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Citizens Bank Looks to Digital to Extend Its Reach in the Us

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Citizens Bank Looks to Digital to Extend Its Reach in the Us www.retailbankerinternational.com Issue 755 / november 2018 A NEW BALL GAME CITIZENS BANK LOOKS TO DIGITAL TO EXTEND ITS REACH IN THE US FEATURE RESEARCH INSIGHT TD combines West Coast YouGov: improved The regulatory framework style with the latest design customer satisfaction needs to be right for all thinking in Vancouver scores for the big four Open Banking entities RBI 755 November 2018.indd 1 05/11/2018 16:37:14 contents this month COVER STORY NEWS 05 / EDITOR’S LETTER 09 18 / DIGEST • Santander Q3: solid results boosted by Brazil, Spain profits rise • SME Open Banking goes live with iwoca- Lloyds partnership • Monzo joins the ranks of the unicorns • Crédit Agricole Italia instant payments go live • Tinkoff mortgage app goes live • Goldman Sachs to launch Marcus in Japan • Metro Bank Q3 profits double as customer numbers hit 1.5 million • MoneeMint secures assistance to build ethical bank • DBS introduces startup matchmaking platform • Canada’s Central 1 unveils forge digital banking platform CITIZENS BANK 19 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 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: John Carpenter House, John Carpenter Street, London, EC4Y 0AN 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 | November 2018 | Retail Banker International RBI 755 November 2018.indd 2 05/11/2018 16:37:26 contents november 2018 RESEARCH 08 / CONSUMER TRUST The sector has undergone rapid changes since 2008, and it is essential for banks and building societies to ensure that a strong customer experience remains at the forefront of their strategy. Briony Richter reports 16 INDUSTRY INSIGHT 16 / I-AM Branches tend to be places people have to go, not places they want to go. There is a huge 12 challenge for banks to ensure that they can craft meaningful physical environments, argues FEATURES I-AM’s Nicholas Griffin 06 / OPEN APIS 12 / TD BANK 16 / CCTA APIs provide the gateway to innovative, TD was the first bank to open a branch The assault on the lending industry has been tailored solutions that enhance the customer in Vancouver’s River District waterfront going on for years, cheered on by campaigners experience. Wells Fargo Bank’s Imran Haider development. Its design is in keeping with the and claims companies. It is time to wake up to and Capgemini’s Vikrant Karnik discuss their latest thinking and the development’s West the harm it is causing, argues the Consumer true value with Briony Richter Coast style. Robin Arnfield reports Credit Trade Association’s Greg Stevens 09 / CITIZENS BANK 14 / BARCLAYS 22 / ENVESTNET | YODLEE Citizens Financial Group has been through Luke Ryder, director of external engagement If Open Banking is to succeed, consumers need a process of reinvention in recent years, and for Open Banking, and Zena El Farra, vice- to feel safe in embracing the opportunities wants to become a nationwide player. Robin president of customer innovation at Barclays, it offers. For that to happen, argues Matt Arnfieldspeaks to executive vice-president and detail the bank’s vision for an ever-more- Cockayne, the regulatory framework needs to head of distribution Simon Griffiths connected ecosystem. Briony Richter reports be right for every entity in the chain 14 22 06 www.retailbankerinternational.com | 3 RBI 755 November 2018.indd 3 05/11/2018 16:37:32 HEAR ∤ NETWORK ∤ DISCOVER ∤ CELEBRATE SHAPE THE FUTURE OF PRIVATE BANKING Private Banking & Wealth Management: Switzerland 2018 12th December 2018 ∤ Marriott, Zurich Private Banking & Wealth Management: Switzerland 2018 Conference and Awards leverages the expertise across the Verdict research and publishing portfolio, including Private Banker International, Wealth Insight and Wealth Intelligence Centre. The event is an opportunity to share ideas, discover trends and network with peers across the wealth industry. Key Issues : ∤ Economic trends to 2020. Wealth ∤ How should Switzerland’s private banking management industry performance industry define itself in the age of digital technology and intensifying competition? ∤ With technology playing an increasingly significant role in service delivery what ∤ What channels are working for attracting, benefit does institutional size confer? retaining and managing an increasingly diverse customer universe? ∤ What are the implications for service, delivery and product distribution in the ∤ What’s the connection between distribution age of the digital wealth manager? and profitability? How are Swiss private banks adapting to the challenge of tight ∤ How is technology enabling faster, more cost margins and higher costs? effective on-boarding, KYC and compliance reporting among wealth management ∤ What does the country need organisations? to do to stay ahead? Gold Partner: Silver Partner: Bronze Partners: Exhibitor: Supported by For more details please contact: Page 1 Vicki Greenwood on [email protected] or call +44 (0) 20 3096 2580 editor’s letter UK bank customer complaints hit record high Douglas Blakey, Editor nother set of results, and another record number launches of Monzo and Metro. The writer cannot recall of bank customer complaints. any occasion when either gentleman has ducked or A Complaints figures for FCA-regulated firms dodged a question, or declined an interview request. They for the first half of 2018 hit 4.13 million, up 10% from both say what they believe, and believe what they say. the previous six-month period. PPI remains the most Other common features relate to the undoubted ability complained-about product, accounting for 42% of all of both brands to engender fans among their customers. complaints. It is followed by current accounts (15%), The net promoter score at Metro is off the scale, in credit cards (8%) and motor and transport insurance (6%). contrast to traditional incumbent UK banks. It is a similar The volume of complaints received by firms in the first story at Monzo, and both banks enjoy exceptional scores half of 2018 for current accounts rose by 18% from the in terms of employee satisfaction. second half of 2017, and for credit cards by 8%. Excluding There the similarities end. Monzo is genuinely not PPI, complaints increased by 9% (193,360) from the trying to be a conventional bank, but will instead be a previous six-month period. Around half of this was due hub using partner companies, and taking a cut by way of to the rise in banking and credit card complaints to TSB commission. The focus at Monzo is on data, not deposits. about disruption to banking services followings its move Metro is hell-bent on gathering deposits, and is rather to a new IT platform on 22 April 2018. good at capturing low-cost deposits while focusing on To the surprise of nobody after its troubled IT migration, customer service excellence and best-in-class stores. TSB fares especially badly in the latest results. The At the current rate of trajectory, it is quite conceivable proportion of TSB customers that registered complaints that Monzo’s valuation will overtake Metro Bank. For the about current accounts or credit cards is 1.7%; this figure year to date, Metro Bank’s share price is down by 32%, compares with 0.5% at Lloyds, 0.6% at Barclays, 0.7% at giving a market cap of £2.5bn. Monzo’s valuation has RBS 0.7%, and 0.9% at HSBC. increased more than fourfold in the same period, and As complaints rise, so does the total paid out in redress. now has a valuation in excess of £1bn. Monzo has now In the first half of 2018 the total paid was £2.6bn passed one million customers, while Metro Bank is just ($3.3bn), up 9% year on year. This was driven by an in excess of 1.5 million. Metro deposits increased 38% to increase in redress payments for PPI complaints, which almost £15bn in the year to end-September, while lending rose by 13% to £2.31bn in the first half. increased by 52% to more than £13bn. The average redress paid for each PPI complaint upheld Metro is now in profit; Monzo, by its own admission, is has, however, fallen, from £2,087 in the second half of a few years away from break-even. Total revenue at Metro 2017 to £1,765 in the first half of 2018. Excluding PPI, rose by over 40% to nearly £300m for the nine months the total redress paid fell by 17%, from £312m in the to end-September; at Monzo, total revenue last year second half of 2017 to £259m.
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