Banking Headlines

  • How wealth managers are using emerging technologies to improve the user experience, while cutting costs and boosting revenue

    BI Intelligence This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here. An increasing number of wealth managers are using new technologies to make their operations more efficient and to increase customer satisfaction. The technologies they are implementing include robotic process automation (RPA), chatbots, machine learning, application programming interfaces (APIs), and...

    www.businessinsider.com
  • European Banking Authority is asked to investigate oversight of...

    COPENHAGEN, Sept 23 (Reuters) - The European Commisssion has asked the European Banking Authority (EBA) to investigate what went wrong in the oversight of...

    Mail Online
  • Forensic logic: how the royal commission lifted the lid on the finance industry

    The chief counsels’ contrasting styles have produced some jaw-dropping moments and claimed some major scalps It took some time, but he got there. Michael Hodge, QC, senior counsel assisting the banking royal commission, had finally had enough of the witness. Continue reading...

    the Guardian
  • Voice recognition: is it really as secure as it sounds?

    Banks and tax offices are using the technology – but some experts claim it can be duped With millions of us accustomed to barking orders at Alexa and Siri, it’s probably not surprising that voice recognition services offered by banks and other organisations are taking off in a big way. It emerged this week that HM Revenue & Customs has so far signed up about 6.7 million people to its voice identification (or “voice ID”) service, while HSBC says it has more than 10,000 people registering each...

    the Guardian
  • Is money-laundering scandal at Danske Bank the largest in history?

    Scale of fiasco highlights need for stricter regulation and cross-border force in Europe The Russian-speaking caller refused to give a name but the threat was explicit: “Do you really feel you can walk home safely at night?” It was 2013 and officers at the Estonian branch of Danske Bank were beginning to realise they had taken on some very unpleasant customers. After a tipoff, a member of staff had travelled to Moscow and started asking questions. The team was trying to trace the identity of...

    the Guardian
  • A senior Deutsche Bank banker told management the bank should break itself up (DB)

    Thomas Lohnes/Getty Images Deutsche Bank's former head of M&A in America presented a plan to break-up the bank to Deutsche Bank's CFO in April. The plan involved spinning out Deutsche Bank's investment bank and merging the rest of the company with another bank. The CFO listened to the plans but didn't share them with any other members of the executive team. Deutsche Bank's former head of mergers and acquisitions in America presented a plan to break up the German lender to the bank's chief...

    Business Insider
  • Danske Bank money laundering 'is biggest scandal in Europe'

    Unpleasant lesson of €200bn case shows need to be vigilant – European commission The European commission has described the €200bn (£178m) money-laundering case at Denmark’s largest bank as “the biggest scandal” in Europe. Věra Jourová, the European commissioner for justice, said she would summon ministers from Denmark and Estonia to explain how Danske Bank executives and regulators missed the scandal. Continue reading...

    the Guardian
  • Free electronic transactions and credit card swipes planned by new South African bank

    Michael Jordaan said the name Bank Zero hints at what they believe the pricing for banking could be.

    @mybroadband
  • How much South African banks charge you to pay your Netflix subscription

    Standard Bank customers recently reported spotting a new fee on their credit card statements.

    @mybroadband
  • Danske bank chief resigns over €200bn money-laundering scandal

    Thomas Borgen admits most of £180bn that passed through Estonian branch was fraudulent The boss of Denmark’s biggest bank has resigned after admitting that the vast majority of €200bn (£178bn) flowing through its Estonian branch was money-laundered cash flowing illegally out of Russia, the UK and the British Virgin Islands. “It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia. I deeply regret this,” Thomas Borgen said in...

    the Guardian
  • Physical stores should never ask for your credit card CVV code – Sabric

    South African credit card users are put at huge risk by the actions of some businesses.

