The #future of banking most probably involves a completely re-vamped #branch structure–but what will the #bank branch of the future look like? Bank Innovation conducted a survey to find out, partnered with Worldwide Business Research, which explored the topic at its Future Branches event in La Jolla, California. The executives enjoying theRead More
Bank Innovation
The Commercial #Bank of #Dubai (CBD), announced late in November that it is launching “CBD Now”, Dubai’s #first #digital-only bank. They aim to target millennials and digitally connected customers early in 2017.
Peter Baltussen, CEO of Commercial Bank of Dubai said, “The launch of CBD Now during 2016 UAE’s innovation week is a timely example of how CBD supports the vision of the UAE government to develop innovation and drive client happiness.”
Digital-only Banking allows customers to totally change how they manage their finances. They can now use smart #technology to fulfil all their banking needs. CBD will offer customers a technologically smart, and seamless mobile bank, personalised to enable them to perform all their usual financial services from anywhere via their smartphone. So whether it’s managing your current accounts, savings accounts or credit cards that you need, this new development will serve you well.
This news comes hot on the heels of Emirates NBD’s announcement in June that they would be investing Dh500million (US$ 136million) in digital banking systems. Mindful of the fact that the bank is losing its appeal with Millennials, this move is aimed squarely at younger customers.The bank’s Chief Executive, Mr Shayne Nelson said, “We are making a commitment to the future with our digital transformation plan.”
The move into digital banking, globally, has seen huge benefits for #banks and customers. For customers there is a huge improvement in convenience and speed of service, whereas these systems also make cost savings for the banks. There are approximately 800 million customers now using mobile banking systems worldwide. This number is expected to increase to over 1.9billion by the year 2019, according to a report by the auditing company KPMG.
The UAE has a young and affluent population, which is driving the move to digitisation. According to a recent Google study, its 9.2 million population has the highest penetration of smartphone use in the world, at about 70 per cent. Traditionally here, cash has always been king, with credit cards often shunned by young affluent people. However, the ease of use of digital banking is starting to capture the imagination.
EY GCC Digital Banking Report 2015 found that half the banks they surveyed have budgeted between US$ 5 million and US$ 20 million for digital initiatives. These included automation, channels, customer journeys and new technologies etc. Furthermore they found that many of the larger banks were demonstrably willing to spend even more. Possible even more exciting was the fact that banks saw this as a rebirth, rather than an incremental approach to modernisation. Digital-first, a Sharia-compliant retail bank in Saudi Arabia, more than demonstrated this.
The island kingdom of Bahrain is also moving swiftly to keep up. A number of state bodies including the Central Bank of Bahrain (CBB) are involved in looking at ways in which to develop its #fintech sector. Areas of interest are: Islamic finance, in which in which Bahrain has strong global standing; crowdfunding; payment services; online wealth management service (#robo-advisors); and #blockchain.
Moving forward, CBD Now Co-founders programme being #launched in the near future involves enabling pioneering customers to provide input into building the bank of their dreams. Murray Sims, General Manager Personal Banking Group at Commercial Bank of Dubai, said, “We believe our customers have a lot of know-how when it comes to banking services. Customers can assist during the piloting phase to influence product development and refinements before rolling out the brand to the public.”
Things are really hotting up in the digital banking sector within the Emirates.
The post First Digital Bank Launched in Dubai appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
#Deutsche #Bank AG has hired two new #technology #leaders as the German bank seeks to boost #fintech development.
via Linkedin
Elly Hardwick, the former chief executive of Credit Benchmark, has joined Deutsche Bank’s London office as the new head of innovation, which includes oversight of all Deutsche Bank Labs.
The bank announced plans to open three Deutsche Bank Labs last year in Berlin, Silicon Valley and London. The labs are aimed at helping the organization apply new technologies to enhance its products, services and processes. It will help it innovate and deepening its relationships with #tech startups.
