Orange has made a significant stride in mobile banking by acquiring a majority stake in financial services firm Groupama, reports Tim Skinner at Telecoms.com. The French mobile operator has confirmed it has acquired 65% of Groupama shares, will be launching a 100% mobile banking service in early 2017. By acquiring Groupama, Orange will be gaining an extensive […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Corelation’s Keystone core system reaches 50 users All aboard for US-based credit unions. Citizens Bank plans core banking revamp with FIS Bank is also looking at a new mobile platform and middleware layer. Scotiabank invests millions of dollars […]
Here are ten facts you (possibly) did not know about mobile banking. But now you do, with the help of this nifty infographics, courtesy of Shinobicontrols.
MasterCard, Western Union, Bkash, a mobile financial service (MFS) provider, and BRAC Bank have launched a new, international remittance receiving service in Bangladesh. The service – via Western Union’s global network – enables Bkash’s registered customers to use their mobile phones to receive remittances from abroad directly into their accounts or collected from a Western […]
Canada’s Scotiabank named key components of its technology and operations strategy at the recent annual meeting of shareholders. These (unsurprisingly) focus on digital transformation, technology investment and the simplification of its organisational and operating models, as the nature of work and roles change. Brian Porter, president and CEO of Scotiabank, said that “a comprehensive change […]
Kazakhstan’s Halyk Bank has launched a new digital banking subsidiary, Altyn-i, underpinned by the Backbase omnichannel solution. Backbase interfaces to Altyn-i’s core banking system, CBS, from Colvir Software Solutions. The new bank aims to offer a full range of financial services. At present, it offers account opening, debit cards and payment services. Consumer loans, mortgages […]
Western Union Business Solutions has unveiled a brand new payments platform for SMEs, WU EDGE. The project has been 18 months in the making and is available to new and existing customers for free. WU EDGE is cloud-based, and is designed to be a single global payments tool for businesses worldwide. It will go live […]
Faster payments is one of the more pervasive topics in almost any global payments conversation. And if you look at key countries like Singapore, the US, and Australia, it may seem to be more than just talking. Additionally, many countries are improving their infrastructure to clear payments in the same day or already have domestic […]
Exchange group SIX and Switzerland’s five largest banks are in talks over a joint mobile payments platform for the country. SIX, retail chains Migros and Coop, and telecoms company Swisscom are planning to create a standardised digital payment system for consumers in Switzerland. A joint statement from the banks – UBS, Credit Suisse, Raiffeisen, PostFinance […]
Croatia’s Splitska Banka has gone live with SB SmartNet, a new internet and mobile banking system provided by Polish IT specialist Comarch. SB SmartNet, based on Comarch’s Smart Finance solution, will give Splitska’s retail customers access to account information as well as a multitude of transactional services. The mobile version is designed for iOS and […]
The world has been talking about “mobile payments” for years, but the phrase means different things to different people. So what exactly are mobile payments? And how much more mobile than cash or cards can payments actually get, asks Philipp Nieland, co-founder and CTO of PPRO Group. Some people believe that mobile payments are those […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! As it’s Easter holidays in the UK, this time it’s published on Thursday. Deutsche Bank reduces branch network in Germany Rise of digital banking drives change. Polymer notes pose £45m problem for UK cash machines Slippery when plastic. […]
Hong Kong start-up Neat is setting its sights on the millennials’ market and will let customers open a payment account with a selfie. Neat founder David Rosa, a former MD at Citi, says the app and payment card will use facial recognition technology to confirm the holder’s Hong Kong identification card is correct. It’s not […]
Traditional banking has taken quite a beating in recent years as more and more customers prefer to handle their banking needs digitally rather than be bogged down by paperwork or wait in lines at a physical bank. In a bid to meet developing customer expectations, many banks have begun offering web-related services such as e-deposits, […]
Dear Banks, how’s it going? If you’re reading this, you must be on social media, or you’re at least checking the internet. That’s great. I’ve been meaning to write this letter for a long time. The first thing you should know is that I think you’re really important. Sure, I might like to joke about […]
DNB’s “first” peer-to-peer (P2P) mobile payment solution in Norway has become the number one downloaded app in the country. Dubbed “Vipps”, and launched six months ago with Tata Consultancy Services (TCS), it is now used by 25% of Norway’s population. The app is available for use on all mobile devices and it allows short chat […]
Efma, an association of 3,300 retail financial services companies in more than 130 countries, and SAP have launched a new online portal to help banks’ SME-related business. The portal – (unsurprisingly) hailed as “innovative” and “disruptive” by its creators – supports banks in developing new apps for their SME clients and also holds competitions to […]
Even as I am prepping for my next industry event, observations from the last conference I attended continue to permeate my thoughts. The ATMIA US Conference that was held in New Orleans only recently and yet, three items continue to have me thinking about the durability, indeed longevity, of some of the points raised. In […]
Berlin-based fintech incubator FinLeap and SolarisBank have created the “first” global banking platform, called Solaris – a Banking as a Platform (BaaP) service. FinLeap says it brought the team of entrepreneurs together, provided seed funding and support during the development phase for SolarisBank. Jan Beckers, chairman of FinLeap and chairman of the supervisory board at […]
Almost 50% of retail banks worldwide believe the rise of digital will bring an end to branch-based banking, according to a study by Temenos. “Retail Banking: In Tech We Trust”, the third annual study of retail banks produced in association with the Economist Intelligence Unit, reveals that banks perceive the threat from tech companies operating […]
Standard Chartered has launched its “Bank on an iPad” sales and service tool in Asia, Africa and the Middle East. Called Retail Workbench, it is a digital tablet-based sales-and-service tool that “brings the bank” to clients. It is integrated with the bank’s back-end infrastructure, and will allow sales staff to open an account for a […]
UK payments provider Tuxedo has launched a “live load” payments technology platform, which removes the need to prepay. The vendor says it is the world’s first. The platform is based upon a single, partner-issued Visa or MasterCard, which is linked to customers’ existing payment sources via Tuxedo’s own platform. The platform is PCIDSS (Payment Card […]
Less than one in three customers now trust their bank or insurer, according to a 2014 research by PwC Financial. Banks are not only suffering from deep consumer mistrust, but they are also seen as stuffy, slow-moving relics of the pre-digital era. Antony Bream, UK managing director at Crealogix, argues that all that can be changed […]
Who, what, where, when of the fintech industry today – this excellent infographics pulls together plenty of useful data, from top specialists, unicorns and start-ups to geographies and M&As. Created by Savvy Beaver and Call Levels.
