All articles by Meghna Mukerjee
Meghna Mukerjee
Asda and LBi partner to launch Asda Money website
Asda has partnered with marketing and technology agency LBi to launch the new Asda Money website, designed as a platform for Asda customers to explore and apply for a range of financial products. The launch of the new website offering credit card, motor, home and pet insurance, life insurance, travel insurance and travel money marks a 10 year milestone for Asda Finance, which will now be known as Asda Money, as well as showcases the launch of Asda Money Credit Card, offering cash-back instead of points. Features of the new site include tools such as a credit card cashback calculator and a currency rate ticker. There is an entire on travel insurance products, fully optimised for mobile browsers as they are most widely viewed via mobile devices.
IE and Experian partner on collections solution
Digital banking software provider Intelligent Environments (IE), in partnership with data and decision support vendor Experian, has launched the Smart Collect 24-7 payment portal, which enables companies to encourage customers to repay debts conveniently online. The launch of Smart Collect 24-7 marks IEs first move into collections, and aims to provide a new, lower cost alternative to existing, traditional collections strategies. The Smart Collect 24-7 payment portal is aimed at primary lenders and debt holders, third party collection agencies and debt purchase companies, focused on debtors likely to self-cure.
Boubyan Bank to use FICO Debt Manager solution
Kuwait-headquartered Boubyan Bank will use analytics and decision management technology vendor FICOs Debt Manager solution with the aim of managing collections for its credit portfolios in the region. According to Boubyan Bank, the FICO solution will allow the lender to prioritise overdue accounts and select the most appropriate treatments for each, across the banks credit card and personal loan portfolios. Abdulla Al Najran Al Tuwaijri, Boubyan Banks general manager for consumer banking, said: We have the fastest growth rate of any Kuwait bank, and as we continue to expand this will put additional pressure on our collections team.
Chase launches reloadable card – Chase Liquid
JPMorgan Chase has launched a new reloadable prepaid card, Chase Liquid, positioning it as a low-cost alternative to traditional current accounts and aiming to offer customers financial control and flexibility. According to Ryan McInerney, CEO of consumer banking at Chase, Chase Liquid offers convenience, and its pricing transparency sets a new standard for prepaid products in the industry. The new card is available at Chases 5,500 branches across the US. Chase Liquid comes with a flat monthly fee of $4.95 and there is, reportedly, no additional charge to refill the card with cash or cheques, sign up for direct deposit, transfer funds to Chase Liquid from Chase accounts on Chase.com or at Chase ATMs, check balances, receive online or paper statements, replace lost cards and receive account alerts.
ICBC completes purchase of 80% stake in Bank of East Asia’s US subsidiary
The Industrial and Commercial Bank of China (ICBC) has completed its purchase of an 80% stake in the Hong Kong-headquartered Bank of East Asias US subsidiary and acquired a total of 13 branches in New York and California. With the finalisation of the deal, ICBC has gained the license to conduct retail banking in the US and expanded its network in the country, ICBC Chairman Jiang Jianqing said. The $140m deal was signed in January 2011 and approved by the US Federal Reserve Board in May.
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Virgin Money opens first store
Virgin Money has opened its first store in Guildford replacing an old Northern Rock branch, as the lender plans to transform the entire 75-branches-strong Northern Rock network across the UK to Virgin Money Stores. The new Virgin Money store aims to provide a fresh approach to high street banking and includes features such as access to Virgin Money products, free use of WiFi, iPads and iMacs and a no hard sell policy adopted by the staff members. Kerry Merrington, manager of the new store in Guildford, said: I am delighted to be able to welcome Virgin Money customers to our first fully re-branded Store. The facilities available to customers are very different to a normal bank branch.
StanChart launches ad campaign to reinforce community support
Standard Chartered (StanChart) has launched an international advertising campaign with the aim of demonstrating the banks Here for good brand promise across TV, print, outdoor and digital platforms. The campaign reportedly illustrates how StanChart continued support for trade has a direct impact on individuals across the banks network in Asia, Africa and the Middle East. The new campaign also calls on consumers to visit the official webpage and tell StanChart which issues are really affecting their lives so that the lender can understand how it can deliver on its commitment to enhancing the communities in which it operates.
BNP Paribas uses Mootwin technology for EcoNews app
French-lender BNP Paribas has used mobile application platform provider Mootwins technology for its newly released app, EcoNews, with the aim of delivering extensive text and video information from the lenders economics research database to iPads, in easily navigable form. BNP Paribas has used Mootwins real-time push capabilities for the EcoNews app, which also offers notifications and configurable alerts, French and English versions of articles, the ability to share information via email and social media, and access to information even when the user is not connected to the internet. An Android version of the EcoNews app is slated for release in August.
Asda launches Asda Money and cash-back credit card
Asda has rebranded its personal finance division as Asda Money and launched an unlimited cash-back credit card. The new Asda Money Credit Card will offer 1% unlimited cash-back on Asda shopping, 1% cash-back on Asda fuel and 0.5% unlimited cash-back on all shopping outside Asda. The Asda Money Card has no annual fee. The creation of Asda Money targeting the retailers 18m customers across 542 stores comes as bank satisfaction from consumers has dipped off the back of the RBS-NatWest IT problems and the Barclays Libor scandal.
BNP Paribas Fortis organises Facebook chat for job seekers
BNP Paribas Fortis organised a live chat session on its Dutch Facebook page, Mijn Job BNP Paribas Fortis to get students and young graduates who are interested in a career with the bank get more concrete information about the selection process and various jobs available. The chat session was organised as part of the lenders social media strategy aiming to build on its employer brand, and engage particularly with Facebook users who are potential candidates for BNP Paribas Fortis.