www.retailbankerinternational.com Issue 751 / July 2018

EYE OF THE STORM

ANNE BODEN’S STARLING IS AT THE CENTRE OF A REVOLUTION

FEATURE INSIGHT FEATURE

KBC Bank on striking Optimising the onboarding How the industry’s big a balance between the process is crucial to the hitters stack up on Twitter, physical and digital worlds customer experience Facebook and Instagram

RBI 751 July 2018.indd 1 23/07/2018 14:38:30 contents this month

COVER STORY NEWS 05 / EDITOR’S LETTER 07 18 / DIGEST • Scotiabank Arena: new name in record- breaking deal • Biometrics set to boom: 1 in 4 online sales will require further security next year • Nationwide launches new fintech fund • Revolut reaches 1 million UK customers • Oracle selects Brussels for fintech HQ • Santander strengthens multi-channel offering with Finacle • TBC confirms Space Digital bank launch • and Transferwise team up • European interest in cryptocurrency set to double 21 / ANALYSIS • RBC, WestJet to form loyalty platform Ampli, RBC to cut branch square footage 21

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]. Office: John Carpenter House, John Carpenter Street, London, EC4Y 0AN Asia Office: 1 Finlayson Green, #09-01, 049246 Tel: +65 6383 4688, Fax: +65 6383 5433 Email: [email protected] follow RBI on twitter @retailbanker

2 | July 2018 | Retail Banker International

RBI 751 July 2018.indd 2 23/07/2018 14:38:44 contents july 2018

DISTRIBUTION 08 10 / OMAN ARAB BANK UK design agency I-AM has overhauled the customer experience at the 65-branch network of OAB, writes Douglas Blakey. The result is a reduction in waiting times, and a boost in customer use of digital services

10 FEATURES INDUSTRY INSIGHT 06 / STARLING BANK 12 / SOCIAL MEDIA 11 / DEALFLO Starling Bank founder and CEO Social media presence is a necessity for any Optimising the onboarding process is is at the centre of the banking revolution. She institution in any sector, but in an industry crucial if are to offer a great customer tells Briony Richter about Starling, why she as tightly regulated as , how experience. As Abe Smith argues, innovative decided to go it alone, and the need to improve ‘social’ can you become? Patrick Brusnahan use of the latest biometric technologies gender equality in the financial sector ranks businesses and assesses their strategies benefits both customers and banks alike 08 / KBC BANK 16 / CUSTOMER EXPERIENCE 22 / PAYU Technology is rewriting the rules of interaction Client service is of utmost importance in any India-based fintechs will transform cross- in the financial industry. Aidan Power, director sector, expecially the financial sector. The border payments, argues PayU CCO of customer, brand and marketing at KBC Asia-Pacific region is a developing market with Matthias Setzer. Get the technology right Bank Ireland, speaks to Briony Richter about plenty of potential to gain customers, but how and there is huge potential to solve the balancing the physical and digital worlds do you keep them? Patrick Brusnahan writes challenges currently facing merchants 12

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RBI 751 July 2018.indd 3 23/07/2018 14:38:49 Simple, secure and effortless digital solutions for fi nancial services organisations

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IE Adverts - 2018.indd 1 07/02/2018 10:41:07 editor’s letter

Which banks truly deserve to be described as innovative?

