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After 37 Years and 750 Issues, How Has the Retail Banking Landscape Changed?

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After 37 Years and 750 Issues, How Has the Retail Banking Landscape Changed? www.retailbankerinternational.com Issue 750 / June 2018 RBI #750 AFTER 37 YEARS AND 750 ISSUES, HOW HAS THE RETAIL BANKING LANDSCAPE CHANGED? AWARDS FEATURES AND MORE The RBI Global Annual RBI speaks to Itau ...HSBC, Emirates NBD, Awards recognise the best Unibanco, BBVA, Metro Citi, Tinkoff, Ally Bank and in retail banking worldwide Bank, BBVA, RBC and... Wells Fargo as well RBI 750 June 2018.indd 1 31/05/2018 10:35:16 contents this month COVER STORY NEWS 05 / EDITOR’S LETTER 39 / DIGEST • Iberiabank to close 22 branches • UK court dismisses Barclays charges • Digital transformation fostering new risks in financial services • Fifth Third Bancorp agrees MB Financial acquisition • Mobile banking use higher than ever • Investors eye Meezan Bank stake • Technology a bigger banking trend than regulation • FNB enables customers to open accounts with selfies • BofA introduces AI-based virtual financial assistant RBI#750 06, 07 Editor: Group Editorial Director: Head of Subscriptions: Douglas Blakey Ana Gyorkos Alex Aubrey +44 (0)20 7406 6523 +44 (0)20 7406 6707 +44 (0)20 3096 2603 [email protected] [email protected] [email protected] Senior Reporter: Sub-editor: Director of Events: Patrick Brusnahan Nick Midgley Ray Giddings +44 (0)20 7406 6526 +44 (0)161 359 5829 +44 (0)20 3096 2585 [email protected] [email protected] [email protected] Junior Reporter: Publishing Assistant: Briony Richter Mishelle Thurai +44 (0)20 7406 6701 +44 (0)20 7406 8633 [email protected] [email protected] Customer Services: +44 (0)20 3096 2603 or +44 (0)20 3096 2636, [email protected] Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0956-5558 40 Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. For more information on Verdict, visit our website at www.verdict.co.uk. As a subscriber you are automatically entitled to online access to Retail Banker International. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. London Office: 71-73 Carter Lane, London, EC4V 5EQ Asia Office: 1 Finlayson Green, #09-01, Singapore 049246 Tel: +65 6383 4688, Fax: +65 6383 5433 Email: [email protected] follow RBI on twitter @retailbanker 2 | June 2018 | Retail Banker International RBI 750 June 2018.indd 2 31/05/2018 10:35:22 contents june 2018 RBI#750 RBI GLOBAL AWARDS 06 / ISSUE 1 07 / BRANCH NUMBERS 16 / WINNERS The world of banking has changed Some 14,000 UK bank and building society Now in their 33nd year, the RBI Global Annual dramatically. As RBI celebrates issue 750, branches have closed since the first issue of Awards celebrate the best in global retail Briony Richter looks back to issue number RBI was published on 18 May 1981. As it banking. The quality and sheer quantity of one, published in May 1981, to see how the celebrates issue 750, Douglas Blakey looks at the submissions received again do the awards landscape of banking has transformed the changing face of the UK branch network proud, writes Douglas Blakey STRATEGY DISTRIBUTION 16 08 / RBC 20 / TINKOFF Having just received the JD Power award for Oliver Hughes joined Tinkoff as CEO in Highest in Customer Satisfaction among 2007, and under his leadership it has grown Canada’s major banks, and RBI’s award for into the world’s largest independent digital DIGITAL Best Retail Bank North America, RBC’s Neil bank by customer base. Hughes discusses McLaughlin talks to Douglas Blakey Tinkoff’s growth plans with Douglas Blakey 28 / WELLS FARGO Wells Fargo has announced major innovations 10 / STANDARD CHARTERED 21 / BBVA to improve its digital banking users’ customer Aalishaan Zaidi, global head of digital Robin Arnfield talks to Çagrı Süzer, head experience. It is also reimagining the future banking at Standard Chartered, discusses the of retail banking at BBVA Compass. While of personal finance to optimise the customer bank’s digital vision with Douglas Blakey. mobile banking numbers are soaring and experience. Robin Arnfield reports The objective, according to Zaidi, is to be products are increasingly sold digitally, BBVA “digital with a human touch” remains committed to the branch channel MARKETING 11 / EMIRATES NBD 26 / ALLY BANK 37 / LOYALTY Emirates NBD’s Suvo Sarkar was recognised as Ally Bank has been adding products to offer Ten Group CEO Alex Cheatle discusses his 2018 Retail Banker of the Year at RBI’s annual its customers a ‘one-stop shop’. The result firm’s technology-enabled lifestyle, travel global awards (see page 12). Sarkar discusses has been major growth in deposits and client platform and concierge services with Douglas with Douglas Blakey the bank’s vision