hany Fam said, "This collaboration of two global technology leaders opens up a whole new range of possibilities for end users, ensuring a seamless payment and mobile experience. "By leveraging the speed and intelligence of our global network and combining it with geolocation solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world." Additionally, the new service enables mobile users to buy prepaid data packages directly from their phones when they land in their destination country. The partnership between MasterCard and Syniverse would also be beneficial for mobile network operators and brands, as they could implement targeted offers, which will be made more relevant by knowing the location of a mobile device, claims MasterCard
ABnote partners with SimplyTapp to provide integrated mobile solutions February 24, 2014 | BBR http://payments.banking-business-review.com/news/abnote-partners-with-simplytapp-toprovide-integrated-mobile-solutions-230214-4182535 ABnote has announced that they will integrate its existing TSM service with SimplyTapp's Host Card Emulation (HCE) platform, creating the payment industry's broadest offering of secure, cloud-based NFC solutions. The combined service will be hosted securely within ABnote's certified global network of data centers, and will support both standard Secure Element (SE) cloud implementations and token based solutions. This service represents the first of its kind, allowing traditional retailers and financial institutions to compete through innovation with companies such as PayPal and Stripe. The combined HCE offering will be launched on April 1, 2014. John Ekers, ABnote's Global CIO said, "After meeting the SimplyTapp team we quickly knew this to be a great fit. Their solution is a natural extension to our global network of certified TSM's, and is consistent with our strategy of employing open architecture based technology, for maximum interoperability. Their secure cloud-based SE model offers us the ability to create a truly competitive pricing landscape, with support for multiple network and device configurations like offline tokens, benefiting consumers, issuers and mobile network operators alike. And because this is an Android platform, it's already adopted by MNO's, providing issuers with a faster, more secure and easier way to manage essential cardholder credentials."
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Doug Yeager, SimplyTapp's CEO commented "Extending a new breed of payment technology in this market, we built our open platform to provide tools for developers to integrate into their core offerings, enabling innovative mobile solutions. The relationship with ABnote is just what we envisioned. With both a retailer and financial institution focus, their secure cloud-based SP TSM and dedicated mobile development team, as well as their stellar reputation and global presence, will undoubtedly result in a combined offering that will meet both the technical and pricing needs of many issuers for powerful and affordable NFC technology." In light of recent security breaches, the solution represents a two for one solution for financial institutions and retailers' closed loop, decoupled debit, and open loop payments. This will allow them to move into a more secure model than magnetic stripe, and at the same time satisfy mobile payment initiatives; all while leveraging existing infrastructure
Loop releases secure mobile wallet February 20, 2014 | BBR http://payments.banking-business-review.com/news/loop-releases-secure-mobile-wallet-2002144181135 Loop has released its LoopWallet app to U.S. consumers, making them the first in the world to rely on mobile devices as their primary method of payment instead of cards or cash. The LoopWallet app is now available at the Apple App Store, with an Android version planned for release in April 2014. Loop is also offering the Loop Fob, available at looppay.com/shop/ for $39, the first of many AppCessories that give users the ability to swipe and store their credit or debit, gift and reward cards into their smartphones with today's most robust security safeguards. "Loop users are making history as they embark on an exciting new era of secure smartphoneenabled payments. Loop gives users an intuitive way to simplify and organize their wallets. Just download the free LoopWallet app, order a Loop AppCessory, swipe your cards into your smartphone, and pay at almost everywhere in the world," said Will Graylin, CEO of Loop. "It's a true breakthrough that brings more convenience to consumers and with a new level of security beyond chip cards." Loop integrates the highest level of Payment Card Industry (PCI) security, and can conveniently store all cards (payment, gift, loyalty, reward, ID, etc.). With its patented technology, payment card data is encrypted and stored in dedicated hardware secure memory, within the Loop Fob or any Loop enabled device. Partnering with payment card issuers, Loop's technology can also generate dynamic card data every time a payment is made, making such data unusable for those trying to clone a card. Its contactless chip does not wear out and fits into virtually any form factor that consumers want to carry - from smartphones to fobs, to charge cases, to smart watches, the possibilities are limitless. Loop was founded by two payment industry pioneers, Will Graylin and George Wallner, both with proven track records of delivering widely adopted payment innovations. Loop was oversubscribed in its initial fund raising of $12MM, owing to the enthusiasm that investors have for its potential to ignite mobile payments at the physical point of sale.
