The Federal Reserve Board has approved the application by United Community Banks, Inc., (United), Greenville, South Carolina, to merge with Progress Financial Corporation, and thereby indirectly acquire Progress Bank and Trust, both of Huntsville, Alabama.
Tag: banking
Emirates NDB – Aiming To Be a Tech Behemoth
Emirates NBD, Dubai’s government-owned bank and one of the largest banking groups in the Middle East in terms of assets, is considered as a pioneer in adopting disruptive technologies designed to transform banking operations and to offer extreme customer delight. The bank has an embedded culture to continually innovate and move to newer levels. It has made significant investments in new technologies so that its technology infrastructure is state-of-the-art and it could make major breakthroughs in digitization.
Lloyds Bank Goals: Legacy Applications Down 15%, Office Footprint Down 30%, and 20% Apps in Cloud
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.
American Household Financial Health Declining After Many Years of Increased Savings
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.
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.
From Output To Outcomes Interview with Paolo Sironi | FinTech Frontiers Live
Paolo Sironi, Global Research Leader in Banking and Financial Markets, IBM Consulting, explains how organizations have been transforming from output to outcome-based economies. He shares how achieving one’s financial, personal, and professional goals is a valuable asset and the role of value insight creation in enabling contextual and conscious banking. He talks about how enriching customer insights can have enhanced value due to digital transparency and trust-based technology. He throws light on how an ecosystem of open transparency fosters stronger technological ties while deliberating the potential of banks and fintech to enable and unlock better values.
Growth with a Deeper Reach | Interview with Casparus Kromhout | FinTech Frontiers Live
In a conversation with Babu Nair, Founder and MD, Financial Technology Frontiers, Casparus Kromhout, MD & CEO, Shriram Life Insurance shares the vision of focused business strategies adopted by the company to reach out to the rural sector. He also shares how the organization is functioning on a new ecosystem for building growth, product innovation, and adoption of the latest technology to improve the Customer Experience. He throws light on tie-up with insurtech for delivering faster business and leapfrogging businesses to newer levels.
Singaporeans Feeling The Heat in Necessities Spending, Retirement Plans: Study
Eight in 10 Singaporeans said that their personal financial situations had been affected somewhat or to a large extent in the past one year due to inflation. The key areas impacted by inflation are spending on necessities (71%), retirement plans (34%), and investments (26%).
Simplifying Global Payments | FinTech Frontiers Live
Alain Raes, Founding partner and CCO of IPID, an authority in global payments with his lineage as CBO of Swift, shares with Babu Nair, the Founder and MD of Banking Frontiers and Financial Technology Frontiers, his insights on the bottlenecks in Global Payments. He speaks about how international B2B remittances and transaction banking can be integrated with better compliance and accelerated using innovations, resulting in a better customer experience. He also talked about how the involvement of governments and regulations of several nations complicate international payments and how cooperation with regulators in streamlining compliance will work in catapulting Global Payments to newer levels of experience and growth. Keep Watching!