Category: Finance

UBS releases its latest preferences for Australian banks UBS, a global financial services firm, has recently published its updated preferences for the Australian banking sector. The report, titled “Australian Banks: 2023 Outlook”, provides an overview of the challenges and opportunities facing the major banks in the country, as well as the firm’s ratings and price targets for each of them. According to UBS, the Australian banking sector is facing a…

Buy now, pay later (BNPL) is a popular payment option that allows consumers to purchase goods and services online or in-store and pay in installments over time. BNPL providers such as Affirm, Klarna, and Afterpay have seen explosive growth in recent years, especially among younger and digital-savvy shoppers who value convenience, flexibility, and affordability. However, BNPL is not only beneficial for consumers and merchants, but also for credit card issuers…

Fed’s QT policy drains bank reserves The U.S. banking landscape is currently navigating a complex financial terrain, marked by a quest for liquidity amidst the Federal Reserve’s quantitative tightening (QT) measures. QT is a policy that involves reducing the size of the Fed’s balance sheet by selling or letting mature some of the assets it acquired during the quantitative easing (QE) program that followed the 2008 financial crisis. QE was…

Savers can benefit from rising interest rates Savers who are looking for the best returns on their money are advised to act fast and take advantage of the rising interest rates offered by some banks. According to experts, interest rates have been on the rise over the past year thanks to central banks raising their base rates and inflation expectations. This means that savers can now find savings accounts that…

Google and Symphony Communication Services, a cloud-based messaging and collaboration platform for financial services, have launched a new voice analytics offering for banks and other financial institutions. The service, called Symphony Voice Analytics, leverages Google Cloud’s artificial intelligence and speech recognition capabilities to transcribe, analyze, and archive voice conversations on Symphony’s platform. How Symphony Voice Analytics works Symphony Voice Analytics is an add-on feature for Symphony’s existing voice service, which…

The chancellor of the exchequer, Rishi Sunak, hosted a reception for some of the UK’s most prominent business figures at Windsor Castle on Monday, in an attempt to woo them with a royal welcome and a message of confidence in the economy. However, some of the attendees expressed their concerns about the lack of clarity and certainty on key issues such as tax, regulation, and trade. A rare opportunity to…

Banking as a service (BaaS) is a business model that allows fintech companies to offer banking products and services to their customers without having to obtain a banking license. Instead, they partner with banks that provide the regulatory compliance, infrastructure, and access to the payment system. BaaS has been seen as a win-win situation for both fintechs and banks, as it enables innovation, customer acquisition, and revenue diversification. However, the…

The European Central Bank (ECB) has issued a stern warning to banks that do not adequately assess and disclose their exposure to climate-related and environmental risks. The ECB said it could impose financial penalties on banks that lag behind in this area, as part of its supervisory role. ECB sets 2024 deadline for banks to comply with climate risk standards The ECB has set a deadline of 2024 for banks…

The use of biometric technology to enhance the security and convenience of banking services is gaining momentum in Southeast Asia, as two countries in the region have recently introduced new biometric banking options for their customers. Philippines: PNB Digital App reaches one million users The Philippine National Bank (PNB), one of the largest banks in the country, announced a new milestone this week: Registered users of the PNB Digital App…

Banks respond to ASIC’s findings on scam losses The Australian Banking Association (ABA) has announced that its members will implement a new industry-wide standard to block transfers to suspect accounts and improve scam victims’ experiences with their banks. This comes after a report by the Australian Securities and Investments Commission (ASIC) revealed that the big four banks only compensated a tiny fraction of customers who lost money to scams in…