Posts Tagged ‘banking’

A Million U.K. Consumers Just Switched Their Bank Accounts — But Not To Fintech Challengers

Nearly a million Brits switched their current account last year, as growing frustration with existing banks led a record 965,317 account holders to ditch their existing bank, up 6% YoY. But, despite the hype around digital challengers like Monzo and Starling, it was traditional high street banks who benefited most. The big takeaway from this data […]

Banks Have Officially Lost to Crypto Says Former JPMorgan and BBVA Executive

Salvador Casquero, former JPMorgan Head of Scandinavian Interest Rates Trading and Head of FX Sales at BBVA, two of the largest banks in the world, has said that banks have officially lost the race of finance to crypto and rapidly emerging fintech companies. Over the past few years, cash has become increasingly irrelevant, especially in […]

HKMA and seven banks to jointly launch blockchain-based trade finance platform in September

The Hong Kong Monetary Authority and seven local lenders will launch a trade finance platform using blockchain technology in September, reflecting efforts by the city to bolster fintech development and close the gap with regional rival Singapore. Lenders taking part in the project include HSBC and Standard Chartered Bank, Bank of East Asia, Australia and New […]

EU watchdog says some banks too plodding to win fintech race

The European Banking Authority (EBA) looked at the risks and opportunities from fintech and its impact on the business models of long established lenders. Risks to banking profitability depend on how well banks adapt to what customers want, and whether they are weighed down by books of souring loans or hindered by old technology, the EBA […]

Do Banks Even Want to Go Blockchain?

While blockchain can improve the effectiveness of cross-border payments and cut the costs by eliminating the middleman, it hasn’t yet proven itself as a tool ready for industrial-scale use. What’s more important is that some of the banks might not be happy to give up those juicy margin fees. During the past month, blockchain’s effectiveness and […]

Banking giant CEOs say blockchain will become global standard for banks in 5 years

Two CEOs from major global banking institutions have issued statements saying that blockchain technology will become a global standard for banks in five or six years. Ralph Hamers, CEO of ING Group, at the Money 2020 fintech conference in Amsterdam, said that banks are on their feet, developing their own solutions. He even added that it […]

JPMorgan Seeks Patent for Blockchain-Powered Interbank Payments

JPMorgan Chase is seeking to patent a system for using distributed ledgers as a way to facilitate and reconcile financial transactions, newly-released filings show. In a patent application published by the U.S. Patent and Trademark Office on Thursday (which was originally submitted last October), JPMorgan outlined a system that uses distributed ledgers to record payments being sent […]

5 Effective Research Methods To Design User-Centered Banking in FinTech

A lot of changes have been happening thanks to a continuously evolving FinTech industry, but many changes are yet to come. Understanding what customers want and need is very crucial for every business, and finance is no exception. There has to be a clear understanding of the things that either cause customers headaches or deliver […]

FINTECH: Betting on blockchain

Advancements in financial technology are opening up new opportunities for fast-growing Asian companies to finance trade and expansion, but pose new challenges for the region’s regulators. The most promising new technology to arrive in the financial sector is undoubtedly the blockchain, or distributed ledger technology, where a secure record of transactions is kept in ‘blocks’ of […]

A Major Dutch Bank Is Considering a Cryptocurrency Wallet for Its Customers

Rabobank, a major Dutch multinational banking and financial services company headquartered in Utrecht, the Netherlands, is considering the possibility of integrating a cryptocurrency wallet within its online banking system. Rabobit, a Rabobank project currently in its conceptual development and market research phase, would allow the bank’s customers to store cryptocurrencies in a wallet hosted by […]