The Bank of England (BoE) announced on Thursday, September 17, that the Monetary Policy Committee (MPC) had voted unanimously to leave its benchmark bank rate at 0.1 percent whilst also maintaining the target for the total stock of asset purchases under its quantitative-easing (QE) programme at £745 billion.
During its policy meeting on Thursday, September 10, the European Central Bank (ECB) decided to keep its main refinancing benchmark rate unchanged at 0 percent, along with leaving its rates on the marginal lending facility and deposit facility the same at 0.25 percent and -0.50 percent, respectively.
At its most recent monetary-policy meeting in late July, the Federal Open Market Committee (FOMC) discussed implementing a number of monetary-policy tools to allay concerns regarding the economic outlook for the United States. And while the FOMC had already taken numerous emergency measures
Utilising several of the new waves of disruptive technologies such as big-data analytics, artificial intelligence (AI) and cloud computing, neobanks across the world are fundamentally transforming the very notion of banking. And given the restrictive impact that the coronavirus pandemic is having on the global population,
The pre-pandemic world had its share of risks, but they were predictable, and risk managers knew how to use data to measure and manage them. Mid-way through 2020, the finance sector finds itself thrown into a grave new world marked by great uncertainty, a reality for which it was not well prepared. Being ready for the unknowns is now a must for survival, but how can banks accomplish that feat?
Many of us are now familiar with the concept of software as a service (SaaS)—that is, the licensing and delivery model that enables users to subscribe to use-specific programmes and applications over the internet rather than having to buy them outright and install them on their computers.
If there was ever a time for banks to rise to a challenge, it is now, as COVID-19 ravages the physical and financial health of millions. The Great Recession, created largely by banking malpractice, prompted positive changes in banking but revealed serious shortfalls in customer service. This time around, can banks stand behind all of their customers, provide crucial aid wherever needed and offer much-needed hope for a better future?
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
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.