Category: Finance

What is PPI and why is it controversial? Payment Protection Insurance (PPI) is a type of insurance that covers the repayments of loans, mortgages, credit cards, or other debts in case the borrower becomes unable to pay due to illness, unemployment, or death. However, PPI has been widely mis-sold by banks and other financial institutions to millions of customers who did not need it, want it, or even know they…

Barclays, one of the UK’s largest banks, has announced that it will no longer offer personal current or savings accounts to customers who have an address registered with them outside of the UK. This means that expats who live abroad and still have financial ties to the UK will have to find alternative banking solutions or risk losing access to their money. Why is Barclays closing expat accounts? Barclays told…

What is Open Banking and Finance? Open banking and finance is a concept that allows customers to access and share their financial data with third-party providers, such as fintechs, banks, and other institutions. This enables customers to have more choice, convenience, and control over their financial services, such as payments, loans, savings, investments, and insurance. Open banking and finance also fosters innovation and competition in the financial sector, leading to…

IndusInd Bank, one of the leading private sector banks in India, has launched a new mobile banking app called ‘INDIE’, which aims to provide a personalised and intelligent digital banking experience to its customers. The app, which was unveiled on October 4, 2023, offers a range of features, including ultra-flexible products, instant line of credit, transparent rewards program, high-interest savings account, fixed deposits, and safety and security features. ‘INDIE’ offers…

What is Yield and how does it work? Airwallex, a Melbourne-based fintech unicorn, has introduced a new product called Yield, which allows businesses to earn returns on their foreign currency balances without opening overseas bank accounts. Yield, which is backed by JP Morgan, offers competitive interest rates for Australian and US dollars, and promises to expand to other currencies and markets in 2024. Yield works by pooling the funds of…

What are neo-banks and why are they popular? Neo-banks are digital-only banks that offer banking services without physical branches or traditional infrastructure. They rely on technology to provide convenience, efficiency, and personalization to their customers. Neo-banks are popular among tech-savvy and young consumers who prefer a seamless and hassle-free banking experience. Neo-banks are also known as challenger banks, as they aim to disrupt the status quo of traditional banks in…

A New Era of Financial Management Elon Musk, the tech mogul known for his revolutionary ideas, has set his sights on reshaping the financial landscape. His latest venture involves transforming X, previously recognized as Twitter, into a comprehensive financial hub. This bold move aims to integrate various financial services within a single platform, potentially making traditional banking systems obsolete. X is poised to become a super app, where users can…

The financial industry is undergoing a rapid transformation as fintechs, or financial technology firms, offer innovative and customer-centric solutions that challenge the traditional banking models. Fintechs have grown significantly in the past decade, attracting more users and investors with their digital platforms, collaborative partnerships, and agile teams. However, the recent economic downturn and changing consumer expectations have also forced fintechs to rethink their strategies and focus on sustainability and profitability.…

Open banking is a revolutionary concept that allows customers to access their financial data and services from different providers through APIs (Application Programming Interfaces). However, this also exposes them to various security risks and challenges. In this article, we will explore some of the best practices and solutions to enhance open banking API security and protect customers’ data and privacy. What is Open Banking and Why is it Important? Open…

The banking sector of Bangladesh is facing a severe liquidity crisis, which is hampering its ability to lend and invest. The crisis is caused by various factors, such as high inflation, low deposit growth, dollar shortage, and rising import bills. The liquidity stress has become a major concern for the policymakers and the bankers, who are trying to find ways to overcome the challenge. What is liquidity and why is…