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Retail Banking 2020 Insights

Capture BBVA
Monday 9th April @ 4:00pm

With so many innovative goings-on in the world of banking, finance and tech (often times simultaneously enmeshed with each other) it can be surprising to realise that banking accessibility on a human level is still not where it should be.As hackathons, mass tech-hire events, blockchain innovations and technological implementations occur to better equip banking, there are still many left on the sidelines, too often untouched by developments that improve how the majority of people -...MORE

Jernberg Danish
Monday 9th April @ 4:00pm

It looks like the Danes are losing confidence in their big banks.According to a recent Voxmeter customer survey, almost 45,000 customers switched from big banks to smaller ones last year — almost three times more than the previous year.This is a significant development according to Voxmeter CEO Christian Stejr. "The clients lack closeness, security and trust, and there is an expectation that you...MORE

Monday 9th April @ 4:00pm

As readers will recall, Latvia was rocked by a high-profile scandal in February as ABLV Bank was accused by the US Treasury Dept of having facilitated money laundering. The country's Financial Crimes Enforcement Network (FinCEN) even went so far as to declare that the financial institution had "institutionalised money laundering as a pillar of the bank's business practices".The laundering scandal has resulted in ABLV being hung out to dry, following the combination of a...MORE

ethical investments image
Monday 9th April @ 3:45pm

Growing up in a developing country, it was hard not to miss the difficulties people faced when it comes to money.As a schoolgirl, I remember participating in a small peer-to-peer lending scheme, setting funds aside weekly and taking turns with my friends to receive the whole amount. Much later, as an adult, I witnessed a darker side to finance, as people borrowed from loan sharks at exorbitant interest rates that often left them worse off than they were in the first place. Grossly unfair...MORE

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Monday 9th April @ 3:43pm

Open Banking is coming to the United States, market and regulatory complexities notwithstanding. The only question is not if, but when.When it comes to tech-driven disruption, it always makes sense to get ahead of the inevitable. For example, print periodicals that were quick to provide websites (the New York Times, say) have fared better than those that simply ignored the arrival of the web (Newsweek). Radio stations that have developed a stable of podcasts too are...MORE

Monday 9th April @ 3:27pm

"If you believe you deserve better than the traditional financial system, join us in the future. Where finance is more transparent, flexible, responsible and meaningful."The above quote is from the webpage of Bettr Finance, a digital banking service due to go live in South Africa. As you read it you can almost hear the soft robotic tones of a futuristic announcer in a science fiction movie. Replace the word finance with any other service/product and the...MORE

Monday 9th April @ 3:09pm

In the latest Keyfact monthly, Jeremy Ridgway provides an overview of the market and competitor snapshot. FCA publishes new credit card rulesThe Financial Conduct Authority expects people to save up to £1.3 billion ($1.83bn) a year in lower interest charges as a result of new credit rules.New rules came into force on 1 March 2018 to provide more protection for credit card customers in persistent debt or at risk of financial difficulties. Firms are now required to take a series...MORE

Monday 9th April @ 3:05pm

Banks in the UK have been churlish in their response to the open banking initiative, according to the EPA's Tony Craddock. With Open Banking and PSD2 promising increased competition, and greater opportunity for financial service providers to innovate and more choice for consumers, some banks are trying to hold back the tide by frightening consumers with scare stories about sharing data.New banks such as Starling Bank and Monzo have already been implementing Open Banking integrations...MORE

Monday 9th April @ 3:00pm

The following case study was originally published in Lafferty Group's Digital Branch Design report as part of the Retail Banking 2020 Research Service.At the height of the financial crisis in 2009, Bank of America (BofA) had more than 6,000 branches. Since then it has closed around one in five of them through sale or consolidation. These days, the bank is focusing on...MORE

digibank DBS
Thursday 5th April @ 4:46pm

The following is part of an extended case study about DBS/digibank/Kasisto which was published in Lafferty Group's Artificial Intelligence and Robotics in Banking report as part of our Retail Banking 2020 Research Service.In August of last year, Singapore-based bank, DBS, launched a mobile-only digital bank squarely aimed at the ever-growing smartphone-wielding...MORE

Thursday 8th March @ 2:31pm

Subscribers to Lafferty Group's Retail Banking 2020 research service will receive their copy of our new fintech and banking report in the coming weeks, featuring in-depth case studies about partnerships, collaborations and accelerators between traditional players and nimble sidekicks.The rise of fintechs is one of the most talked-about developments in the industry since the turn of the millennium, their prominence boosting with every passing year — although their long-term place in the...MORE

Thursday 8th March @ 2:31pm

American consumer lending has led the world for decades, but, with global, regulatory and market eras coming to an end, the sands are shifting as never before.One thing is for certain: the market has lost none of its lustre, with start-ups, Big Tech and even investment banks reaching in with ambitions of taking ever bigger slices. The most striking example of Wall Street interest is Marcus, rustling up customers from a middle-class cohort hitherto unaddressed, at least directly, by owner...MORE

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