All articles by Meghna Mukerjee
Meghna Mukerjee
Maybank partners Legoland Malaysia
Malaysian lender Maybank has signed a five-year partnership to be the official retail bank for Legoland Malaysia, which is due to begin operations in the first half of 2013. Maybanks five-year partnership with Legoland Asias first interactive theme park is based on the provision of an advanced electronic payment structure and will exclude all other banks from operating on the Legoland premises, according to the lenders president and CEO, Abdul Wahid Omar.
BofA enables cheque deposits via m-banking
Bank of America (BofA) launched new mobile banking products and service enhancements via which customers can deposit cheques using their mobile banking apps. The mobile-banking enhancements also include person-to-person email and mobile transfers and mobile app alerts. According to BofA, the new offerings will give customers the ability to completely manage their finances through their mobile device. BofAs new mobile check deposit function aims to allow customers to deposit checks without making a trip to the ATM or bank branch by clicking a photo of the cheque with the mobile device in use and following few on-screen instructions to complete the deposit.
Barclays H1 pre-tax profits rise
Barclays adjusted pre-tax profits increased by 13% in the six months to 30 June 2012 to £4.2bn ($6.6bn) as compared to the same period a year ago. Barclays pre-tax profits for retail and business banking increased by 15% to £1.68bn. Total assets for Barclays rose to £1.63trn on 30 June 2012, an increase from £1.56trn in the year ago period. The cost income ratio improved by 3 percentage points from 64% in 30 June 2011 to 61%.
Chase launches Disney’s Visa Debit Card
JPMorgan Chase has launched a Disneys Visa Debit Card, offering year-round perks from popular entertainment brand Disney, named after co-founder and American filmmaker Walt Disney. The new Disneys Visa Debit Card has no annual cost, according to Chase, and card holders will get access to special offerings when visiting Walt Disney World and the Disneyland Resorts, as well as shopping at online and Disney stores. The card will also enable customers to get a rebate of 10% on select dining locations at Walt Disney World and Disneyland Resorts and 20% off on the non-discounted price of select guided tours.
FRANK by OCBC’ launches internship scheme
The second largest financial services group in Southeast Asia by assets, OCBC Bank, has launched a FRANK by OCBC Singapore Polytechnic Internship Programme in conjunction with the opening of its fourth FRANK Store at Singapore Polytechnic. The aim of the internship programme is to teach students how to manage the FRANK by OCBC banking programme, as well as develop and implement new business ideas to differentiate the programme for the student population, according to the lender. This For youth, by youths approach is part of the OCBCs continuous efforts to stay relevant and be in touch with its target customer segment, the lender added. Students are invited to submit their resumes to OCBC and those who get shortlisted will go through two rounds of interviews. The duration of the internship programme will be 12 weeks for every semester of Singapore Polytechnics academic calendar.
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ICICI Bank revamps iMobile app
Indias largest private sector lender, ICICI Bank, has launched a new version of its mobile banking app iMobile offering simplified financial as well as non-financial services. The financial services offered by the revamped iMobile app include fund transfers, balance enquiry, viewing the last five transactions, opening fixed depositsrecurring deposits, and more. The non-financial services on offer are buying movie and airline tickets, prepaid mobile recharges, locating an ICICI bank branch or ATM, among others. The iMobile app launched in January 2008 has been doubling its user base every year since, according to Rajiv Sabharwal, executive director, ICICI Bank. The most popular services, reportedly, are fund transfers, prepaid mobile recharge, bill payments and movie ticket booking.
ABSA’s new branch designed to get noticed
Launched as a laboratory branch, ABSAs new store treads novel territory in terms of visual impact, use of technology and customers interaction. Mark Howman and Glynn Huaraka of allen international talk to Meghna Mukerjee about how the branch is designed to be unlike any other in South Africa. The South African retail banking market is not new terrain for design consultancy allen international. Having previously worked with Standard Bank and Capitec, ABSA is the latest addition to allen internationals client list as the design consultancy firm has worked on ABSAs new branch dubbed Branch of Tomorrow, Today. According to Mark Howman, creative director at allen international, ABSA aims to position itself as the market leader with the new branch and showcase the best that ABSA has to offer.
M&S Bank to charge fees for current accounts
Marks and Spencer will charge a monthly fee for its current accounts, as it plans to launch its banking services by the end of 2012, breaking the traditional mould of UK banks offering free current accounts. M&S that plans to launch its first in-store bank branch at its flagship Marble Arch store in London on 19 July has announced plans of offering two current accounts one priced at £20 ($31.3) per month and the other at £15 per month. In June, M&S announced plans to launch an in-store banking service, backed by HSBC. According to the high street retailer, registrations for the current accounts are now open to customers.
The digital way forward
The Future of Digital Channels panel discussion, hosted by Finacle from Infosys in association with Retail Banker Interactive, saw four speakers talk at length about the opportunities and challenges offered by digital platforms and predict some ways in which banks, telcos, retailers, and above all, consumers, can potentially benefit from them. Meghna Mukerjee listens in. Finacle from Infosys, in association with Retail Banker Interactive, hosted a panel discussion on 7 June, focusing on the Future of Digital Channels (FDC). The panellists for the discussion were Haragopal M, senior vice president and global head, Finacle, Roy Ross, director of business banking Africa, personal and business banking, Standard Bank, Samee Zafer, director of Edgar Dunn, and James Ratcliff, editor of Electronic Payments International. The FDC panel saw the four speakers discuss at length the current trends in digital channels and share key insights in to which way digitisation is moving, alongside the implications it is likely to have in the future.
Core banking renovation important to profitability
According to a profitability gap research conducted by Temenos, banks that use new or updated core banking systems are more profitable than lenders that do not. Ben Robinson, strategy director, Temenos, tells Meghna Mukerjee why banks running Temenos core banking systems have scope to yield even better returns and how core banking transformations are important for retail banks. Banks using new core banking systems are far more profitable across a range of metrics as opposed to lenders that do not, according to results of a profitability gap research conducted by banking software vendor Temenos. Ben Robinson, strategy director at Temenos, says the results of the research throw light on a structural gap that has emerged in the premise of banking profitability.