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EU Banks Plot Pan-European Rival to Visa and Mastercard

November 11 2019

• in
• Banks
• Networks

“A group of 20 European banks are working together on “setting up a pan-European payment system to challenge the dominance of Visa, Mastercard and technology companies such as Google and PayPal,” French news agency AFP reports . “The Pan European Payment System Initiative (PEPSI) would handle all forms of cashless transactions,” AFP was told.”

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As Neobank Valuations Bubble Up, Some Investors Think There’s an Even Better Bet in Fintech

October 18 2019

• in
• Banks
• Noebanks

“Venture capitalists have poured billions of dollars into digital bank startups, and at least one more megadeal is expected before this year is over. Questions are being raised , however, about whether this fintech craze is another quixotic quest for market share that burns cash but doesn’t generate much profit in return.”

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Barclays’ Former CEO Says Banks Should Beware the Story of Uber

September 4 2019

• in
• Banks
• Challenger Banks

“In late 2015, Antony Jenkins said the banking industry was approaching its “ Uber moment .” The former Barclays CEO predicted that major, established lenders could be forced to cut as much as half their workforces and bank branches in the coming decade. He said that a group of new banks would become well known […]

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How U.S. Banks Took Over the World

September 4 2019

• in
• Banks

“A decade after fueling a crisis that nearly brought down the global financial system, America’s banks are ruling it. They earned 62% of global investment-banking fees last year, up from 53% in 2011, according to Coalition, an industry data provider. Last year, U.S. banks took home $7 of every $10 in merger fees, $6 of […]

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CIT Expands Direct Bank Offering With Launch of EChecking

November 15 2019

• in
• Banks

“CIT’s national direct bank, CIT Bank , today announced the launch of eChecking , a new digital checking account featuring no monthly fee, up to .25% APY and an ATM Fee reimbursement of up to $15 a month. To enhance the banking experience, the new account also features a wide variety of electronic transfer and payment solutions, […]

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A Major UK Lender Just Launched a Digital Bank to Compete With Unicorns Like Monzo and Revolut

November 27 2019

• in
• Banks
• Challenger Banks

“British lender NatWest has launched a digital bank to compete in the U.K.’s thriving fintech space. NatWest — a subsidiary of RBS — launched cloud-based bank Bo on Wednesday, with the service going live on both Apple’s App store and Google Play.   Those who sign up to the digital bank will be sent a […]

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Think Your New Online Banking Agreement Sucks? So Does a Contract Law Expert | CBC News

February 10 2020

• in
• Banks

“Most of Canada’s five big banks — BMO, CIBC, RBC, Scotiabank and TD — recently updated their electronic banking agreements, so Go Public asked an expert to assess how well they balance the banks’ liabilities against customer protections. The news is not good for millions of customers. “They are so one-sided and benefit the banks […]

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Lloyds Banking Group to Shut 56 Branches by October 2020

January 30 2020

• in
• Banks

“Lloyds Banking Group confirmed that it will close 56 bank branches across the U.K., as customer preferences continue to move toward digital banking and reduced dependence on physical branches.  The group, which has more branches than any other financial institution across the U.K., includes Lloyds Bank, Bank of Scotland, Halifax and several other mortgage, auto finance and […]

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This Bank Hired a Community Organizer and Here’s What Happened Next

January 29 2020

• in
• Banks

“The coworking and event space is just one of several of Berkshire’s planned brick-and-mortar locations that aren’t banks at all. Internally, the bank calls them storefronts, but they could be coworking locations, retail stores, or other possibilities. They’re all branded as Reevx (“Reev-ex”) Labs. Berkshire is planning to open more of them across its seven-state […]

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Yes Bank Crisis May Be Over for Its Depositors but India’s Banking Sector Won’t Recover Soon

March 17 2020

• in
• Banks

“The worst is behind for India’s embattled Yes Bank, or so the country’s central bank has assured nervous depositors and investors. Yet, the recent feverish behaviour of the private lender translates into an epidemic-like scenario for India’s troubled banking sector. In a hurriedly-called press conference yesterday (March 16), Reserve Bank of India (RBI) governor Shaktikanta […]