With all of the new developments in banking these days, it’s easy to lose touch with what really matters: the customer experience. To enhance their customers’ journeys and earn their loyalty, research shows that bank staff need to develop effective communication channels, listen and then learn what matters most to customers. What’s important to them may not be precisely what bank employees expect.
The London Inter-bank Offered Rate, LIBOR, has for 50 years served as one of the most widely used benchmark interest-rate indexes. But its reputation has been tarnished by concerns that it has been manipulated by banks, and the United Kingdom’s FCA has pulled the plug on LIBOR submissions after 2021. Its successors—risk-free rates—are lining up to take over, but the transition is definitely not guaranteed to be smooth.
After the announcement in January from the Malta Financial Services Authority, stating the significant pending changes to Maltese pension regulations, both companies and advisers alike felt the net tighten around their daily practices.
In mid-June, Cambria Africa announced that its Zimbabwe-based subsidiary—the payment-services provider Payserv—had suspended its service to its bank customers in Zimbabwe. According to Cambria, the suspension was due to a “collective refusal to pay historical and contracted pricing to Payserv Africa in US dollars
Traditional banking hasn’t worked well in some areas of the world, including sub-Saharan Africa, where a large percentage of the population has been financially underserviced. New, innovative fintechs have been only too happy and qualified to fill the void. By expanding access, fintechs are promoting economic and social growth in the region, especially in high-tech hubs South Africa and Kenya, which are setting an example for others to follow.
Data lineage is becoming more important for financial services organisations today. Increasingly, it is becoming hard-wired in regulations and in data quality frameworks like the European Central Bank’s (ECB) Targeted Review of Internal Models (TRIM) – and ultimately this is all related to the need for ‘explainability’.
Banks once were the movers and shakers of the financial world, but in the aftermath of the global financial crisis, mired in new regulations, many have lagged behind rising fintechs in technological innovation. What fintechs have discovered is artificial intelligence’s considerable contribution to meeting customer needs and maximizing operational efficiencies. Now that the regulatory climate has eased, banks are catching up and employing carefully implemented AI to help them achieve their customer-centric goals.
Few commodities have experienced more pronounced volatility over the last few years than cobalt. This versatile, ferromagnetic metal has been increasingly sought after in recent times, thanks in no small part to its use in lithium-ion batteries