Douglas Blakey, Editor

ick a bank – any bank, incumbent or challenger, Similar comments apply to KBC’s Irish unit, which is also mature market or emerging – and sure as night featured in this issue. P follows day it will claim to be ‘innovative’. RBC also deserves a mention, and if anyone is in any Back home in Scotland the other day, this writer was doubt as to why it merits a plug, next month’s issue of RBI asked by some Scots lawyer pals: “So which banks truly will provide footnotes and interviews with a number of deserve to be regarded as innovative?” its senior management, arising from a recent visit by the Is it, they asked, a little like a number of corporate writer to . clients they had in mind and diversity: the more they In the Middle East, it is hard to look beyond Emirates mention diversity in their annual reports, the more NBD; the award of RBI Banker of the Year to Suvo Sarkar likely it might be that people will be kidded and conned was one of the easier calls the RBI judging panel made into thinking that they truly embrace race and gender this year. In the Nordic region, it is equally hard to look equality? beyond Nordea, and it was pleasing to see its investment By that measure, few will be kidded by banks’ annual already paying off in July with a strong set of second- reports. The word ‘innovation’ attracts 54 mentions in quarter results – well ahead of analyst forecasts. the RBS annual report; by contrast, unarguably more- Others banks I mentioned to my legal friends, but that innovative peers Chase, RBC and DBS use the word they did not know, included Idea Bank, Number 26 and ‘innovation’ a mere 16, 18 and 27 times respectively in mBank. their annual reports. There are many others that I, no doubt, ought to have Put on the spot by a ferocious Edinburgh court cross- mentioned, but from a slightly parochial point of view, examiner, the writer was obliged to come up with 10 having regard to the global picture, one argument can banks that he might have heard of with innovation at the safely be made: Europe is leading the way. heart of their DNA. While there is much innovation in the US, Singapore, It is not as easy a task as one might think. DBS is , China, et al, Europe is way ahead an easy first pick; no one to have had the pleasure of of the field in terms of banks’ willingness to partner spending time with the bank’s head of innovation, Neal with fintechs, regulatory pressure from the EU and local Cross, is likely to take issue with that. regulators, and the overall level of European fintech DBS hosts the world’s largest banking API platform investments. with 155 APIs at launch across more than 20 categories such as funds transfers, rewards, PayLah! and real-time Link’s U-Turn payments. It is generally a good idea not to fall foul of the UK BBVA is another easy one, with its API Market offering Parliament’s Treasury Select Committee (TSC). Link has a range of APIs that provide access to data for accounts, been under not just regulatory pressure from the Payment cards, loans, and notifications. It also includes an API that Systems Regulator, but under political pressure not to connects to China’s Alipay, reduce the UK’s free-to-use ATM network. Not everyone will agree with my third choice, Chase, Just as the TSC was not going to accept the UK but check out CEO Jamie Dimon’s comments on the bank’s enthusiasm to axe cheques a few years back, TSC bank’s $10bn tech investment. Better still, have a glance members had Link in its sights when it proposed to slash at Chase’s key digital metrics, such as 31.65 million active the fees paid by banks to cash machine operators. The cut mobile banking customers and 48 million digital banking in ATM interchange would have saved UK banks millions customers – and all this before its Finn m-banking sub- of pounds in charges. brand goes nationwide. The resulting compromise should satisfy all sides: Link Closer to home, Monzo and Starling deserve creditable gets a cut this year and in June 2019, but a planned mentions, and in this issue it is a pleasure to feature Anne further reduction due in 2020 has been cancelled while a Boden, CEO of Starling. further reduction in 2021 is now to be reviewed. <

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RBI 751 July 2018.indd 5 23/07/2018 14:38:53 feature | starling bank

anne boden: taking the banking sector by storm

Coming from humble backgrounds, Starling Bank founder and CEO Anne Boden is right at the centre of the banking revolution. Speaking to Briony Richter, Boden describes Starling Bank, why she decided to go it alone, and the need to improve gender equality in the financial sector

aughter of a steelworker, brought at a time when the Irish banking market was Boden says: “This where people are up in Wales, Anne Boden had an particularly bruised from the crisis. downloading the app; it takes six seconds to Dordinary childhood and never Working within those banks, she started approve, and then we can monitor who is expected to start her own bank. to realise the problem with legacy systems accepted, referred and checked.” The Starling CEO has an extensive financial and the bureaucracy that continued to hold Boden highlights that it was a long and background. Before starting Starling Bank, its grip. However, it was the aftermath of hard process to start the bank. However, it was Boden held high positions at Lloyds, UBS, the financial crisis that was the real turning necessary and banks cannot be built overnight, Royal (RBS) and Allied Irish point. Boden believed that it would be more especially if it is to offer something better than Bank (AIB). beneficial to start something new, rather than the rest. Speaking about her background and what trying to fix an old system. There was, inevitably, resistance from people led her to start her own bank, Boden tells RBI: within the industry who wanted to defend the “I started off as a computer scientist. I did STARLING BANK way the sector worked. Pushing back against computer science and chemistry at university that, Boden achieved what many thought was back in the early 1980s in Wales. Now Boden is taking the banking industry by not possible. “I joined Lloyds in the early 80s, and then storm with her digital start-up, Starling Bank, She says: “I realised I wanted to go further, I moved on to in the which she launched in 2014. use what I had learned, and do more. I came mid-80s where I ran technology and IT for Walking around the office, Boden explains to London in January 2014 and began raising the UK.” there are no departments; everyone sits money to start a bank that was very different Working her way through different areas together in teams, consisting of people with and very transparent. of finance, Boden continued her journey very different skills. It is a joint team effort, “Our technology was to be built from to Switzerland. “I joined UBS to work in across the board for Starling, and its office scratch, have direct access to all the payment corporate banking,” she continues. After a stint with UBS and seven years in insurance thereafter, Boden started work with I started realising that what I was doing ABN Amro, which was eventually bought by RBS in 2007 for a staggering €71bn in fintech was taking a lot less money ($98.5bn). At RBS, Boden worked as global transaction services lead. than it would in a traditional bank “In 2011, I stepped away from RBS and spent a year in fintech. I started realising that what I was doing in fintech was taking a lot has a sense of informality – right down to schemes, to information around transactions less money than it would in a traditional a recreational area with table tennis and a to help customers, to share information using bank.” seating area. PSD2 and open APIs. Really, we were the first Working in fintech, Boden notes that she A control board in the middle of the office people doing that.” was doing innovative things with £30,000 enables staff to monitor several different types Building its platform and technology from ($39,800) that traditional banks were doing of activity, including the number of people scratch, Starling relies heavily on its engineers with £30m. using Mastercard, making faster payments or who make up much of its staff. Having a In 2012, Boden took on the role of COO direct debit transactions, or downloading the smaller-scale operation gives Starling the at AIB to bring the bank back to profitability, Starling Bank app. opportunity to be more flexible and innovative