of numbers, deposits and consumer strategy Blakey. The premium service is already offered furthering digital innovation in the UAE executive Anand Talwar tells Robin Arnfield to customers of a growing number of banks 24 / HSBC 29 / ITAÚ UNIBANCO INDUSTRY INSIGHT Digital tech is revolutionising banking and Itaú Unibanco, Brazil and Latin America’s improving the overall consumer experience. largest bank, has made significant investments 35 / FISERV HSBC’s Raman Bhatia foresees a makeover in in digital technology. It has also formed a PSD2 and the implementation of Open retail banking as the sector moves into a new Latin American strategic council to drive its Banking in the UK create a wealth of ecosystem. Briony Richter reports expansion. Robin Arnfield reports opportunities. However, it has been one of the biggest compliance tests the industry has ever 32 / CITI 36 / BRANCHES faced, writes Fiserv’s Andrew Steadman Will Howle tells Robin Arnfieldhow Michael Allen is the founder of strategic design a lean branch network, a transformed company allen international. He discusses with 38 / P2 CONSULTING mobile acquisition, service and engagement Douglas Blakey some of the most significant Financial services rarely stands still, and some experience, and the US’s largest fee-free ATM branch projects in which he has been involved, areas have seen a complete transformation of network position Citi for exciting growth and looks ahead to the future of the branch the roles and skills required. One area that has seen a cataclysmic shift in expectation is AML PEOPLE 26 compliance, writes Phil Rolfe 34 / METRO BANK 42 / M WORLDWIDE In RBI’s 37-year history, few bankers have Start building relationships with consumers been as quotable, colourful or successful as while they are still young, or risk missing out Vernon W Hill II. Rightly described as having on opportunities to help shape their financial revolutionised retail banking in the US, he tells perspectives and build brand preference for Douglas Blakey the reasons for his success the long haul, argues David Martin www.retailbankerinternational.com | 3 RBI 750 June 2018.indd 3 31/05/2018 10:35:25 Simple, secure and effortless digital solutions for fi nancial services organisations To fi nd out more please visit: www.intelligentenvironments.com @IntelEnviro Intelligent Environments provides fi nancial service organisations with the ability to transform their digital customer experience. We do this through Interact®, our powerful software platform, whose pre-built components enable our clients to deliver customised solutions to market quickly. By integrating into any core banking system and Fintech ecosystem, we bring together the functionality to improve the customer experience, accelerate growth, optimise costs and manage risk. We are the chosen partner to four of the UK’s fi ve largest banks and have deployed Interact in 28 countries. We were recognised as one of the world’s “most signifi cant providers” in the Q3 2017 Forrester Wave for Digital Banking Engagement Platforms, offering “a well-defi ned Digital Banking Platform that supports Corporate Banking, Private Banking and excels in Retail Banking.” Intelligent Environments is privately owned and has more than 130 employees. Our head offi ce is set on the riverside in London with further offi ces in Belfast, Frankfurt, Dubai & Brisbane. IE Adverts - 2018.indd 1 07/02/2018 10:41:07 editor’s letter 750 and counting: there has never been a better time to be covering retail banking Douglas Blakey, Editor s a rule it is always better to look forward than The need for challengers back, but for one issue we have been looking We are still talking about the need for challengers and A back as RBI celebrates its 750th issue. greater competition. Looking back to issue number 1 in May 1981 and The big story in issue 1, May 1981, was the outbreak subsequent early issues of RBI has been huge fun. of a bidding war for RBS, with rival bidders HSBC and Issue number 1 was published in May 1981. In the Standard Chartered. interim, there have, of course, been huge changes in That was to become quite a saga, and if the Thatcher channels – for example, our branches table in 1981 government – yes, the free market government of showed 22,000 bank and building society branches in the Margaret Thatcher – had not ultimately blocked both bids, UK. Today it is about 7,800 (see page 7). NatWest, to pick banking history would have been very different. just one example, is down from 3,370 then to 655 today. We might never have heard the name Fred Goodwin. It We also reported on banks trialling also seems to suggest that a Standard ATMs; in 1981 Barclays had a mere Chartered/RBS combined bank would 240 ATMs across 3,014 branches.
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