Wells Fargo selects the nCino platform to enhance commercial lending
Key Insights and Signals in Banking & Financial Services
Centre Setup and Expansion Regional HQ of China Development Bank to open in Port City Finance Minister Basil Rajapaksa has stated the government will take necessary measures to establish the regional headquarters of China Development Bank at Port City. He added that Sri Lanka was looking forward to China’s assistance towards investment projects.Read More>> M&T Bank establishes Multicultural Banking Centers to enhance local branch experience These Centers are a part of the bank’s wider efforts to improve its customer experience and contribute to inclusive growth in its communities. The bank will direct added resources to several branch locations that serve communities with high concentrations of ethnic and racial diversity. Read More>>Partnerships Epay integrates PayPal QR into its POS Solution With this option, the full-service payment provider will be extending its portfolio of mobile payment methods for small to medium retailers. It will give retail partners access to a potential client base of around 29.1 Mn active PayPal clients in Germany and 400 Mn+ active customers globally. Read More>> UCO Bank partners with Fisdom to offer wealth management solutions The collaboration between Fisdom and UCO Bank will enable large-scale facilitation and distribution of all mutual fund schemes through the bank’s network of over 3,000 branches and all digital platforms. This partnership aims to make wealth management services accessible, affordable and digital to the bank’s 30 Mn+ customers. Read More>> Bank Leumi partners with Google Pay for its digital wallet After the launch of Google Pay in Israel, the bank’s customers will be able to use both Google Pay and Leumi’s Pepper Payments solution in both physical and online stores. The introduction of Google Pay will boost digital wallet use in the country further, with over 70% of Israelis using Android mobile phones. Read More>>Mergers and Acquisition Houlihan Lokey to acquire M&A advisory firm GCA Corp for USD 591 Mn Houlihan Lokey will commence a tender offer to acquire GCA for a total cash purchase price of approximately USD 591 Mn. To acquire all outstanding shares of GCA, Houlihan Lokey will offer USD 12.63 per share in cash, a 31.3% premium to the stock’s last closing price. Read More>> HDFC Life acquires Exide Life Insurance for approximately USD 908 Mn The process of merging Exide Life insurance into HDFC Life will be initiated on completion of the acquisition. The entire process of acquisition and the subsequent merger is subject to relevant regulatory and other approvals. The merger will give customers access to a more expansive bouquet of products and service touch-points. Read More>> Brazil’s Nubank to acquire instant payment platform, Spinpay The acquisition will enable Nubank to offer even more payment options for e-commerce, taking advantage of the platform tool that can integrate with any type of retail system. The Spin Pay deal also highlights the evolving fintech market in Brazil and the popularity of its instant payment system, Pix. Read More>>Mass Hiring Fidelity Investments plans to add 9,000 jobs in the US, marking the company’s third expansion this year Fidelity has added more than 8.6 million subscribers since the start of 2020, and it needs new positions in place, primarily digital to take advantage of the digital shift witnessed during the pandemic. Mobile app developers, customer service representatives, and financial advisors were among the newly created positions. Read More>>Executive Movement TIAA hires Prudential exec as CFO TIAA named Dave Dowrich as its new Chief Financial Officer. Dave Dowrich, former CFO at Prudential Financial, will take up the position in New York from Nov. 1st. He will be reporting directly to TIAA President and CEO Thasunda Brown Duckett and be a part of the company’s Executive Committee. Read More>> OTP Bank appoints Roxana Hidan as manager of new business division Roxana Hidan, Deputy GM of OTP Bank Romania, will coordinate the new Business Division, which includes operational and strategic activities for individuals and legal entities segments of business, including Micro, SMEs, and Corporations. Read More>> State Street to create a 400-specialists team in Ireland in tech and cybersecurity drive State Street has selected Ireland as the base for its new team due to the availability of relevant, skilled, existing, and emerging technology talent from universities and third-level institutions. The organization added that it is also looking to have a location outside the US for time zone support purposes. Read More>>Deals and Deal Renewal Wells Fargo selects the nCino platform to enhance commercial lending The nCino Bank Operating System will accelerate the company’s digital transformation within its commercial banking and investment banking businesses and transform its commercial lending operations. By adopting the nCino Bank Operating System, Wells Fargo is gaining a digital solution that manages all aspects of the commercial banking and lending process. Read More>>
Deutsche Bank focuses on the development of digital payment solutions for the consumers to make the secured transaction.
The bank partnered with Treasury Intelligence Solutions (TIS) to develop and distribute multi-banking services for Treasury & Finance.
It partnered with Google Cloud to maintain the confidentiality and availability of customer data and the bank’s information assets.
Deutsche Bank is keen to develop API-enabled solutions for more flexible and quicker actions.
It partnered with BNY Mellon to reduce the transaction time for customers.
The bank launched PromptPay to accelerate the secured and private transaction method.
Deutsche Bank is keen to modernize payment activities for consumer convenience.
Emirates partnered with Deutsche Bank to launch Emirates Pay, a new account-based payment method for purchasing air tickets.
Deutsche Bank partnered with Fiserv to deliver accounts, payment solutions, and banking services.
Key Funding Alert
Allvue Systems LLC files for an IPO
The company, which is backed by private equity firm Vista Equity Partners, stated that the offering would be worth USD 100 Mn, although that figure might alter once the conditions of the sale of the shares are finalized. Vista will retain control of the firm following the IPO. Read more>>
Startup Spotlight
Company – GalaxyCard Total Funding– USD 500 K About: GalaxyCard is a fully digital mobile-based credit card. Unlike a physical credit card, where it takes 3-4 weeks to apply and receive the card, GalaxyCard lets you start paying in just 3 minutes and the first 50 days offer interest-free credit with zero annual charges. Read more>>
Latest Reports Published in Draup
JP Morgan Chase Account Intelligence Report: JP Morgan Chase intends to strengthen its banking operations by utilizing digital technologies such as AI/ML, IoT, and analytics to enhance existing banking security systems. The focus also remains on developing contactless payments, virtual cards, and digital wallets for customers. Read More>>
Nedbank Account Intelligence Report: Nedbank intends to enhance its capabilities through digital solutions and platforms for improved operational performance. Nedbank plans on partnering with its peers to improve its technological capabilities and digital offerings. Read More>>
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