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RBI 751 July 2018.indd 6 23/07/2018 14:38:57 feature | starling bank

– qualities Boden believes give the bank an edge over traditional banks. Now, four years on, Starling Bank has won numerous awards, including Best British Bank, beating one of its main competitors, Monzo. Holding a customer’s every banking need on one seamless platform, Boden describes the many features – and those to come. “Everything is available. Customers can make payments to an individual, to a company and create standing orders. There’s a setting to view their track history, and make scheduled payments. “Foreign payments are made quickly and easily – so everything that TransferWise can do. Customers can send it faster or slower. They can choose for the payment to go faster and pay a bit more or just slower and pay less.” A savings feature also allows people to put money in for a rainy day, a holiday or a wedding. Anne Boden, Starling Bank Starling regularly holds community events to get to know its customers. Boden believes you have to have a differentiating proposition. work twice as hard and twice as long to get the these are crucial for staying engaged with the You have to offer something that is mind- same recognition that their male counterparts. community. After the events, customers use blowingly better than the competition. “I think it’s a question of being resilient. post-it notes to describe what they are using “Then you have to really work at it. It’s Be prepared to work hard and realise that it the app to save for. critical to listen to customers; you can’t just will be harder for you as a woman, but that “We ask people what they are using the put it out there. And you have to constantly shouldn’t put you off. Women will get there app to save for, and to put it on the wall. As make it better.” in the end. you can see, there’s a whole variety of goals, She continues, “People try to put banking “A lot of women I meet are very resilient. including saving for Disney World, starting a back together to the way it was, and we need There’s a school of thought that women aren’t business, buying a Tesla, a pension, and saving to move on and do interesting things.” getting to the top because they aren’t pushing for a wedding,” Boden says. Traditional banks are typically slower than or aren’t asking; it’s not the case at all.” The latest feature that Starling has launched digital banks when it comes to pushing the She puts the lack of support for women is its joint account. Notoriously hard to set boundaries within the sector. Boden highlights down to the system being much harder on up and cancel in a traditional bank, Boden that Starling has a team of extremely women. Boden takes great pride in creating has removed the friction from the process. passionate people, and the bank is continually a diverse and fair workplace, but even she Couples who have an account with Starling producing services that other digital and admits there is still work to be done at and want to share their finances can now open traditional banks are not. Starling. Currently, the ratio of men to women a joint account without getting up from the on the executive team is 60:40; Boden wants sofa, in a matter of minutes. MORE WOMEN IN FINANCE that to change to 50:50. It does not come Using Google’s Nearby technology, couples down to merely encouraging girls in school can match their mobile phones together and In the three decades that Boden has been in to pursue traditionally male-dominated jobs. confirm the account when a picture of their the industry, not enough has been done to There needs to be a deeper understanding of faces has been detected. support women entering and progressing in why women are not choosing to go into the Boden states that Starling is never done banking. However, there is no simple solution industry. developing and producing new and innovative to the issue of gender inequality: a number of features for its growing customer base. factors need to be addressed. LOOKING AHEAD “We need to talk about it. It needs to be COMPETITION written about – that women are not being The future is bright for Starling. Boden says promoted through the organisations. The next on its list is probably multi-currency When Starling launched it was the first UK important thing to tackle is that the standards accounts – first for UK citizens and moving digital-only current account. Today there is no women are held to are higher than the forward from there. doubt that Starling has stiff competition from standards men are held to. Women have to be The bank is at the leading edge of the likes of Monzo and Revolut. perfect, and very often women are called too technology, and for Boden, it is not just about Boden, however, welcomes competition, soft or too hard.” getting the best technology, it is about really highlighting that the industry needs people Boden states that women in the banking understanding what technology can do for to constantly innovate. She explains: “I think industry often have to accept that they have to consumers. <