German digital bank Number26 and TransferWise, a UK-based international money transfer platform, have teamed up to provide Number26 customers with direct “in-app” access to TransferWise’s service. Number26 co-founder and CEO Valentin Stalf says the company wants banking products to be “accessible to customers with one tap, creating a fintech hub inside the Number26 app”. The […]
Crealogix’s subsidiary Elaxy Financial Software & Solutions will roll out a hybrid consulting platform at Bankhaus August Lenz in Germany. The solution, developed in nine months, is ready for MiFID II (markets in financial instruments directive) and PRIIP (packaged retail and insurance-based investment products) regulations. It is also integrated into the bank’s online banking system […]
PayPal is teaming up with Mexican telecommunications giant América Móvil as it looks to expand in Latin America. The alliance’s focus will be on a new mobile wallet platform, which lets users pay for items by smartphone scans. With América Móvil on board, PayPal can target 140 million users in Brazil and Mexico. Dan Schulman, […]
In 2016, retail banks are facing up to their biggest challenge. A combination of new market disrupters, increased regulation and the continuing pace of technology change is set to transform the industry, shifting power firmly to the consumer. Natalie McLellan, director of financial services at consultancy firm Egremont, offers her insight. Many commentators argue that […]
EQ Bank, a new pure-play digital bank in Canada, has opened its virtual doors. It is underpinned by the front-to-back office software from Temenos. The bank is using Temenos’ T24 core banking system at the back-end and Temenos Connect for digital channels at the front-end. It is also using Insight BI for business intelligence and […]
AsiaHawala, Iraq’s “first” mobile money service, has chosen Mahindra Comviva’s Mobiquity Money solution as it looks to expand its reach across the country. The Iraqi company offers consumers a mobile account for a range of financial transactions – such as P2P transfer, bill payments, merchant payments, salary payments and a recharge service. With Mobiquity Money […]
Florida-based Net Element has launched its mobile payments platform, Digital Provider, in Azerbaijan. The venture is done via the company’s Russian subsidiary, OOO Digital Provider. The company says the new integration allows content providers and aggregators access to all “major” mobile operators in the country. It has also signed a contract with a national television […]
Veridian Credit Union, a $2.95 billion credit union in Iowa, is implementing Alkami Technology’s ORB platform for digital channels. The new solution will replace a legacy set-up, which includes a mobile banking offering from another US provider, Clairmail (now part of Monitise). Clairmail was selected by Veridian back in 2009. In 2012, the vendor was […]
Natixis Payment Solutions has teamed up with French start-up CopSonic to create SwipeSonic, an ultrasound payment solution for online shopping transactions. CopSonic’s technology uses ultrasound to encrypt information within music and voice, or transmit data “entirely inaudibly to the human ear”. Emmanuel Ruiz, CEO of CopSonic, says: “Sound is the easiest and most effective technology […]
Barclays and BlackBerry are bringing BBM, the mobile instant messaging service, to Pingit money transfers in the UK. BBM users can now make mobile payments to each other using Barclays’ mobile payment app Pingit. Matthew Talbot, SVP, BBM at BlackBerry, says to “exchange money was a logical extension” of BBM’s functions. Once a user has […]
A survey of more than 3,700 IT security practitioners from more than a dozen major industry sectors found 54% of those firms surveyed had a security or data breach involving payment data, on average four times in past two years. The research, independently conducted by the Ponemon Institute on behalf of digital security firm Gemalto, also […]
Millennials – those highly sophisticated, tech-savvy men and women born between 1980 and 2000 – present enormous opportunities for banks and other financial institutions. Yet to be successful, these businesses must understand and meet the needs of a generation that grew up having it all, seeing it all, and being exposed to it all since early childhood – and that is no easy task.
The sensors built into mobile devices offer a whole new way of identifying their users though biometric techniques, according to security expert Uri Rivner.
Retail banks often claim that customer service is their primary focus, but 75% of banks believe they haven’t concentrated efforts on improving it. Instead, annual reports focus on the financial results. Whether these two stories can become one remains to be seen, according to a new whitepaper by bank technology vendor Misys.
Mastercard and Cardlytics have formed a new partnership that will streamline the process for banks implementing Cardlytics’ card-linked marketing offers, and ensure that consumers can access offers online and via mobile devices.
Technology has infiltrated every facet of our lives, fundamentally changing our behaviour patterns and our expectations of what constitutes a good customer experience. The banking sector has not been immune to these changes; the industry has been forced to drastically transform its business processes and services in order to keep up with customers’ expectations. Today, customer satisfaction is judged not by the smile on the face of a cashier, but on the speed with which one can gain mobile access
