World Retail Banking Report 2013

89 views

Capgemini and Efma are pleased to present the 2013 World Retail Banking Report.One of the biggest problems facing retail banks today is their inability to stand out in an increasingly commoditized and competitive marketplace. Few banks are forging innovation in developing new products. Nor are they connecting with customers in a personalized way as the role of the branch continues to diminish. And new delivery channels, while offering convenience, have created an inconsistent and disjointed experience for many customers.

Spotlight

Finalysis

About us Finalysis is an International Treasury and Banking Consultancy that provides an holistic view across Treasury Operations and Banking Relationships. Finalysis provide corporates with banking strategies and best practices and controls to deliver high cost savings in banking and treasury operations.

OTHER ARTICLES
PAYMENTS

Are Asian Nations All Set to Kick off CBDCs? Know Here!

Article | July 21, 2022

Contents 1. Say Hi to the Future 2. Digital Currencies: Types and Companies Involved 3. Why Are CBDC(S) Becoming The Talk of The Town? 4. Are Asian Nations Well On The CBDC Track? Say Hi to the Future! CBDCs, or Central Bank Digital Currencies, are the future of transaction modes and an excellent alternative to cash and private digital money. As the name suggests, CBDCs are digital tokens similar to cryptocurrencies, as both use blockchain technology. However, the significant difference lies in their modes of regulation. While cryptocurrencies are decentralized and highly volatile, CBDCs are regulated directly by a country’s central bank and, thus, are pretty transparent and stable for a financial system. Digital Currencies: Types and Companies Involved Cryptocurrency, Stablecoins, and Central Bank Digital Currencies (CBDC) are the three main digital currencies. Cryptocurrency grew in popularity because it was inexpensive and available in various currencies. Furthermore, its decentralized nature eliminated the role of banks in traditional money transfers, as they acted as intermediaries and thus charged for this. However, with the introduction of cryptocurrencies, the network members acted as intermediaries in the blockchain, and as such, the compensation got minimal. Here’s a list of the top cryptocurrency companies that offer enhanced data security: Advanced Micro Devices: It is an American multinational semiconductor company based in Santa Clara (California). It offers the best combination of CRU and GPU technologies to make faster and more secure blockchain transactions. Alpha Point Corporation: AlphaPoint is a white-label software company powering crypto exchanges worldwide. Its award-winning blockchain technology has helped over 150 clients in 35 countries discover and execute their blockchain strategies since 2013. Intel: By pushing forward in fields like AI, analytics, and cloud-to-edge technology, Intel’s work is at the heart of countless innovations. However, over time, stablecoins gained attention due to their stable nature. These are also cryptocurrencies backed by other cryptocurrencies, fiat currencies, commodities, etc. As suggested by its name, this backing system for stablecoins has been implemented to keep their prices steady and avoid fluctuations altogether. Some of the famous companies dealing in stablecoins include: Gemini: Gemini Trust Company, LLC is a next-generation cryptocurrency exchange and custodian that allows customers to buy, sell, stake, and store digital assets such as Bitcoin and Ether. OKCoin: It is one of the world’s largest and fastest-growing cryptocurrency exchanges. The company helps millions of people buy and sell Bitcoin, Ethereum, Miamicoin and many other crypto assets daily. ConsenSys: It is a leading Ethereum software company that enables developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Why Are CBDCs Becoming the Talk of the Town? Central Bank Digital Currencies are likely to gain much traction as they enable faster and smoother transactions, which are also very safe and secure. Since CBDCs do not involve holding a bank account, this concept will probably be more popular among non-banking individuals. With the recent collapsing examples of commercial banks, CBDCs have a higher chance of survival since the latter involve linking customers’ funds directly to the central bank. CBDCs also promise transparency, as all their transactions are recorded on a digital ledger, enabling authorities to detect fraud and other illicit activities. Are Asian Nations Well on the CBDC Track? Some CBDCs are in the pipeline, while the rest are at different stages of progress in many Asian nations, but none have launched yet! However, CBDCs are picking up steam in Asia. This region is home to many emerging markets that are quick to adapt to new technologies and keen to extract more benefits from innovations. CBDCs are mainly of two types, namely, Retail and Wholesale. While the former (CBDC-R) involves transactions by individuals and businesses, the latter (wCBDC) is more into institutional financial activities or transactions from one bank to another. Coming back to Asian countries and how they are doing with digital currency, one can design for both cases or just one, depending on the country's needs. For example, China and Thailand kicked off both models, while South Korea and Russia followed the CBDC-R model. As per a report from the Atlanta Council, Asian nations such as India, Japan, Indonesia, and Bhutan are at the development stage in both models. Similarly, Thailand and China are in the pilot phase of implementing both models. Meanwhile, nations in the development phase of implementing only the Retail CBDC include Iran, Israel, Lebanon, Turkey, and Cambodia. Besides, Saudi Arabia, UAE, Malaysia, and Singapore are in the pilot phase of the Wholesale CBDC. Meanwhile, nations in the research phase include Georgia, Kuwait, Palestine, Pakistan, and the Philippines. Nevertheless, North Korea is still in inactive mode.