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RBI 751 July 2018.indd 7 23/07/2018 14:38:57 feature | kbc bank

kbc: digital hubs, human touch Technology is rewriting the rules of interaction in the financial industry. Aidan Power, director of customer, brand and marketing at KBC Bank Ireland, speaks to Briony Richter about finding the perfect balance between the physical and digital worlds

e live in a world where instant “Trying to create brand awareness is a Part of the bank’s strategy to stand out gratification, coupled with challenge. Every customer is unique and every was changing how it communicates with Wsecurity and efficiency, is account is hard-won when you are starting consumers; that involved replacing the term expected. It is a tough job, but KBC Ireland and creating awareness. We’ve got over a ‘branch’ with ‘hub’. Power explains: “We believes it is completely possible to deliver quarter of a million customers now, so it’s deliberately call them hubs as opposed to this to customers if digital and physical doing really well. We are recognised as a real branches. We wanted to change the language; channels are integrated effectively. player and seen as very dynamic and different. that has taken time for people to get used to, Although different in some ways, physical Power adds: “Our whole brand proposition but it’s how we differentiate ourselves from the and digital interactions are two sides of the is around customer-centricity. We are traditional language. same coin. It is all about balancing both to providing an alternative choice – a bank to “It was a challenge but it is working. We create reliable and seamless platforms. challenge the way it’s always being done.” decided that the way we designed the hubs Speaking to RBI, Power describes his focus The financial environment is incredibly had to be different from incumbents. We got at KBC Ireland: “My role is very diverse. It’s dynamic. Even as digital banking methods rid of teller counters. We wanted the redesign a lot of developing propositions to digital become the norm, branch networks will to be as transparent as possible, almost more marketing – a lot to do with customer research still play a critical role in building a brand’s of a café than a bank to a certain extent.” and insights. We focus on keeping our trusted reputation and trust. He continues: “Also taking into account reputation.” For KBC it is important to spend time how customers feel when they walk in to one He adds: “I love it. What’s been very getting to know customers and understanding of hubs is extremely important, so we have exciting is creating the brand from the start. their financial goals. Although many banking free Wi-Fi, mobile chargers to use, people can You don’t very often get the chance to create tasks are now being conducted digitally, Power get coffees or teas. We have a welcome desk, so brands, so I have been with KBC Ireland for highlights that consumers still want human everyone is greeted as they come in.” the last six years.” interaction, even if they do not use it as often. “Watching the brand grow within the Irish PHYSICAL VERSUS DIGITAL marketplace has been great. So creating a brand from start to finish is fantastic; you can The landscape of banking is changing define it and recreate it as you go along.” dramatically. Banks have seen the financial Taking on the role of a , ecosystem explode with new tech-savvy KBC Ireland aims to be the alternative choice competitors aiming to entice customers to for consumers who want a more interactive their more digitally focused platforms. and positive approach to banking. Although meeting all regulatory standards, incumbents are falling behind when it comes CONSTANT CONNECTIVITY to customer satisfaction. However, although challengers are more digitally focused, KBC Attention to detail and a customer-centric Ireland sees the benefit in both channels being focus allow challenger banks like KBC Ireland used to serve consumers. to differentiate themselves from incumbents. Sitting in on research meetings and looking Constant connectivity means consumer into other markets, Power believes that expectations are higher than ever. Power even though digital methods are on the rise, believes this is why KBC Ireland will continue consumers still want human interaction. He to go from strength to strength. Aidan Power, KBC Bank says: “You have to look deeply into what the

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RBI 751 July 2018.indd 8 23/07/2018 14:38:59 feature | kbc bank

customer wants. Generally customers making customers. For KBC, it is the people that When it comes to onboarding through decisions like investments or buying a home build the strong relationships, with technology the mobile app, KBC Ireland states that want human interaction. Anyone can call acting as the enabler. it can be done seamlessly in less than five into our hubs, but definitely when it comes Mobile banking is fast becoming the most minutes. All customers need to do is fill out to mortgages, those decisions are largely made popular way to bank. Initially trending highest some basic information and take a selfie for within the hub.” among millennial generations, the payment authentication. The bank then delivers the “Consumers are taking a little longer to method is now being used far more regularly card to the phone and instantly puts €5 ($6) adopt – sometimes they need to catch up with by all demographics.Through its mobile into the account. the trends. You have the first followers, and app, KBC Ireland manages to preserve that Around 78% of KBC Ireland current then the masses move eventually. While digital customer-centric focus and translate it into a account customers use mobile banking, and activity is increasing significantly, it still needs digital approach to reap the benefits of both while customers do use both digital channels, a momentum behind it to get a majority of channels. It is also about fostering a digital it seems there is a growing preference for people comfortable with it,” Power notes. mind set among staff members. mobile as the device of choice. Speaking about having a mobile and online MIX OF CHANNELS presence, Power states: “Mobile banking LOOKING FORWARD has increased significantly. Across the board Putting a focus on the physical channel as we are seeing an increase in terms of digital Power points out that although technology well as digital meant mirroring the day-to-day transactions. Within our own customer base developments are important, the future will needs of consumers. One of the 16 hubs is that goes across all demographics. We design depend on where the customer wants to go. open seven days a week, and the rest open on for mobile and digital, but there are quite a He explains: “I think it will be all about Saturdays. The reasoning for this is that more lot that still prefer desktop for onboarding, so the way consumers want banking to fit into consumers are working non-traditional hours. they haven’t fully migrated from the web. their lives, and technology will be the enabler. “What we found when it came to channels “Even though the younger generations Customers still want to interact with people was that it didn’t come down to one specific are quick to adopt new technologies, in so we still have to provide that facility, as well channel or another; it’s actually the mix of my experience the older age categories are as digital innovations. How they interact with channels and that’s what our customers keep actually really digitally savvy. They may not their bank might change.” telling us,” Power explains. have grown up with the technology, but Power has been with KBC Ireland for six There is still a need for customer-centric they do adopt it quite easily. We have seen years, watching the brand enter the Irish hubs in which to welcome people. The roles that happening a little bit at KBC, but just market and grow. For him it is all about of the hub’s employees may change in the generally in research it shows that older making the customer journey as easy, secure future, but they will still be necessary to assist generations are in tune with mobile banking.” and engaging as possible. <

