Problems have continued to mount for the German banking sector in 2019. According to Ronit Ghose, the global head of banks research at Citibank, German lenders are in a much worse position than their European counterparts—and that even includes Italy when it comes to profitability.
ISO 20022, the ISO standard for the interchange of electronic data between financial institutions, has arrived and is shaking up the payment sector worldwide. Migrating to the new system is voluntary, but the advantages of lower cost, greater fraud protection, increased customer satisfaction are quickly winning over banks and businesses alike, making its blanket adoption inevitable. What do bank managers need to do to prepare for this payment-processing overhaul?
Sustainability is popular in so many ways today, including in investment. It’s not surprising that banks are going all out to link their brands with such a trendy concept. But Lundquist has dived beneath the surface to determine where European banks really stand on sustainability, how it is molding their corporate strategies and communications. The results prove that most banks still have a way to go to be fully credible.
UK banks have achieved success in many areas, but when it comes to earning and retaining customer trust, they have fallen short. In an era of big bank failures, scandals and outright greed, public trust in the banking sector has been one of the main casualties. The good news is that it doesn’t have to be that way; banks can turn the tables and win back that crucial trust. But how?
In March, the US Senate reformed the 2010 Dodd-Frank Act by loosening its tight regulations on smaller financial organizations, welcome relief for those firms that have been struggling for eight long years with requirements targeted for larger, systemically important institutions during the aftermath of the 2008 financial crisis. Most are upbeat about the Senate bill, but how will it fare in the House of Representatives?
Traditionally the banking sector has been shrouded in secrecy, guardians of not only customer financial data but their own internal information. In the aftermath of the 2007 financial crisis, stakeholders, customers and regulators have demanded more honesty from the industry.
On November 8, India’s prime minister, Narendra Modi, addressed his nation to announce that Rs 500 (approximately $7.25) and Rs 1,000 notes would be withdrawn from circulation. Indian citizens have until the end of 2016 to swap their holdings of old notes, effectively giving them just over 50 days to get rid of currency that is soon to be defunct.
As the news of Brexit rippled throughout the world, there was initial uncertainty regarding what this move may mean for the UK, and London’s future as Europe’s leading financial centre.
Zurich-headquartered Credit Suisse is moving away from its traditional business of investment banking as it expands its wealth-management activities.
Paying a fee to deposit money in a bank savings account is a concept most people cannot fathom, but German banks have begun to charge wealthier retail customers. Bank managers claim this is a result of the ECB’s negative interest rates, which penalize them for holding funds with the ECB.