This week in BFS: Tech-enabled hybrid working to reduce banking office spaces
Latest Industry Insights from Draup Braindesk
Banking and finance organizations embrace new distribution alternatives and innovation initiatives to advance digital transformation adoption.
Fannie Mae is actively engaged with the digitization of their business by developing mobile applications and online portals to deliver their solutions with the highest precision.
Sun Life Asia Service Center focuses on developing digital platforms by launching Nina, a chatbot for resolving employees’ queries and partnering with ComPsych to offer a digital toolkit.
Nordea acquired SG Finans and partnered with Sprinklr and Tink to strengthen its finance business, enhance its open banking technology, provide digital banking solutions, and create a company-wide digital banking strategy.
Deutsche Bank partnered with QPLIX to provide enhanced solutions to access digital platforms.
API platforms and blockchain technology to provide advanced banking and trade financing operations.
ABN AMRO implemented Artificial Intelligence in activities related to risk analyses and fraud detection, which enables to detection of small changes in patterns.
Citigroup launched an API-enabled payment app for quick actions to attractive personal loans with flexible repayment options.
Societe Generale provides advanced banking and financing solutions for their customers by leveraging API platforms and advanced software.
Blockchain technology plays a significant role in ING group’s digital banking portfolio, providing solutions and applications for trade finance and security operations.
Partnered with Equiniti Credit Services to integrate its digital, API-led platform into Hodge’s existing mortgage system to bring servicing and collections under direct control and provide Hodge mortgage customers to make payments and manage their accounts online.
Latest Reports Published in Draup
Northern Trust Corporation Account Intelligence Report: NTC focuses on building sustainable solutions and strategies that can deliver quantitative investment solutions that can increase risk efficiency. Read More>>
Alliance Bernstein Account Intelligence Report: AB focuses on developing advanced business platforms that help users to execute investment plans more effectively. Read More>>
Key Funding Alert
Swedish Klarna secures USD1 bn in funding round for global expansion
The investment has made Klarna the highest-valued private financial technology company in Europe and the second-highest worldwide. Read more>>
Company – Wyre HQ Location – San Francisco Bay Area, US Total Funding – USD 29.15 Mn About: Wyre is a developer of a blockchain-based payment platform designed to change the future of how international payments are done. Read more>>
Key Insights and Signals in Banking & Financial Services
Mergers and Acquisition Mastercard completes acquisition of Nets’ account-to-account payment business The additions to Mastercard will support a broader set of account-to-account capabilities, including clearing and settlement instant payment infrastructure, bill payment and E-invoicing applications. Read More>> Clearlake re-acquires Precisely in USD3.5 billion deal The acquisition will expand primarily in the data integrity category, which it defines as data integration, data quality, and data enrichment through location-based services. Read More>> PayPal is acquiring crypto security company Curv, for less than USD200 million The deal would help “accelerate and expand” its support of cryptocurrencies and digital assets. Additionally, it will allow PayPal to invest in talent and technology towards building a more inclusive financial system. Read More>> First Abu Dhabi Bank’s Acquisition of Bank Audi Sae The transaction represents a strategic opportunity for Bank Audi following its successful investment in Egypt, and the proceeds from the sale will contribute to its capitalisation and financial resilience. Read More>>Partnerships Mastercard, Samsung team up on biometric payment card solution The card will use fingerprint recognition to verify the identities of card holders. The fingerprint sensor will be embedded on the device and will negate the need for a PIN when authorizing purchases. Read More>> ING deepens partnership with Flowcast, invests additional USD3 million The fintech improves customer experience by enabling ING to predict borrower performance and provide targeted, pre-incident outreach. Read More>> DRW establishes strategic alliance with Mila DRW will actively work to bring its industry knowledge to the important issues being addressed by the institute, while simultaneously benefiting from the tremendous ecosystem Mila has built. Read More>> Northern Trust collaborates with Two Sigma Two Sigma will help Northern Trust provide asset allocators with enhanced portfolio insights and analytics designed to help investment teams make more confident asset allocation, manager selection and quantitatively driven investment decisions. Read More>>Executive Movement BNP Paribas appoints head of territory for Saudi Arabia Reema Al Asmari will oversee the bank’s national commercial strategy, with a focus on strengthening relationships with strategic clients, multi-national corporates and government related entities. Read More>> State Street Elects Julio Portalatin and John Rhea to its board of directors Mr. Portalatin was previously president and chief executive officer of Mercer. Mr. Rhea is currently a partner at Centerview Partners, a leading independent investment banking advisory firm. Read More>> Canada Mortgage and Housing Corp. names new chief executive officer The Canada Mortgage and Housing Corporation (CMHC) has announced that Romy Bowers will assume the dual roles of president and CEO. Read More>>Center setup and Expansion R3, Enterprise blockchain provider announces expansion in Thailand with Bangkok Bank Through its partnership with R3, Bangkok Bank will have the ability to leverage R3’s flagship enterprise blockchain platform, Corda Enterprise, to streamline business operations across its trade finance, capital markets, and supply chain businesses. Read More>> Mass Hiring HSBC to switch to digital banking HSBC will soon be adopting tech-enabled hybrid working in order to formalize flexible working as well as to reduce its office spaces. Read More>> Bank of Ireland to close 103 branches across island Bank of Ireland, led by chief executive Francesca McDonagh, reported an underlying loss of €374 million for 2020, after setting aside €1.1 billion of provisions for an expected surge in losses resulting from the Covid-19 pandemic. Read More>> PayPal to hire 1,000 engineers for India development centers PayPal will hire 1,000 engineers for the development centers in these three cities over the course of the year across software, product development, data science, risk analytics and business analytics streams at entry, mid-level, and senior roles. Read More>> Bank of Baroda to hire laterally for digi banking roles Bank of Baroda (BoB) is set to accelerate lateral hiring in some verticals like digital lending and mobile banking, areas banks typically require specialists outside traditional banking roles. Read More>>
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