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RBI 751 July 2018.indd 9 23/07/2018 14:39:02 distribution | oman arab bank

– and set against a backdrop of the mountains in the form of mural-scale photography. i-am completes Nicholas Griffin, Dubai-based global strategy director for I-AM, tells RBI: “It was essential to ensure – as a bank for the Omani people in a market with new international transformation entrants such as HSBC – that customers perceived and inhabited the connection between OAB and its territory. “A key focus was to create a better welcome of oab branches for customers at the transition point between exterior and interior, as well as to facilitate UK design agency I-AM has overhauled the customer easier introduction by the branch hosts of experience at the 65-branch network of OAB, writes customers to automated transaction facilities – key to transforming the cost model of the Douglas Blakey. The result is a reduction in waiting branch network into the future. times, and a boost in customer use of digital services “The welcome point houses a touch- screen check-in to an intelligent customer man Arab Bank (OAB) has OMAN’S CITYSCAPE flow management system, allowing queues remodelled its branch network to become invisible. Now customers can Oacross the sultanate. The resulting The revamped design is inspired by Oman’s wait in a comfortable central landscape of transformation combines what it terms land and cityscape, with the layered concept seating while browsing product and service “expression of local landscapes and culture” surrounding the distinctive cubic shapes of the information, or simply taking advantage of the as well as increased customer engagement traditional Omani built environment. Wi-Fi provided.” due to a more personal and interactive This is revealed in the central seating, Amin Al-Hussein, CEO of OAB, adds: branch experience. planting and low dividers within slices of “I-AM went the extra mile to arrive at a OAB worked with international branding transparent blue – the ever-changing skyline thorough and deep understanding of our and interior design agency I-AM on two current and future clients’ dynamics. We could concept sites – a ‘street’ format and a ‘mall’ BANKS IN OMAN RANKED BY BRANCHES not have chosen a better partner to set the – serving the bank’s retail customers, as well stage for the future of OAB’s retail bank.” bank branches as incorporating a premium Priority Banking I-AM, headquartered in Shoreditch Lounge to attract and serve Elite customers in Bank Muscat 130 and with overseas offices in Istanbul and an exclusive area. HSBC Oman 85 Mumbai, as well as Dubai, has a portfolio The move has led to average customer wait Bank Dhofar 70 of clients in many sectors, including food times being slashed from eight minutes to and drink, fashion, retail estate, telecom and National Bank of Oman 69 three minutes 40 seconds, and a 38% hike in tech, showrooms, education, transport and the use of self-service facilities. Oman Arab Bank 65 destinations – as well as banking. The project was co-ordinated by I-AM’s Bank Sohar 33 OAB was one of the first banks to regional base in Dubai, I-AM Middle East, Ahli Bank 14 be established in Oman, and operates a and focused on customer journey competitor Bank Nizwa 12 nationwide network of 65 branches and benchmarking, retail experience inspiration, representative offices and 148 ATMs spread Al-Izz Islamic Bank 10 and collaborative storyboarding of the across the sultanate. It provides a full range “key principles for the new target customer Beirut Oman Bank 5 of financial products and services for personal experience”. Source: RBI banking, corporate and investment clients. <

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RBI 751 July 2018.indd 10 23/07/2018 14:39:05 industry insight | dealflo

