All articles by Meghna Mukerjee
Meghna Mukerjee
Bank of Commerce Philippines deploys FICO solutions
Having established a consumer banking division only in 2010, Bank of Commerce, Philippines, is aiming to strongly differentiate itself in the retail banking sector among well-recognised players by deploying FICOs technology solutions and strategy consulting services. Leah Castañeda, vice president and consumer lending division head, speaks to Meghna Mukerjee
DirectCash to acquire Customers Limited
ATM provider DirectCash Payments has struck a deal to acquire Australian ATM company, Customers Limited, for approximately $179m. The deal is expected to close in the third quarter of 2012. DirectCash has 7,900 ATMs in Canada and some other countries, but that number will grow to about 14,200 once the deal is completed. The transaction is expected to add approximately $129m in revenue to the DirectCashs balance sheet.
Axis Bank deploys 200 cash deposit machines
Axis Bank has announced the deployment of 200 cash deposit machines in various branches in 90 cities across India. Indias third largest private sector bank has installed the deposit machines with the aim to provide its customers with a 24×7 convenience of cash deposit with instant credit. Axis Bank plans to deploy 350 more such cash deposit machines over the next six months. The machine segregates the notes denomination-wise, counts and displays it for the customers confirmation before crediting the account.
Simplicity important for retail banks
SiegelGale has conducted its second Global Brand Simplicity Index study, and the simplicity score for retail banking has gone up by 11% in comparison to 2010. Philip Davies, president, EMEA, at SiegelGale talks to Meghna Mukerjee about why focusing on simplicity is important for retail banks. Understanding fees, their charges and how to avoid them, is the most complex for consumers, a Global Brand Simplicity Index study conducted by strategic branding consultancy firm SiegelGale has revealed. The findings of the Global Brand Simplicity Index study, which is in its second year, have revealed that understanding fees is the most complex process whereas using an ATM is the simplest. The 2011 study was an industry-by industry research on the state of simplicity and how the implementation of simplicity could make an impact to the industry. The simplicity score for retail banking has gone up by 11% in 2011 in comparison to 2010 on the Simplicity Index.
CaixaBank and Banca Cívica merge to create Spain’s largest lender by assets
CaixaBank has bought Banca Civica for EUR977m ($1.3bn), leading to the creation of Spains leading financial group by assets with EUR342bn. The merger is expected to be completed in the third quarter of this year, generating EUR540m in potential synergies as of 2014. The merged bank will have 14m customers and an average Spanish market share in deposits of 14%, in customer loans of 13.4% and in total assets of 10.5%. The four savings banks that are currently shareholders in Banca Cvica will become CaixaBank shareholders, while Caja de Ahorros y Pensiones de Barcelona, la Caixa, retains its majority control with 61%.
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1:2 customers have no bank loyalty
1:2 customers think loyalty to banks is a thing of the past and 55% consumers are likely to switch banks due to bad service than for a better deal, new research, Youbiquity Finance, conducted by BT and Avaya has revealed. The new BT and Avaya research aimed specifically at financial services organisations identifies current and future consumer attitudes and behaviours towards retail financial services across branches, call centres, mobile channels and future media. The research was conducted across the UK, US, Germany and Spain. The research findings also reveal that 65% consumers keep carful track on their finances and ATMs are the most preferred channel (69%) for customers, followed by branches (64%)
Metrobank Card implements FICO solution to combat fraud
Metrobank Card (MCC), a joint venture between the Philippines Metrobank and ANZ Bank, has implemented FICO Falcon Fraud Manager with the aim of protecting its growing base of credit card holders and mitigate losses from fraud. MCC has adopted FICO Falcon Fraud Manager with the aim of ensuring maximum protection at a time when the Philippines is experiencing rapid growth in its consumer credit business. Overall card issuance in the Philippines is expected to double in the next five years.
Loans top retail banking related search product online, Greenlight report reveals
The majority of UK online consumer searches for retail banking-related products in January 2012 pertained to loans, with Tesco Bank and Sainsbury’s Bank taking two of the top three spots in terms of visibility for loan-related products, according to the Retail Banking Sector Report- Issue 11, published by independent digital marketing agency Greenlinght has revealed. Out of a total of 2.5m retail banking-related online searches that UK consumers made in January, loans accounted for 37% of searches (934,234) with the keywords loans, payday loans and student loans being the top three terms consumers used to conduct their searches. Mortgages followed, accounting for 30% of overall retail banking-related queries. Halifax attained a 60% share of visibility through ranking at position four for the high volume search term mortgage calculator.
Axis Bank revamps branches
Indias third largest private sector bank, Axis Bank, is changing the layout and look of its branches and aims to be have 150 new look branches by the end of March. According to the chief marketing officer of Axis Bank, Manisha Lath Gupta, the idea behind the revamp is that people should feel attracted from outside to walk into a branch, which are brand ambassadors for the bank. They should have a nice experience and leave thinking I am coming back, said Gupta. In cities such as Mumbai, Delhi, Pune, Chandigarh, Mohali, and Panchkula the revamped branches have already been launched.
NBAD re-launches mobile banking app
The National Bank of Abu Dhabi (NBAD), the United Arab Emirates’ second-largest bank by assets, has re-launched its mobile phone application making the one-touch banking available for Android, BlackBerry, iPhone and all smartphone platforms. NBAD launched its mobile banking app in 2011 and the new mobile app with the one-touch banking aims to offer NBAD customers full control over their account allowing them to transfer funds including remittance transactions, pay utility bills, make donations, and view all their accounts using their phone device. According to NBAD, it was imperative to enhance NBAD mobile apps as iPhone penetration rises in UAE. NBADs revamped mobile app allows consumers to send money to themselves, which allows withdrawal of cash at an ATM without a card but by using a PIN that is sent to the accountholder by SMS.