All articles by Meghna Mukerjee
Meghna Mukerjee
HSBC and first direct customers to get account access at post office branches
HSBC and first direct customers will be able to access their accounts at 11,500 Post Office branches across the UK in 2013, it has been announced.The deal will allow 9m personal current account customers to make cash withdrawals and deposits, cheque deposits and balance enquiries at Post Office outlets throughout the UK. HSBC has a branch network of 1200, while the lenders subsidiary first direct has no physical presence in terms of branches as it offers its services via online and mobile platforms, alongside call centres.
Sberbank and Cetelem launch joint POS Bank
Sberbank, Russias largest lender by assets, and BNP Paribas consumer finance subsidiary Cetelem have completed the launch of their joint POS (Point of Sale) finance bank in Russia. The transaction has received all necessary approvals from Russian and foreign regulatory authorities. Following the closing of the transaction on 31 August 2012, BNP Paribas Vostok will operate under the Cetelem brand. Sberbank has a 70% stake in the bank with the remaining 30% stake being owned by BNP Paribas Personal Finance France, which owns the Cetelem brand.
NatWest and RBS sign up for Mortgage Indemnity Scheme
NatWest and RBS have signed up for the Scottish governments Mortgage Indemnity Scheme (MIS) MI New Home aiming to assist customers in buying new-build homes with deposits between 5% and 10%. The MIS, launched on 12 September, is similar to the NewBuy scheme announced earlier this year in England and Wales, and it covers participating lenders losses on new-build properties mortgaged between 90% and 95% Loan-to-Value (LTV). NatWest and RBS are the first two lenders to have signed up to the Scottish governments MI New Home initiative. RBS mortgages director, Moray McDonald, said:
HSBC sells its operations in Pakistan
HSBC has agreed to sell its banking operations in Pakistan to JS Bank for an undisclosed sum. According to HSBC, the sale of the lenders operations in Pakistan that constitutes a footprint of 10 branches represents further progress in the execution of the HSBC Group strategy. The transaction, which is subject to regulatory approval and the approval of the direct shareholders in HSBC Bank Middle East (HBME) and JS Bank, is expected to complete in the final quarter of 2012. As of 30 June 2012, HSBCs business to be sold to JS Bank totalled gross assets of PKR60.06bn ($635m).
Nedbank partners Yodlee to launch PFM solution
South Africas fourth-largest banking group, Nedbank, has announced a partnership with online banking solution provider Yodlee to power personal financial management (PFM) solutions for customers throughout South Africa and in offshore locations. Powered by Yodlees account aggregation technology, Nedbanks MyFinancialLife online service aims to calculate the customers net worth, analyse spending habits, and assist it creating budget and saving for goals. Through MyFinancialLife, Nedbank customers will also receive alerts set on budgeting or goal-save functions according to individual needs, and be allowed a calendar view to track debit orders against payments that need to be made, and be enabled a simple to view weekly, monthly or yearly transactions.
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Axis Bank launches home loans scheme with instalment waiver
Indias third largest private sector lender, Axis Bank, has launched a new home loan scheme, Happy Ending, that waives off the last 12 equated monthly instalments for borrowers who have been diligently repaying their loans. The instalment waiver will, reportedly, be offered to all home loans that have an initial tenure of at least 20 years and cross their 15th year with the bank. The new Happy Ending Home Loan scheme by Axis Bank aims to offer interest rates applicable under the floating loan option. A borrower with a floating-rate home loan of INR5m ($899,000) and an interest rate of 11% will be able to save approximately up to INR619,000 in form of the waiver.
ABN AMRO Netherlands focusing on mobile apps
With a strong focus on mobile banking, ABN AMRO in the Netherlands has chalked out a mobile roadmap that is aimed at regularly enhancing the channel and improving customer experience. Jessica Niewierra, director of mobile and internet banking at ABN AMRO, tells Meghna Mukerjee about the latest value addition being made to its mobile platform. ABN AMRO in the Netherlands is focusing on constantly reinventing and enhancing its mobile offerings. Instead of a big launch or change, however, the lender has opted for a strategy that allows it to make constant additions to its mobile banking platform and add features that will improve the customer experience. Jessica Niewierra, director of mobile and internet banking at ABN AMRO, Netherlands, says the banks mobile channel is its focus and taking a customer centric approach is the lenders priority.
FSA launches initiative to stop mis-selling at banks
The Financial Services Authority (FSA) has launched a new initiative to outlaw flawed sales bonuses at banks that encourage mis-selling by the branch staff, and has published the results of a review which contains proposed guidance on the steps banks can take to ensure customers get a fair deal. Martin Wheatley, managing director of the FSA and chief executive officer designate of the Financial Conduct Authority (FCA), said poorly designed incentive schemes that too often result in customers being sold products they do not need or cannot use, while boosting the earnings of the sales person needed to be tackled.
Bradesco launches its own ‘branch of tomorrow’ version
Brazils second largest bank by assets, Bradesco, has launched its own version of the branch of tomorrow concept with Bradesco Next in So Paulo, Brazil, offering advanced technology that aims to facilitate daily customer-bank interactions and optimise time. With Bradesco Next, the lender aims to create an environment where technology will adapt to the needs of the customers, instead of it being the other way around. Portugal-headquartered company that develops interactive technology, YDreams, has designed the new branch. The Bradesco Next branch features real-time content and multi app walls with large screens, offering a wide range of customer needs and requests.
Financial literacy in Philippines on the rise: Citi Survey
Financial literacy in the Philippines has improved significantly, according to results of a Financial Quotient Survey conducted by Citi. The survey results that were released on 27 August show that the Philippines scored 52.6 points out of a possible 100 in the poll, conducted late 2011 by Citi, breaching the halfway mark for the first time since the survey was launched five years ago. So far, Philippines has scored 48.9 points in 2010, 49 points in 2009, 46.6 points in 2008 and 47.8 points in 2007 in the Financial Quotient Survey.