When it comes to something as highly regulated as the banking industry, open source may not be the obvious technology to choose. However, with the rise of Open Banking — which likely came about as an answer to what is probably the most often cited regulatory requirement for financial institutions
Until very recently, financial data pertaining to a customer’s account information was made available only to his/her own bank. But since January 13, those rules have changed.
Banking across the globe has been going through a major transformation over the last few years, and this evolution looks set to continue well into 2018, and indeed beyond.
The Markets in Financial Instruments Directive II (MiFID II)—a major package of financial reforms for European markets—is due to be introduced at the start of 2018. The new rules are aimed at providing considerably more protection for investors
On November 15, the Commonwealth Bank of Australia (CBA) held its annual general meeting (AGM), during which a small but notable protest vote emerged against the bank’s board appointments and executive remunerations.
Brexit negotiations continue, but little headway has been made regarding the final terms of the United Kingdom’s departure from the European Union (EU).
The global financial crisis of 2007-08 left many marks behind, not the least of which has been increasingly complex financial regulation that has not been easy to uniformly enforce; meanwhile, digital technology is looming ever larger but has been relatively ignored by regulators, who are still coping with the decade-old crisis. The international regulatory debate should move towards a more forward-looking approach.
Without regulations, digitalisation is not feasible. New rules and laws are a headache for banks and increase the administrative burden while reducing client satisfaction. But they also create transparency and openness, which can lead to new and improved financial services. The challenge is how to provide new services in a customer-centric way. Regtech may be the solution.
Family-owned banks are a rarity today, but one, MoraBanc, can still be found in the tiny, mountainous European nation of Andorra. And it continues to serve its customers well, thanks in large part to the leadership of CEO Pedro González Grau, whose vision of a transformed business model has resulted during a short three-year time span in increased sustainability and, more importantly, customer trust and satisfaction.
Vietnam’s Asia Commercial Bank is enjoying a turn-around that most financial institutions would gladly embrace, posting one of its best performance years in 2016. The private bank’s success may lie in its practice of setting ambitious goals and objectives, then following through by using its competitive advantages to achieve them, providing the personal but innovative service that its varied customers demand.