Read More
CORE BANKING

Are Asian Nations All Set to Kick off CBDCs? Know Here!

Article | July 13, 2022

Say Hi to the Future! CBDCs, or Central Bank Digital Currencies, are the future of transaction modes and an excellent alternative to cash and private digital money. As the name suggests, CBDCs are digital tokens similar to cryptocurrencies, as both use blockchain technology. However, the significant difference lies in their modes of regulation. While cryptocurrencies are decentralized and highly volatile, CBDCs are regulated directly by a country’s central bank and, thus, are pretty transparent and stable for a financial system. Why Are CBDCs Becoming the Talk of the Town? Central Bank Digital Currencies are likely to gain much traction as they enable faster and smoother transactions, which are also very safe and secure. Since CBDCs do not involve holding a bank account, this concept will probably be more popular among non-banking individuals. With the recent collapsing examples of commercial banks, CBDCs have a higher chance of survival since the latter involve linking customers’ funds directly to the central bank. CBDCs also promise transparency, as all their transactions are recorded on a digital ledger, enabling authorities to detect fraud and other illicit activities. Are Asian Nations Well on the CBDC Track? Some CBDCs are in the pipeline, while the rest are at different stages of progress in many Asian nations, but none have launched yet! However, CBDCs are picking up steam in Asia. This region is home to many emerging markets that are quick to adapt to new technologies and keen to extract more benefits from innovations. CBDCs are mainly of two types, namely, Retail and Wholesale. While the former (CBDC-R) involves transactions by individuals and businesses, the latter (wCBDC) is more into institutional financial activities or transactions from one bank to another. Coming back to Asian countries and how they are doing with digital currency, one can design for both cases or just one, depending on the country's needs. For example, China and Thailand kicked off both models, while South Korea and Russia followed the CBDC-R model. As per a report from the Atlanta Council, Asian nations such as India, Japan, Indonesia, and Bhutan are at the development stage in both models. Similarly, Thailand and China are in the pilot phase of implementing both models. Meanwhile, nations in the development phase of implementing only the Retail CBDC include Iran, Israel, Lebanon, Turkey, and Cambodia. Besides, Saudi Arabia, UAE, Malaysia, and Singapore are in the pilot phase of the Wholesale CBDC. Meanwhile, nations in the research phase include Georgia, Kuwait, Palestine, Pakistan, and the Philippines. Nevertheless, North Korea is still in inactive mode.

Read More
CORE BANKING, FINANCIAL MANAGEMENT

Why Payments-as-a-Service is the first choice for FIs

Article | December 7, 2022

The pace of change within the global payment’s technology space is still at full speed with no sign of slowing down. While traditional incumbents have until recently taken comfort in their size and decades of dominance, new digital-only challenger banks are ramping up and making a huge impact on the global financial landscape.

Read More

BIG TECH IN FINANCE: A DEEP DIVE INTO THE FUTURE OF FINTECH

Article | February 10, 2020

The following article looks at Big Tech and its impact on the financial services sector. Whilst competition from small fintech startups will certainly take away some market share from traditional banks, the impact of “GAFA” could be huge. The fintech movement did more than unbundle banking and its core services — it spurred financial inclusion across Asia, increased overall economic growth, and made significant inroads into the finance value chain. The born-digital companies brought technology to the forefront, attacking the traditional risk-averse sector from various points — digital payments, insurance, P2P lending, and investment management, among other avenues.

Read More

Spotlight

Finalysis

About us Finalysis is an International Treasury and Banking Consultancy that provides an holistic view across Treasury Operations and Banking Relationships. Finalysis provide corporates with banking strategies and best practices and controls to deliver high cost savings in banking and treasury operations.