Hardwick will also work with fintech startups and the firm&8217;s business units to drive new technology adoption, the bank said in a statement last week.
Philip Milne, who previously was the CEO and founder of a Silicon Valley virtual reality startup, joined Deutsche Bank&8217;s Palo Alto office in November as chief technology officer for innovation. Milne has been acting as “an interface between the Deutsche Bank Labs and the bank&8217;s wider technology organization.”
Both Hardwick and Milne will report to JP Rangaswami, the chief data offer and head of strategy and innovation for the bank&8217;s chief operating office.
Deutsche Bank has been facing a number of headwinds and its increased focus on fintech is intended to help it shore up its capital position and stabilize its share price, according to the Wall Street Journal. The firm said earlier this month that it plans to cut roughly 3,400 trading clients a part of a broader restructuring designed to cut costs and restore long-term stability.
The Deutsche Bank Labs are part of the bank&8217;s Strategy 2020 under which it plans to spend up to EUR 1 billion on digital initiatives over a period of five years.
Deutsche Bank Digital Factory in Frankfurt, Germany, via DB.com
Alongside the labs, Deutsche Bank has also opened a Digital Factory in Frankfurt where it focuses on developing digital banking products. Around 400 software developers, IT specialists and financial experts from 14 nations were working together in the space as of September 2016. The bank plans to increase headcount to 800 by 2018.
In October, Deutsche Bank partnered with Misys for a five-year enterprise license agreement to deploy Misys FusionBanking Lending and Misys FusionCapital solutions across the business.
Misys’ FusionBanking Lending offering includes the Loan IQ back office platform for syndicated lending and the front-end that originates from Custom Credit Systems, a US-based provider of commercial loan software which Misys acquired in 2014.
The FusionCapital solutions include a number of treasury and capital markets systems acquired by Misys over the years: Opics, Summit, Kondor and Sophis’ Risque.
In September, Deutsche Bank teamed up with startup accelerator Axel Springer Plug and Play in Berlin to back banking and insurtech startups with cash and other support.
Upon completion of the program, which runs during 100 days, Deutsche Bank could decide to invest and partner with the companies. Investment would range between EUR 100,000 and EUR 500,000. The bank seeks to back and partner with roughly six companies by the end of 2017, according to the Financial News.
Matthaeus Sielecki, head of working capital advisory, financial technology, at Deutsche Bank, said in a recent interview that #banks and fintech startups must learn to co-operate to align strengths while addressing shortcomings.
&8220;In a highly regulated market such as financial services, neither type of organization can innovate and scale on its own,&8221; Sielecki said. &8220;Together, they can find the best ways of serving business customers in the digital age – by combining cutting-edge creativity with proven processes and infrastructure.&8221;
The statements echoed an extensive report released earlier this year in which Deutsche Bank calls for more collaboration between financial institutions and the startup community to leverage their respective strengths.
Featured image: Deutsche Bank Twin Towers, Frankfurt, Germany, via Wikimedia.
The post Deutsche Bank Names Two New Tech Leaders In Fintech Push appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
U.S. #Bank’s #transactions are now 60% #digital, Chief Operating Officer Andrew Cecere said at the Goldman Sachs U.S. Financial Services Conference this week. But that doesn&8217;t mean the Minneapolis-based bank is giving up on branches. It has around 3,000 branches and 80% of its sales activity still takes place thereRead More
Bank Innovation
#Fiserv, a leading banking #technology company, has signed on as the headline Diamond #sponsor of #Bank #Innovation 2017. Bank Innovation 2017 is this blog’s annual gathering on ideas and opportunities in #fintech. The sixth annual Bank Innovation will take place March 6-7 in Silicon Valley, at the Glasshouse in SanRead More
Bank Innovation
#Challenger #banks start #from a pretty grim position – most of them don’t have any customers. So how are they #scaling? Well, whatever they do, it’s important they consider the word scale from both a backend operational perspective and a frontend on-boarding perspective. My view is the most brilliant challengerRead More
Bank Innovation
SETL, Deloitte and Metro Bank completed a series of firsts this week in London. SETL provided a contactless smartcard enabled #blockchain allowing digitised #payments, Deloitte exercised its blockchain ID system known as Smart Identity and Metro Bank hosted a connected client account. In an initial test, over 100 users were issued with contactless smartcards and used them to make purchases from merchants equipped with contactless terminals. Consumers and merchant balances were updated live-time with all balances held at Metro Bank.