whether the image is a real selfie. If so, Facial Recognition Technology biometric onboarding: compares the selfie to the image on the verified document. If the images match, the customer can continue with their innovating for a application. While these technologies can be used to great effect separately, it is when they are combined that they create compelling new experience evidence that the customer is who they say they are. This approach removes the need for Optimising the onboarding process is crucial if traditional processes such as manual fraud banks are to offer a great customer experience. As Abe detection – which is labour-intensive, using specially trained staff to check the veracity of Smith argues, innovative use of the latest biometric the ID document; data input; and manually technologies benefits both customers and banks alike comparing a customer’s face with their ID, which is notoriously error-prone. oice recognition, fingerprint access simple to use for both the bank and the Furthermore, it creates a mobile-driven, and logging in with a selfie – customer. slick onboarding process for the customer. Vpioneered by TSB in the UK, for The proliferation of smartphones means From their perspective, all they do is take example, in 2017 – have all been adopted by almost every retail banking customer carries a couple of pictures, and – provided their banks in a drive to improve security without with them the technology needed to verify application is not fraudulent – receive instant compromising customer experience. their identity, wherever they are, 24/7. The permission to complete the transaction or Banking customers are more receptive to key is in the camera, which can capture both a agreement signing. It is a great customer using biometrics than ever before: a study by high-resolution selfie, and an image of an ID experience. Mastercard and Oxford University in 2017 document in real time. Gone are the days of What happens to this data after the found that nine out of 10 people favour having to take a passport into a local branch, onboarding process is critical. Of course, biometric logins over a PIN or password. and all the manual processes that go with it must be secured. But to create a robust, The use of biometric technology is now verifying it. These technologies are scalable compelling evidence trail, it should also be being extended to the onboarding process, and accessible to everyone. connected to all other data that is relevant with biometrics being adopted by innovative to the agreement process and the customer’s banks as an effective way to verify a customer COMBINED TECHNOLOGIES identity. That data might include, for as part of KYC. This takes a slightly different example, the financial agreement itself, credit, approach from using the technology for The technologies can be combined in affordability and identity checks, anti-fraud processes such as secure login or payment the onboarding process to help verify the and AML screening, and eSign. authorisation, where one technology – customer in the following way: All these component parts can be linked fingerprint, facial recognition – provides access • Step 1 – Check that a customer’s and sealed in a tamper-proof secure vault, and to a bank account, for example. documentation is legitimate: The used as evidence in the event of a customer For KYC, the combination of Facial customer takes a photo of their identity complaint, legal challenge or a regulatory Recognition Technology, Document document. Document Verification investigation. This not only creates a detailed Verification Technology and Liveness Technology scans the image and uses view of the customer that a bank needs as part Detection Technology can now be used as an sophisticated algorithms and machine of KYC/AML, but creates a complete and effective means to verify a customer. learning to determine whether the robust audit trail of the whole onboarding There are many ways to carry out KYC document is genuine or fraudulent; process. This breaks down silos, keeping a checks during the onboarding process. These • Step 2 – Check that the ID data matches record of everything relating to the customer’s often depend on the type of agreement, the data in the application: As it scans identity in one place, securely sealed, and easy geography, the associated risk, and industry the document, Document Verification to find if it is needed. regulations. At the core of KYC is the need to technology also extracts and compares There has been much talk about whether verify that a customer is who they say they are, the data on the document – such as banks are forced to choose between risk and that they are not attempting to enter into name and date of birth – to the data in management and innovation that drives a an agreement illegally or fraudulently. the application. This means the bank can better customer experience. But the two are Used together, Facial Recognition, verify, in real time, that the applicant not mutually exclusive. Real innovation comes Document Verification, and Liveness is who they say they are, and that their from doing both. The banks leading the way Detection, are breaking new ground in the identity documents are genuine. in this area are turning a mundane, manual digital customer onboarding process, where • Step 3 – Check that the customer is process into something that is tech-driven, combined and triangulated, they become genuinely who they say they are: The simple, scalable and accessible, improves risk greater than the sum of their parts. The real customer takes a photo of their face. management, and creates stronger evidence of beauty of this new approach is that it is so Liveness Detection Technology detects the customer’s identity. <

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RBI 751 July 2018.indd 11 23/07/2018 14:39:05 feature | social media

social media: can you really like your bank?

Social media presence is a necessity for any institution in any sector, but in an industry as tightly regulated as financial services, just how ‘social’ can you become? Some businesses have, however, done just that. Patrick Brusnahan ranks financial businesses from across the globe, and talks to experts on strategy

