Banking

Some banks act as bulwarks in turbulent times; Ecuador’s Banco del Pacífico has been there for its customers through thick and thin for just under half a century. But this progressive bank, dedicated to enhancing the customer experience, has gone beyond anchoring to steering Ecuador’s, and indeed Latin America’s, financial industry into the virgin seas of digital transformation. Its loyal customers have responded to this ahead-of-the-curve bank with wholehearted approval.

The Caribbean island country of Jamaica is a top draw for tourists seeking a tropical paradise, but it also hosts a stable and growing economy serviced by a dynamic banking sector. Driving the digital transformation is First Global Bank, which has served Jamaican communities ably for the past 50 years. In our interview, President and CEO Mariame McIntosh Robinson and Vice President Arlene Williams describe FGB’s vision, values and latest innovations.

Nedbank is ingeniously employing existing and new digital solutions to meet the needs of customers during the COVID-19 crisis.

The International Banker 2020 Middle East and Africa Awards Winners. The best banking institutions in retail, commercial, private and investment banking are highlighted along with two outstanding CEOs from their regions.

It’s no secret that the last decade has been one of the most transformative periods for the global banking industry, at least from a regulatory perspective. Financial institutions have been forced to evolve under this new era of transparency, with authorities taking unprecedented steps to ensure that consumer protection

The US housing market is on a roll, having recovered from the bleak days of crisis 10 years ago. But mainly due to the new regulatory environment, large financial institutions have veered away from mortgages. Independent mortgage banks have filled the vacuum, however, and doubled their share of the market in 10 years. What exactly are these banks, how do they operate, and what is their contribution to the industry?

Thanks in no small part to recent rate cuts by the US Federal Reserve System, Singaporean banks are now under increasing pressure. And the outlook for the Asian city-state’s banking sector suggests that things may get only worse this year, especially for the three biggest players:

Banks have traditionally been considered the “owners” of whatever data they manage to collect on their customers. But that entrenched viewpoint was challenged by Open Banking, an initiative of the UK’s Competition and Markets Authority. Under this model, the consumer owns his or her data. Now the concept is spreading not only to other parts of the world but to non-payment financial products and services via Open Finance.

In today’s cybercrime-infested environment, the frontline position of chief information security officer couldn’t be more crucial. But increasingly, CISOs find that not only do they receive criticism for events beyond their control, the control they do have to determine their firms’ information-security strategies is being threatened. The CISO must be re-empowered by regaining sole ownership of the levers needed to set the company’s security priorities and drive its cyber-defense agenda.

Increasingly, core banking services no longer occur within the brick-and-mortar walls of a community’s bank. Financial services have broken out into mobile and online banking, with fintechs and neobanks competing with incumbent banks on their own turf. Banks should adapt to digital advances, but building customer trust is the make-it-or-break-it ingredient. Innovation will constantly change, but the need for relational trust between bank and customer will always remain the same.