The successful implementation of a blockchain smartcard retail payment system offers the possibility of significantly reducing current high costs for processing retail transactions. In addition it opens the door to competition in merchant servicing to challenger #banks, which are all but excluded from this activity by the incumbent clearing banks. The service which is provided by SETL Payments Ltd, subject to appropriate regulatory approval, could launch as early as 2017.
Smart Identity blockchain
In on-boarding participants, Deloitte demonstrated its Smart Identity blockchain solution communicating with SETL’s payment blockchain. Customers taking part created their identity records on the Deloitte blockchain and had their key details certified by Deloitte. These certified details were then asserted to the SETL Blockchain to set up user credentials. This is believed to be the first commercial inter-blockchain application demonstrating how portable, cryptographically secured identity might be applied in a real-world #consumer environment.
From Pixabay
SETL’s capacity to process billions of transactions a day with burst speeds in the tens of thousands per second means that it could easily keep up with the volumes processed by the large card networks who process around 2000 to 3000 transactions per second on average with burst rates of around 14,000 transactions per second. Instant settlement for the retailer and the possibility of charges being only a fraction of the credit and debit card schemes could prove to be powerful incentives for its adoption.
Furthermore, the use of point to point encryption significantly reduces the possibility of kind of wholesale data leakage that has impacted the legacy consumer payment infrastructure over the last decades.
David Myers, Partner at Deloitte added: “To use the Deloitte Identity solution in this way is particularly relevant as it underlines the importance, in the new distributed ledger world of identity management. We are pleased that SETL together with Metro Bank have been able to demonstrate both speed, capacity and identity in the challenging retail payments arena.”
Craig Donaldson
Craig Donaldson, CEO at Metro Bank commented: “We’re always looking for new ways to improve our customers’ banking experience, and payments is an often overlooked but critical part of a customer’s journey. Retail payments have for too long been dominated by a few players to the detriment of customers. Given all the potential that blockchain has to offer, we hope that the success of today’s test will play a key role in moving us a step closer to providing a more efficient and flexible service for customers.”
Peter Randall
Peter Randall, CEO of SETL noted: “We are extremely pleased to be working with Deloitte and Metro Bank on this ground-breaking project. The team are leaders in the field of transaction implementation and retail banking service and our common focus on high speed, capacity and resiliency makes us natural partners. This is not a proof-of-concept or a prototype; it will be a revenue generating implementation of distributed ledger #technology.”
The post SETL, Deloitte and Metro Bank Put Sterling Onto The Blockchain For Consumer Payments appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
TEL AVIV — #PayKey, an intriguing Israeli startup that lets #banks offer payments on any social media platform &8212; and we mean any &8212; won the #demo #contest at #Bank #Innovation #Israel 2016 here this week. PayKey beat out 12 other finalists at the DEMOvation Challenge at Bank Innovation Israel,Read More
Bank Innovation
This week saw the release of The #Fintech 100, a collaborative report put together by H2 Ventures and KPMG. The report takes a global look at the 50 established fintech businesses and 50 emerging stars and is a must read for anyone wanting to understand the industry landscape. Behind lendingRead More
Bank Innovation
LAS VEGAS — #Bank of America announced its new #chatbot, #erica, yesterday at Money20/20 here. Erica should roll out for BofA #digital and mobile #banking users “late next year,” according to a spokeswoman from the bank. At an event where chatbots were one of the main topics of interest for many ofRead More
Bank Innovation
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