Related News

CORE BANKING, FINTECH

Pacific Service Credit Union Chooses Lumin Digital to Enhance Its Digital Banking

Pacific Service Credit Union and Lumin Digital | January 20, 2023

On January 19, 2023, Lumin Digital announced that it established a multi-year agreement with Pacific Service Credit Union (Pacific Service CU) in California to promote an improved online banking experience for the latter's almost 70,000 members and assets worth over $1 billion. Lumin's cloud-based online and mobile digital banking platform, set to launch in October, will provide better safety, security features, and seamless digital integration. This would help Pacific Service CU develop tailored experiences by providing personalized suggestions such as spending insights, financial guidance, savings goals, and fraud warnings. Michelle Shelor, Chief Operating Officer of Pacific Service Credit Union, stated, "At Pacific Service CU, we've built a strong reputation for providing world-class products and services for our members." Michelle continued, "Our partnership with Lumin Digital will greatly improve the user experience and back-end processes. We are excited to bring this new technology to our members." (Source – Cision PR Newswire) Lisa Daniels, Lumin Digital's Chief Delivery Officer, indicated that Pacific Service CU's members would benefit from the cooperation. In a recent digital-banking analysis from The Financial Brand, U.S. financial leaders foresee four themes for 2023, all of which are Lumin's focus - digital transformation, boosting data and analytics, streamlining the customer journey, and extending digital product and payment capabilities. "Addressing these critical areas hasn't always led to predictable outcomes for financial institutions in the past," Lisa Daniels said. "Lumin's thoughtful approach, experienced implementation teams, and innovative technology stack simplify this process greatly - providing Pacific Service CU with the confidence, security, and engagement they deserve from their digital partner," she concluded. (Source – Cision PR Newswire) About Lumin Digital Lumin Digital, a majority-owned subsidiary of a PSCU, provides a cloud-native platform that redefines digital banking for financial institutions. The platform offers a complete and modern integrated suite of capabilities based on the industry's most sophisticated technology and best practices. In addition, through a patented engagement model that enables highly focused, actionable, and distinctive digital interactions, organizations will be able to create excellent user experiences across platforms, enabling more personalized journeys and connected relationships. About Pacific Service Credit Union Pacific Service Credit Union, headquartered in Concord (California), is a full-service financial institution. The company, recognized as a Bay Area Top Workplace from 2019 to 2022, has a talented, cohesive leadership team with an average of over 11 years of service. Meanwhile, San Francisco Business Times has also recognized its corporate generosity over the years, placing it in an elite group of businesses that give away more than 2% of its annual profits.

Read More

CORE BANKING, INVESTMENT MANAGEMENT

Copper Introduces Investment Product for Teenagers to Promote Financial Literacy!

Copper | December 28, 2022

Copper, the premier banking app that teaches teens and children about money and prepares them for future financial success, has expanded to include Copper Investing, a teen-centric Registered Investment Advisor (RIA). Copper Investing provides easy-to-use, automated portfolios for kids to learn about (and begin) creating wealth in a secure environment. Its goal is to give teens long-term financial power by offering them real-world learning experiences that would enable them to become better investors and not just make money. Copper goes beyond banking with Copper Investing, the first-of-its-kind platform for teen investing based on education. This comes after Copper held free workshops on money management in over 5,000 high schools across the country. The product gives teens easy-to-use, automated portfolios for investing. This helps them learn about money at a young age and use what they've learned to safely build wealth. Copper thinks that with inflation going up, teens need to learn more than just how to save money. Spending time in the market and being willing to take risks are two of the best ways for teens to build wealth. The company wants to teach them about money so that they can become smart investors. This way, parents can feel safe knowing that their teen's financial future comes first. Copper Investing uses a unique questionnaire based on best practices in the industry to find out how much risk its users are willing to take. Then, it matches them with a finely crafted portfolio that fits within their comfort zone while also taking into account what their parents want. All three of Copper's global equity portfolios don't have any exposure to bonds or cryptocurrencies. Instead, they use a diverse group of low-cost ETFs to offer a good balance between risk and long-term return. Copper has also given about $1 million to over 200,000 people on the Copper Investing waitlist. Copper will invest over $1 million into the first investment and wealth-building accounts of teenagers as soon as the investing product becomes operational. AboutCopper Copper Banking was developed to enable teenagers to obtain real-world financial experience by granting them access to their funds in a way that regular banks cannot. Copper's app and debit card help parents and teens talk about money while also teaching teens how to make smart financial decisions. The company was started with the idea that all teenagers should have equal access to financial education and be able to learn by doing, because it's never too early to be financially responsible.