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"Loop is a true breakthrough, connecting consumers' payment options directly to the smartphone, and allowing them to pay at more retailers, merchants and restaurants than any other solution on the market. We're thrilled to be making this announcement today." said Graylin
CBN unveils biometrics registration project for banks in Nigeria February 18, 2014 | BBR http://bankingtechnology.banking-business-review.com/news/cbn-unveils-biometricsregistration-project-for-banks-in-nigeria-180214-4179576 The Central Bank of Nigeria (CBN) and the Bankers' Committee have unveiled a biometric solution project, as part of its strategy to enable financial firms to combat against practises such as frauds and money laundering. According to CBN, an amount of $50m will be invested to complete the project, whereby a central database will be built comprising the fingerprints and facial features of all bank customers across the country. After completion of the proposed biometrics registration project, the data will used to recognise customers at ATMs and point-of-sale (POS). The apex bank said that it will enable financial institutions to reduce the risk of cyber crimes, ATM fraud and other kinds of financial frauds, while allow banks to easily identify their borrowers. Central Bank of Nigeria governor Mallam Sanusi Lamido Sanusi was quoted by All Africa as saying that the system will spread financial services to remote, rural areas of the country and enable banks to cut costs by sharing physical infrastructure. CBN has set the deadline of 18 months to complete the exercise of biometric registration of all customers across the country
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Strategy Moscow Exchange forms taskforce to promote alogrithmic trading February 28, 2014 | BBR http://custodyandclearing.banking-business-review.com/news/moscow-exchange-formstaskforce-to-promote-alogrithmic-trading-280214-4187234 At a meeting held 26 February the Exchange Council, a consultative and advisory body of Moscow Exchange, approved the Exchange"s priority projects for 2014 and took the decision to create a working group to promote algorithmic trading in Russia. The Exchange Council recommended that Moscow Exchange"s Supervisory Board this year prioritise developing a unified collateral and margining system for the Exchange"s markets and create a single trading and clearing platform for all markets. It also decided to establish a taskforce to promote algorithmic trading on the Exchange, comprising representatives of the Exchange and brokerage firms as well as algorithmic trading specialists. Sergey Romanchuk, Head of Metallinvestbank"s Dealing Centre, is to lead the taskforce. The Exchange Council also recommended that Moscow Exchange"s E?ecutive Board make adjustments to tariffs on the Securities Market, specifically to cancel rebates for intrabroker trades which are booked as a part of a broker"s obligations as a market maker
Accenture unveils mobile wallet platform to boost digital commerce ecosystem February 26, 2014 | BBR http://bankingtechnology.banking-business-review.com/news/accenture-unveils-mobile-walletplatform-to-boost-digital-commerce-ecosystem-260214-4184877 Accenture (ACN) has rolled out a new Mobile Wallet platform equipped with integrated advanced analytics and big data capabilities, to offer superior digital payments services to its clients. Featuring recommendation tools and security elements, the new mobile wallet technology delivers a modular platform for a trusted digital payments ecosystem that Accenture clients can operate for enhanced customer services. Apart from managing all proximity transactions and payments though near field communications (NFC) technology or QR codes, the Accenture Mobile Wallet platform enables end-users to manage and operate all their cards, including credit, debit, transport, loyalty and gift cards. Furthermore, users leveraging the mobile wallet can send money to other or future users, decreasing the requirement for any other tools in financial transactions. Accenture Mobility global managing director Jin Lee said that the key to a vibrant, viable digital commerce ecosystem is a robust platform to underpin its operations.