    @mybroadband
  • Danish bank CEO quits ahead of report on Estonia branch

    The chief executive of Denmark's largest bank resigned Wednesday, hours before it was to present the conclusions of an internal report into alleged major money laundering via its Estonian branch. … Click to Continue

    charlotteobserver
  • Danish bank CEO quits ahead of report on Estonia branch

    The chief executive of Denmark's largest bank resigned Wednesday, hours before it was to present the conclusions of an internal report into alleged major money laundering via its Estonian branch. … Click to Continue

    miamiherald
  • Danish bank CEO quits ahead of report on Estonia branch

    The chief executive of Denmark's largest bank resigned Wednesday, hours before it was to present the conclusions of an internal report into alleged major money laundering via its Estonian branch. … Click to Continue

    thenewstribune
  • Spain rejects extraditing HSBC whistleblower to Switzerland

    Hervé Falciani leaked details of HSBC clients whom he said he suspected were evading tax Spain’s high court has rejected an extradition request from Switzerland against Hervé Falciani for leaking details of thousands of clients of HSBC’s private bank. Hailed as a hero by some for triggering investigations in several countries, Swiss courts sentenced Falciani in absentia to five years in jail for leaking details of HSBC clients, many of whom he said he suspected were evading tax. Continue...

    the Guardian
  • No update on Apple Pay in South Africa

    Apple Pay is not supported in any African countries.

    @mybroadband
  • Banks should be worried about Amazon robbing their business — here's why (AMZN)

    Amazon is considering offering banking services to customers, according to published reports. Many consumers would be interested in a free checking account from the company, Bain found in a new survey. Although interest is highest among Amazon Prime subscribers, even customers who don't shop at Amazon would be interested in such an account, the consulting company found. Amazon's potential in financial services could be particularly threatening to traditional banks, because consumers are far more...

    Business Insider
  • Gary Cohn rips into Wall Street critic Elizabeth Warren, calling her attacks on banks 'naive'

    Gary Cohn, the former top economic adviser to President Donald Trump, responded to some of Sen. Elizabeth Warren's criticism of Wall Street banks and the Trump administration on Monday.  At a Reuters event, Cohn disagreed that the tax cuts enacted earlier this year primarily benefitted the wealthy.  He also said Warren's argument that post-financial-crisis regulations should be tougher was "naive." Gary Cohn, the former top economic adviser to President Donald Trump, responded Monday to some of...

    Business Insider
  • UBS chooses Frankfurt as post-Brexit EU headquarters and prepares for no trade deal

    'The financial system is already operating on the assumption that there is no agreement,' between the UK and EU, chief executive Sergio Ermotti says

    www.independent.co.uk
  • Deutsche Bank is mulling a big pull back from Britain due to Brexit

    REUTERS/Kai Pfaffenbach Deutsche Bank is considering moving 75% of its €600 billion in capital from London to Frankfurt. The German lender also plans to ring-fence its UK operation and simplify it, according to sources. Deutsche Bank is considering the moves after pressure from European regulators. FRANKFURT (Reuters) - Deutsche Bank is considering shifting large volumes of assets from London to Frankfurt after the UK's planned exit from the European Union next year to meet demands from...

    Business Insider
  • An economic recovery based around high debt is really no recovery

    Ten years after the Lehman collapse the necessary reforms to a flawed model have not taken place As a profession, economists are absolutely hopeless at forecasting recessions. That is true not only in the years before a severe downturn. It happens when the storm is about to break. Back in 2008, the Bank of England failed to predict the biggest postwar slump in the UK’s history even after it had started. This less than impressive record should act as a cautionary note in the current circumstances...

    the Guardian
  • Instant EFT providers reply to bank disapproval

    Following a chorus of disapproval, MyBroadband reached out to major instant EFT providers.

    @mybroadband
  • A decade after Lehman fell, the global economy is not better. It’s worse

    Investment is low, growth is slow and crisis in China would leave central banks with little firepower to stave off decline Ten years after the collapse of Lehman Brothers and the financial crisis that followed, it is clear that far from being safer, the world is a more unstable and worrisome place. In the UK, average wages remain below pre-crisis levels and inequality is high. Investment in equipment and hi-tech processes, the cornerstone of future growth, is low. Not surprisingly, given the...

    the Guardian
  • Gordon Brown is wrong to say British banking is still a free-for-all

    More money is certainly required to prosecute wrongdoers, but many of the crimes of 2008 simply couldn’t happen today Gordon Brown has lamented the fact that no banker languishes in jail for their role in causing the 2008 financial crash – and is worried that we are “sleepwalking” into another major financial crisis. A decade ago Brown was mocked for accidentally claiming he had saved the world in the government’s reaction to the crash – but he was certainly a key architect of the international...

    the Guardian