Read More

CORE BANKING, PAYMENTS

Ideal Credit Union Introduces New Way of Connecting Members with Banking Products!

Alkami Technology and Ideal Credit Union | December 26, 2022

A US-based financial services company, Alkami Technology, announced that its client, Ideal Credit Union, has come up with a new way of connecting members to essential banking products! In a statement, the company stated that the member-owned financial cooperative - Ideal Credit Union has launched Segmint data and marketing solutions on Alkami's digital banking platform. “At 2030, I would say that you probably have two billion people that’ll be using day-to-day banking services, independent of banks” – Brett King Ideal Credit Union informed that Segmint would identify every tiny detail involved in a transaction process that can prove helpful in serving their customers better. Taking this as an opportunity to expand their business strategy, both companies mark this as a positive development that will take their business to the next level. Segmint, in association with the Alkami platform, will scrutinize members’ data about the products they have elsewhere and provide custom offers accordingly. Ideal Credit Union recently used Segmint's data and marketing solution to find members interested in buying CDs. Through Ideal's mobile banking, the Alkami platform sent them an offer for a CD. This project helped them open CDs worth more than a million dollars. With Segmint's Key Lifestyle Indicators, Alkami can also look at its membership base to find people who have mortgages, loans, credit cards, or savings accounts with other companies and offer them competitive products through its platform. Ideal Credit Union believes that the collaborative work of Segmint and Alkami will be a decisive move for financial institutions. Together, they can improve their digital sales and customer service by using insights from transaction data. It would help them build stronger relationships with account holders and bring in more money. About Alkami Technology Alkami Technology is the leading provider of cloud-based digital banking solutions for U.S. financial institutions. It helps clients grow with confidence, adapt quickly, and build thriving digital communities. It also helps clients transform by offering retail banking, business banking, digital account opening, loan origination, and solutions for preventing fraud in multiple payments. About Ideal Credit Union Ideal Credit Union is a member-owned, not-for-profit financial cooperative that offers its customers financial services and products. The company has branches in Eagan, Hugo, Inver Grove Heights, North St. Paul, Stillwater, and Woodbury. It also offers car loans, mortgages, and business accounts to its members.

Read More

CORE BANKING, FINTECH

Pacific Service Credit Union Chooses Lumin Digital to Enhance Its Digital Banking

Pacific Service Credit Union and Lumin Digital | January 20, 2023

On January 19, 2023, Lumin Digital announced that it established a multi-year agreement with Pacific Service Credit Union (Pacific Service CU) in California to promote an improved online banking experience for the latter's almost 70,000 members and assets worth over $1 billion. Lumin's cloud-based online and mobile digital banking platform, set to launch in October, will provide better safety, security features, and seamless digital integration. This would help Pacific Service CU develop tailored experiences by providing personalized suggestions such as spending insights, financial guidance, savings goals, and fraud warnings. Michelle Shelor, Chief Operating Officer of Pacific Service Credit Union, stated, "At Pacific Service CU, we've built a strong reputation for providing world-class products and services for our members." Michelle continued, "Our partnership with Lumin Digital will greatly improve the user experience and back-end processes. We are excited to bring this new technology to our members." (Source – Cision PR Newswire) Lisa Daniels, Lumin Digital's Chief Delivery Officer, indicated that Pacific Service CU's members would benefit from the cooperation. In a recent digital-banking analysis from The Financial Brand, U.S. financial leaders foresee four themes for 2023, all of which are Lumin's focus - digital transformation, boosting data and analytics, streamlining the customer journey, and extending digital product and payment capabilities. "Addressing these critical areas hasn't always led to predictable outcomes for financial institutions in the past," Lisa Daniels said. "Lumin's thoughtful approach, experienced implementation teams, and innovative technology stack simplify this process greatly - providing Pacific Service CU with the confidence, security, and engagement they deserve from their digital partner," she concluded. (Source – Cision PR Newswire) About Lumin Digital Lumin Digital, a majority-owned subsidiary of a PSCU, provides a cloud-native platform that redefines digital banking for financial institutions. The platform offers a complete and modern integrated suite of capabilities based on the industry's most sophisticated technology and best practices. In addition, through a patented engagement model that enables highly focused, actionable, and distinctive digital interactions, organizations will be able to create excellent user experiences across platforms, enabling more personalized journeys and connected relationships. About Pacific Service Credit Union Pacific Service Credit Union, headquartered in Concord (California), is a full-service financial institution. The company, recognized as a Bay Area Top Workplace from 2019 to 2022, has a talented, cohesive leadership team with an average of over 11 years of service. Meanwhile, San Francisco Business Times has also recognized its corporate generosity over the years, placing it in an elite group of businesses that give away more than 2% of its annual profits.