ocial media is fast-paced and fast- journey of understanding on how Mastercard that customer service mix for any banking moving. For an institution to make can help them enable that.” customer these days. Sany dent in the space, it needs to Farina adds: “Social media has become part “We have huge amounts of messages move quickly. of our DNA over the past five years and, from coming in each week, approximately 6,000 This does not, however, necessarily comply a marketing perspective, ever more important across all of our channels, and the team with the reams of red tape commonly as part of our media mix. responds to 3,500 tweets every week. There associated with banks. As a result, the top “Social is extremely versatile and provides is a demand, and this is a hugely important two institutions in RBI’s Top 100 financial us with the means to position our brand with space for us to be able to serve our customers institutions (FIs) on Facebook are, once again, our clients, engage consumers around the in the channel of their choice.” not banks. Visa and Mastercard claim the top benefits of Visa products, highlight elements India-based Yes Bank, with 7,232,399 two places – positions they have held since of our corporate narrative, such as our focus Facebook likes, also sees the benefit of social 2014. on innovation and security, and operate media for customer service. Visa had 22,378,077 likes across its two promotions and competitions.” A spokesperson for the bank said: “Social pages, a 4.5% increase from the previous year, media is treated as an important customer and Mastercard had close to 16 million, with a BANKS ON SOCIAL MEDIA service channel. We are able to respond to slightly larger year-on-year increase of 6.9% almost all queries or complaints within 30 Adrian Farina, senior vice-president of State Bank of India (SBI) placed third in RBI’s minutes.” marketing at Visa Europe, tells RBI: “Visa Facebook rankings, with over 14.5 million uses social media in a variety of ways and it likes on the platform – a staggering 36% more CAMPAIGNS has became integral to many of our team’s likes than the previous year. operations, be it marketing, corporate Following SBI to complete the top five was While customer service is crucial in social communications, customer services or also India-based HDFC Bank, and Brazil- media, it is not its sole function for banks. recruitment. headquartered Itaú. In addition, SBI topped Producing social media campaigns to garner “We see digital and social media as great RBI’s Twitter rankings with 3.4 million interaction and attention is the name of the tool to help us achieve our corporate vision followers. It also did well on Instagram, with game here. of being the best way to pay and be paid, for 514,466 followers there. Brayton says: “My team are more focused everyone, everywhere.” The highest-placed UK bank was . around social media as a customer engagement Kirsty Redfearn, head of consumer and In 2018, it had over 5 million likes on and communication channel – how we digital marketing, UK and Ireland, at Facebook, as well as 254,669 followers on represent ourselves as a brand through those Mastercard, has a similar opinion. Speaking Twitter. channels, how we communicate, what we talk to RBI, she says: “Social media forms part So, why is Barclays top in the UK? Speaking about, how we share news, how we become of our integrated marketing mix. We would to RBI, Mark Brayton, director of marketing relevant for our customers and our clients and use social media as one of the many channels and customer engagement at Barclays, believes our core audiences.” that form our marketing campaigns across the there are a number of roles that social media Campaigns have to be adapted depending year. I think we find it quite a useful channel plays for Barclays, customer service being a on the channel. Just because something to have a dialogue with cardholders and main one. worked on Facebook does not necessarily consumers in the space of their everyday life. He explains: “Customers’ expectations of mean it will work on Twitter, and vice versa. “It’s a mutual channel where we are able customer support from brands have changed. “It is hugely important that we take to talk to them about their passions, their We feel it’s really important to offer that different approaches to different channels,” interests, and hopefully take them on a choice, and social media is a core part of Brayton adds.

