Early this year, Britain’s Lloyds Banking Group announced that it plans to spend £1 billion over the next 3 years on overhauling and enhancing its technology infrastructure and self-service capabilities. The Group’s CEO Charlie Nunn said the strategy is to move 20% of its applications to the cloud by 2024 and decommission over 15% of legacy applications.
Category: Banking
Banking category copy
BofA Survey: 70% of Gen X and Baby Boomers retiring in the Home They Own
Gen X and Baby Boomers account for 70% of the 84.7 million owner-occupied homes in the United States, so their plans for homeownership in retirement can greatly impact residential home inventory.
New data from Bank of America found that 70% of homeowners aged 45 to 76 plan to or have retired in the home they already own. Among those planning to stay in their homes when they retire, 78% see no reason to move, while 22% say they have put so much work into their home that they don’t want to move. In fact, 61% of Gen X and 69% of Baby Boomer homeowners have renovated or remodeled the home they currently live in, adapting them to fit their lifestyles.
BCBS Issues Standard for Banks’ Crypto-Asset Exposure
The Basel Committee on Banking Supervision (BCBS), the primary global standard setter for the prudential regulation of banks, has endorsed a final standard to help banks mitigate risks associated with their crypto-asset exposure, which includes tokenized traditional assets, stablecoins, and unbacked crypto-assets.
Nordic Digital Bank Lunar Has Unique Value Propositions
Lunar is a Scandinavian digital bank, described as an industry leader in the Nordic region. Unlike many other neobanks, it is a fully-regulated and licensed bank in Sweden, Denmark and Norway with a client base of 500,000 and deposits exceeding Euro 1.3 billion. Among its offerings are checking and deposit accounts, loans and other credit services like buy now, pay later, and stocks, fund and ETF investing.
HSBC Set To Get More Agile and Nimble – A Future Ready Bank
HSBC Holdings has reported that its profit after tax increased by $0.8 billion to $9.2 billion; profit before tax decreased by $1.7 billion to $9.2 billion and revenue decreased marginally to $25.2 billion, mainly due to foreign currency translation impacts and 1H22 losses on planned business disposals.
ABS Unveils Template for Banks on Key Environmental Risk Issues
The Association of Banks in Singapore (ABS) unveils ABS Environmental Risk Questionnaire (ERQ), the first-ever industry-standard template that sets a consistent baseline for banks in Singapore to engage their corporate clients on environmental risk issues, gather data points, and identify opportunities to finance the transition to a low carbon economy.
Lloyds Banking Group Partners with Innovation Sandbox
Innovation Sandbox is designed to will help the Lloyds banking group to bring a variety of fintech opportunities. This partnership will help through the design and test cycle more efficiently, supporting a rich ecosystem of fintechs and reducing time-to-market.
The Globe Needs Payment Cross Border Payment Solutions Faster and More Efficient Ecosystem – A must
“Instant remittance, atomic settlement, programmable money, tokenized assets and trusted sustainability data are the five key outcomes we want to achieve through our collaborative FinTech […]
Re-Igniting The SME & Microfinance Sector By Niraj Basnet Danil | FinTech Frontiers Live
Mr. Niraj Basnet Danil- Head, SME and Microfinance at Nabil Bank Nepal, shares the overall landscape of SME banking and Microfinance in Nepal. He discusses how the bank has made this sector contribute more than 23-25% of its business which makes it one of the largest banks in the country in terms of growth. He shares insights into the important pillars of this growth and the role of technology, fintech, and digital transformation in accelerating delivery, customer acquisition, experience, and customer satisfaction.