Read More

CORE BANKING, INVESTMENT MANAGEMENT

Copper Introduces Investment Product for Teenagers to Promote Financial Literacy!

Copper | December 28, 2022

Copper, the premier banking app that teaches teens and children about money and prepares them for future financial success, has expanded to include Copper Investing, a teen-centric Registered Investment Advisor (RIA). Copper Investing provides easy-to-use, automated portfolios for kids to learn about (and begin) creating wealth in a secure environment. Its goal is to give teens long-term financial power by offering them real-world learning experiences that would enable them to become better investors and not just make money. Copper goes beyond banking with Copper Investing, the first-of-its-kind platform for teen investing based on education. This comes after Copper held free workshops on money management in over 5,000 high schools across the country. The product gives teens easy-to-use, automated portfolios for investing. This helps them learn about money at a young age and use what they've learned to safely build wealth. Copper thinks that with inflation going up, teens need to learn more than just how to save money. Spending time in the market and being willing to take risks are two of the best ways for teens to build wealth. The company wants to teach them about money so that they can become smart investors. This way, parents can feel safe knowing that their teen's financial future comes first. Copper Investing uses a unique questionnaire based on best practices in the industry to find out how much risk its users are willing to take. Then, it matches them with a finely crafted portfolio that fits within their comfort zone while also taking into account what their parents want. All three of Copper's global equity portfolios don't have any exposure to bonds or cryptocurrencies. Instead, they use a diverse group of low-cost ETFs to offer a good balance between risk and long-term return. Copper has also given about $1 million to over 200,000 people on the Copper Investing waitlist. Copper will invest over $1 million into the first investment and wealth-building accounts of teenagers as soon as the investing product becomes operational. AboutCopper Copper Banking was developed to enable teenagers to obtain real-world financial experience by granting them access to their funds in a way that regular banks cannot. Copper's app and debit card help parents and teens talk about money while also teaching teens how to make smart financial decisions. The company was started with the idea that all teenagers should have equal access to financial education and be able to learn by doing, because it's never too early to be financially responsible.

Read More

CORE BANKING, PAYMENTS

Ideal Credit Union Introduces New Way of Connecting Members with Banking Products!

Alkami Technology and Ideal Credit Union | December 26, 2022

A US-based financial services company, Alkami Technology, announced that its client, Ideal Credit Union, has come up with a new way of connecting members to essential banking products! In a statement, the company stated that the member-owned financial cooperative - Ideal Credit Union has launched Segmint data and marketing solutions on Alkami's digital banking platform. “At 2030, I would say that you probably have two billion people that’ll be using day-to-day banking services, independent of banks” – Brett King Ideal Credit Union informed that Segmint would identify every tiny detail involved in a transaction process that can prove helpful in serving their customers better. Taking this as an opportunity to expand their business strategy, both companies mark this as a positive development that will take their business to the next level. Segmint, in association with the Alkami platform, will scrutinize members’ data about the products they have elsewhere and provide custom offers accordingly. Ideal Credit Union recently used Segmint's data and marketing solution to find members interested in buying CDs. Through Ideal's mobile banking, the Alkami platform sent them an offer for a CD. This project helped them open CDs worth more than a million dollars. With Segmint's Key Lifestyle Indicators, Alkami can also look at its membership base to find people who have mortgages, loans, credit cards, or savings accounts with other companies and offer them competitive products through its platform. Ideal Credit Union believes that the collaborative work of Segmint and Alkami will be a decisive move for financial institutions. Together, they can improve their digital sales and customer service by using insights from transaction data. It would help them build stronger relationships with account holders and bring in more money. About Alkami Technology Alkami Technology is the leading provider of cloud-based digital banking solutions for U.S. financial institutions. It helps clients grow with confidence, adapt quickly, and build thriving digital communities. It also helps clients transform by offering retail banking, business banking, digital account opening, loan origination, and solutions for preventing fraud in multiple payments. About Ideal Credit Union Ideal Credit Union is a member-owned, not-for-profit financial cooperative that offers its customers financial services and products. The company has branches in Eagan, Hugo, Inver Grove Heights, North St. Paul, Stillwater, and Woodbury. It also offers car loans, mortgages, and business accounts to its members.

Read More

Events