Disruption in Retail Banking

Growth in internet and mobile technologies has transformed many industries and economies. The market forces and competitive landscape has completely changed in many sectors. iTunes has fundamentally changed music industry, Amazon has driven most big brick and mortar book sellers out of business, Expedia is one of the worlds' biggest travel company….. the list goes on.

Retired Member 

Understanding Bank Account Number Portability - PSD2

Account Number portability (ANP) is set to be a game-changing year for retail banking in EU. As the PSD2 (Revised Directive on Payment Services Directive) becomes implemented, Customer are provided with various option such as AISP, PISP, Account Portability. All would have heard of Mobile Number Portability (MNP) where customer have the choice of...

08 November 2018 /retail

Retired Member 

The day I stopped carrying my cards

Digital overdrive is driving the ubiquitous plastic money out of users’ wallets. The change is not only rampant in developed economies but also in fast growing digital economies such as India and China. Just like every common individual, I too used to carry cards for payments and routine financial transactions. Until recently. Thanks to increasing ...

29 October 2018 /payments

Olivier Thirion De Briel 

How AI and Machine Learning are Changing MFA?

The multi-factor authentication market is experiencing new dynamics. For the last 15 years, strong authentication was not a top of mind concern for organizations and was mainly based on hardware tokens generating one-time passwords (OTPs), a temporary 6 or 8 digit password. The user was required to first generate an OTP on his token and then copy/...

22 October 2018 /security

Anuj Kumar UK Financial Service Strategy Lead at SAP UK

A data gateway to insights: Current accounts and the case for ML

Once a mainstay of the banking industry, current accounts are increasingly perceived as a utility product. Despite their maturity, they remain the second most complained about banking products in the UK, right after PPI. In recent years, costs have increased for everything from overdrafts to transaction fees, with average customer accounts unwitti...

03 October 2018 /retail

Retired Member 

The biggest UK challenger bank yet: what does the Virgin-CYBG merger say about industry’s future?

Last Monday, 96% of CYBG shareholders voted to accept Virgin’s all-share offer to merge. It looks like the happy couple is set to create the biggest challenger bank ever in the UK. But behind the headline numbers lies a key strategic reason - matching the personal feel of regional branches with the technological capabilities to answer the growing...

20 September 2018 /retail

Jeremy Thomson-Cook Chief Economist & Head of Currency Strategy at WorldFirst

How PSD2 and Open Banking will shape the future of payments

I have spent a lot of time at FinTech conferences over the last few years contemplating the impact of PayTech, RegTech, LendTech – and everything in between – on the future of the financial services industry. While these conferences are often long on vision, they can sometimes be rather short on reality and it is usually at this point of confluence...

19 September 2018 /regulation

Bo Harald Chairman/Founding member, board member at Transmeri, Demos, Real Time Economy Program,MyData

It is only a question of time

It is only a question of time before all e-invoices, e-receipts, and payments are effected in Real Time - in standardised structured form. Why does it not happen faster? EU has been driving e-invoicing for over ten years. Maybe it is only a question of awareness? It is not widely enough known that these transactions are the first and broadest step ...

15 September 2018 /payments

Sushama Divekar Consultant - Retail Banking, Analytics & Insights at Not Applicable

Why Banks cannot leverage on self-service options to bring out the intended business impact?

All Banks today, irrespective of size or geography have joined the Digitization and self-service bandwagon. Investments and budgets are being carved out, and Digitization seems to be the top priority of every Bank, irrespective of size or geography Pick any annual report, or investor presentation, and in 8 out of 10 such instances, Digitization is ...

16 April 2018 /retail

Jeremy Light Co-founder at Fourdotzero

The Battleground for the Consumer Experience - Opened up by Open Banking

On 25 March 2018, a Quantas 787-9 Dreamliner touched down at Heathrow airport to inaugurate a new non-stop service between Australia and London. It cut a full three hours off the normal 20 hour journey. In the commoditised world of air travel, that is a game-changer. Differentiating from the competition has been a challenge for the airline industry...

26 March 2018 /payments

Vaibhav Grover Senior Director at Sutherland

Are Banks only in 'Banking' business?

According to US law, any institution offering deposits, subject's withdrawal on demand and marketing loans of a commercial or business nature is Bank. The Oxford dictionary defines a bank as – "a bank is an establishment for the custody of money received from its customers .It's essential duty is to pay their draft on it, its profit arises fr...

10 March 2018 /retail