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"This platform will help our clients - be they banks, mobile operators, merchants or a partnership of them all - to understand which offers to extend to which consumers and when. "The platform then provides the functionality with which to pay for those offers, while gathering data to continue the learning and relationship-building process with that individual," Lee added. The Accenture Mobile Wallet platform includes the Accenture Recommendation Engine, an integrated big data solution developed by Accenture Interactive and delivered through the cloud or on-premise through Accenture Analytics
RBS and NatWest to extend retail banking footprint with UK Post Office February 24, 2014 | BBR http://retailbanking.banking-business-review.com/news/rbs-and-natwest-to-use-uk-post-officeto-extend-retail-banking-footprint-230214-4182495 British banks, NatWest and Royal Bank of Scotland (RBS) will extend their retail banking services to personal and business customers through the Post Office from later this year, to include pay-ins of cash and cheques The lenders, which will leverage the Post Office's 11,500 locations, will extend services to customer enabling them do their every day banking in a total of 22,500 locations including branches, ATMs and Post Offices across the UK. The recent deal between the banks and the Post office increases the possibility of closure of many NatWest and RBS branches, as the bank is seriously implementing plans to reduce the operational expenses. Most recently, media sources reported that RBS is planning to eliminate more than 20,000 jobs at its investment and retail banking operations. Both banks will also be able to tap the strong customer base of the Post Office and it currently handles around 11.5 million transactions. According to a study, 90% of the UK population lives within one mile of a Post Office, while 99% within three miles. RBS UK retail CEO Les Matheson said, "Our customers are changing the way they bank with us. "They want to be able to do their everyday banking in a variety of different ways - where and when it is convenient for them. "We're delighted to be able to extend our service with the Post Office to give our customers more choice in how they do their banking with us," Matheson added
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RBS may cut more than 20,000 jobs February 21, 2014 | BBR http://retailbanking.banking-business-review.com/news/rbs-may-axe-30000-jobs-under-projectcook-to-cut-inflating-operational-cost-210214-4181524 Royal Bank of Scotland (RBS) is reportedly set to cut more than 20,000 jobs in the coming years, as part of CEO Ross McEwan’s Project Cook strategy to boost balance-sheet and control increasing operational expenses. RBS, which is 81% owned by the UK government, is expected to announce the massive restructuring plan as early as next week. RBS is expected to eliminate 11,000 jobs at its investment bank, including a scale back from its US and Asian markets businesses. Some jobs at central functions including finance, risk and accounting will also be scrapped. Under the plan, the bank will also divest Citizens, its US retail and commercial bank, subsequently resulting in the elimination of 18,500 positions. RBS is likely to withdraw from many of its riskier investment banking activities including exit from its Connecticut-based US investment banking business, and closure of major parts of its remaining Asian investment bank. The restructuring is expected to slash approximately a quarter in the group's headcount over the next three to five years. After the job cut and business closures, RBS employees' strength, which was 161,000 in 2008, will be lower than 100,000. Currently, the bank has nearly 120,000 staff. Most recently, RBS has signed an agreement with BNP Paribas to divest certain assets and liabilities of its Structured Retail Investor Products and Equity Derivatives business (IP&ED).
KFH rolls out KFH-Nojoom co-branded MasterCard prepaid card February 18, 2014 | BBR http://cards.banking-business-review.com/news/kfh-rolls-out-kfh-nojoom-co-brandedmastercard-prepaid-card-180214-4178773 Kuwait Finance House (KFH) has rolled out the KFH -Nojoom co-branded MasterCard Prepaid Card in partnership with Wataniya Telecom, designed to help users to carry out local and international shopping conveniently. KFH said that launch of the new card is in line with its commitment to offer innovative and tailored payment services that complement cardholders' lifestyles. Kuwait Finance House chief retail banking officer Mohammad Al-Fouzan said that KFH -Nojoom is a co-branded prepaid card that delivers Nojoom members an opportunity to earn reward points when using the card locally or abroad.
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"These points can be redeemed in the form of free minutes from Wataniya in addition to many gifts from redemption partners. "The card contributes in strengthening relationships with Kuwaiti corporations, thus serving clients and offering them competitive privileges and splendid discounts," Al-Fouzan added. Following activation of the prepaid card, the customer will receive 3333 points bonus and four points for every purchase worth KD1. The new prepaid card, which is accepted by more than 10 million merchants and ATM machines, allows cardholders to take advantage of 50% discount at 500 stores. The card features 3D secure service to ensure secure online payments
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