Speaking on a panel at the annual meeting of the Institute of International Finance in Washington, CEO Jes Staley stated, “There are some tectonic shifts going on, driven by tech and the geopolitical environment…All the banks are very focused on the payments space. That may be where the battleground of finance is fought over the next 15 years.”; cybersecurity is also a top concern for financial firms and the co-head of Deutsche Bank AG’s corporate and investment bank expressed concerns on whether regulators are holding fintech firms to the same regulatory standards. Source
Barclaycard is rebranding as Barclays in the US and launching a digital only bank in 2018; they have been testing the market since last year and plan to fully launch their offering next year; Barclays is more of a household name in the UK but has been offering credit card services under the Barclaycard name in the US. Source.
clients about starting a crypto trading desk; no plans are set yet but the bank is talking to clients, including institutional clients, about opening the desk as more banks explore the emerging market. Source.
UK bank Barclays has launched a new service for its small and medium-sized business customers; it will now offer the business customers mobile credit applications for loans and overdraft products; loan approvals and funding can be received in an hour. Source
Looking to stay competitive, Barclays has announced a new digital investment platform that promises to lower fees for investment services; the platform will be available to existing customers in 2017, providing an upgraded dashboard for viewing checking, savings and investment accounts, also adding increased capabilities for direct investments; this will help the bank keep in line with recent fintech innovation as robo advisors are becoming a bigger force in the wealth management space. Source
Banks are seeing some good early signs in repayments with a significant number of borrowers committing to restart normal payment...
Barclays recently announced Shelton Shugar as the new CIO of the credit card division; in a Q&A with American Banker, Shugar discusses how they plan to compete in the US payment space and ultimately compete with fintechs; he also talks about the company's cloud computing strategy as well as his perspective on voice recognition and chatbots. Source
Barclays has launched a new fintech focused unit to help develop new business lines for the bank; Barclays UK Ventures will work with fintech firms through partnerships or by taking equity stakes, helping the bank make further inroads into fintech. Source.
Barclays is launching the My Personal Bank finance service that will link all of a customer’s Barclays based accounts; they are testing the tool with 7,500 Barclaycard Arrival Plus World Elite Mastercard cardholders. Source.
We’ve seen many banks who have launched their own fintech offerings; NatWest with Mettle and Bo is one example and...