Take a look at some of the more eye-catching news stories from retail banking and cards and payments.
“The UK’s new wave of fast-expanding online banks are becoming exclusively digital – stripping retail banking of its unnecessary and undesirable trimmings and streamlined operations both from a technological and user experience standpoint.”
“While Wells indicated existing customers were not deserting it, the bank also said that the rate of new-account growth had slowed. Consumer checking account openings were down a quarter last month compared with a year ago while credit card applications were down a fifth.
The bank has scrapped sales targets for staff and eased off on marketing in the wake of the scandal.”
“The South Asian nation has been aggressively pushing cashless payments, touting its so-called JAM mechanism that involves bank accounts for the poor, biometric identity cards and high mobile phone usage. About 98 percent of consumer payments are still made with cash, a report by PricewaterhouseCoopers Plc showed in 2015.”
“International banks will begin pulling out of the UK within the next two months, far in advance of British talks with Europe on the final shape of Brexit, according to the CEO of British banking lobby BBA. Anthony Browne wrote in the UK’s Observer newspaper over the weekend: “Most international banks now have project teams working out which operations they need to move to ensure they can continue serving customers, the date by which this must happen and how best to do it.”
“The business will offer unsecured personal loans of up to $30,000 and is targeting prime borrowers who may be looking to consolidate their credit card debt, or those that are frustrated with the fees and complexity of other lenders.”
“By locking out any independent access to the NFC function on iOS devices, Apple is seeking for itself the exclusive use of Australia’s existing NFC terminal infrastructure for the making of integrated mobile payments using iOS devices,” they [Banks] state. “Yet, this infrastructure was built and paid for by Australian banks and merchants for the benefit of all Australians.”
“The consolidated effort of the BNR and banks in implementing the National Payment System Vision 2020 will ensure that the demand for retail electronic transactions is created to justify providers’ investment in the market.”
“Wells Fargo will be banned from doing business with the state of Ohio, said Governor John Kasich. California and Illinois state governments have made similar announcements in recent weeks following the sham accounts scandal. Mr Kasich said that Wells had been “compromised by greed” and would be stopped from doing business with Ohio for one year. On Friday, new CEO Tim Sloan presented results that included news of a major drop in new accounts.”
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