12 | July 2018 | Retail Banker International

RBI 751 July 2018.indd 12 23/07/2018 14:39:08 feature | social media

FACEBOOK – TOP 50 FIS BY FANS, 2017-2018 TWITTER – TOP 50 FIS BY FOLLOWERS, 2018

Rank institution fans 2018 fans 2017 change Rank institution followers handle

1 Visa 22,378,077 21,420,012 4% 1 State Bank of India 3,392,248 TheOfficialSBI 2 Mastercard 15,974,241 14,950,982 7% 2 Yes Bank 3,284,443 YESBANK 3 State Bank of India 14,514,346 10,615,876 37% 3 World Bank Gp/Banco Mudial 2,863,712 WorldBank 4 HDFC 9,814,916 8,939,489 10% 4 GT Bank Group 1,354,824 gtbank 5 Itau 9,212,399 8,684,302 6% 5 Bank Negara 1,225,264 BNI 6 Santander 8,323,656 4,443,356 87% 6 Citi 927,032 Citi 7 Western Union 7,940,667 7,115,220 12% 7 American Express 907,148 AmericanExpress 8 American Express 7,450,827 7,369,656 1% 8 Zenith Bank 838,696 ZenithBank 9 Yes Bank 7,232,399 6,058,654 19% 9 Sberbank 732,944 sberbank 10 Banco Bradesco 7,018,934 6,541,193 7% 10 Banesco Banco 702,023 Banesco 11 ICICI 6,523,803 6,186,615 5% 11 Goldman Sachs 691,006 GoldmanSachs 12 PayPal 5,767,652 5,404,147 7% 12 690,720 DeutscheBank 13 GT Bank 5,750,476 5,113,273 12% 13 Western Union 658,642 WesternUnion 14 BBVA 5,343,535 4,394,451 22% 14 SCB Thailand 649,093 scb_thailand 15 Barclays 5048605 5,001,442 1% 15 Itaú 619,804 itau 16 Capital One 4,560,985 4,884,634 -7% 16 PayPal 568,907 PayPal 17 Citigroup 4,178,763 4,937,505 -15% 17 511,403 BankofAmerica 18 Chase 4,016,029 3,907,934 3% 18 Morgan Stanley 490,213 MorganStanley 19 QNB Group 3,919,095 3,475,838 13% 19 National Bank of Kuwait 482,373 NBKPage 20 CIMB 3,765,570 3,425,553 10% 20 Mastercard 474,441 Mastercard 21 Axis 3,553,871 3,364,169 6% 21 SABB 462,096 SABBBank 22 Zenith Bank 3,464,017 2,301,034 51% 22 ICICI Bank 446,398 ICICIBank 23 SCB Thailand 3,455,893 3,187,841 8% 23 BBVA Provincial 416,872 BBVAProvincial 24 Banco do Brasil 2,908,101 2,484,973 17% 24 UBS 393,084 UBS 25 Bank of America 2,848,965 2,697,764 6% 25 Visa Group 373,173 Visa 26 KBank Live 2,176,062 1,989,461 9% 26 Chase Group 359,954 Chase 27 Garanti 2,164,896 2,044,793 6% 27 Credit Suisse 322,829 CreditSuisse 28 HSBC 2,161,151 1,484,231 46% 28 First Bank of Nigeria 311,602 FirstBankngr 29 Maybank 2,139,430 2,004,003 7% 29 Access Bank 305,853 myaccessbank 30 IDBI Bank 1,919,545 1,710,080 12% 30 Kuwait Finance House 301,457 KFHGroup 31 Access Bank 1,856,980 1,810,072 3% 31 Bancolombia 293,788 Bancolombia 32 Interbank 1,839,508 1,685,578 9% 32 HDFC 286,692 HDFC_Bank 33 Akbank 1,638,201 1,971,451 -17% 33 Wells Fargo Group 283,488 WellsFargo 34 Scotiabank 1,582,707 1,567,738 1% 34 Garanti Bank 276,527 garanti 35 Standard Chartered 1,503,486 1,429,434 5% 35 Banco Central BR 271,780 BancoCentralBR 36 Arab African Int’l Bank 1,347,728 1,189,388 13% 36 Interbank 267,126 interbank 37 ING 1,296,102 1,306,797 -1% 37 Diamond Bank 259,344 DiamondBankNG 38 Multibanca Colpatria 1,183,002 1,142,421 4% 38 Axis Bank 257,399 AxisBank 39 HBL 1,149,117 857,478 34% 39 Barclays 254,669 Barclays 40 BNP Paribas Net 1,144,609 1,574,564 -27% 40 QNB Finansbank 251,794 QNBGroup 41 RBS 1,138,274 1,110,721 2% 41 Banco Popular 247,668 Popularenlinea 42 USAA 1,122,093 1,027,882 9% 42 Co-op Bank Kenya 234,661 Coopbankenya 43 TMB 1,118,649 879,258 27% 43 Kotak Mahindra 214,345 KotakBankLtd 44 Co-op Bank Kenya 1,115,691 n/a n/a 44 Kbank 203,997 Kbank_Live 45 Davivienda 1,111,216 1,081,609 3% 45 Yapi Kredi 201,349 YapiKredi 46 Kotak Mahindra 1,109,744 697,023 59% 46 Santander Group 200,832 santanderMx 47 Yapı Kredi 1,099,201 1,633,013 -33% 47 Banco do Brasil 190,892 BancodoBrasil 48 Banco Falabella 1,081,480 816,932 32% 48 Isbank 184,165 isbankasi 49 First Bank of Nigeria 1,066,883 1,038,141 3% 49 Banco de Chile Group 172,187 bancodechile 50 RHB Bank 1,061,162 868,669 22% 50 HSBC Group 171,370 HSBC Source: RBI Source: RBI

www.retailbankerinternational.com | 13

RBI 751 July 2018.indd 13 23/07/2018 14:39:10 feature | social media

“On Twitter, for example, short bursts One of the different approaches Barclays their campaigns. He explains: “Mainstream of information and primarily using it as has taken is having “editorial-style” meetings. banks have a tendency to focus more on a customer-engagement communication After collating SEO data, the team gets sponsorship activity and their social and channel are the things that tends to work best. together and discusses the information it sends workplace initiatives. “On Facebook, as I’m sure you well know, out. In particular, it decides what Barclays “Barclays also has a much more segmented the use of video content in short, sharp “feels it should have a point of view on”. It approach to social media, using multiple bursts in people’s news feeds can really start then creates something quickly – usually Twitter and Facebook accounts to target to communicate in a snappy yet engaging within the next three days. different sectors of its audience. format, which has become synonymous with “That was quite a leap forward for us,” “Challenger banks are far more focused our social channel. Brayton says. “That was a huge development, on their own products and services when it “The style of communication really needs and gave us speedy access to content comes to social. It is about telling ‘their’ story. to suit the platform. That’s where we’ve had production and development, but crucially, While they struggle to match engagement a lot of our success over the years, and really made us confident that our content on social levels for mainstream banks on Facebook, engaged on social media.” media was relevant.” on Twitter they perform well, with Revolut He continues: “What we make sure we Yes Bank utilises a cautious approach, while and Monzo outperforming mainstream rivals do is constantly track essential statistics and still delivering a story with its content. Its like Santander and Co-op when looking at analytics. We then get to understand what spokesperson says: “Social media provides a performances of the main company Twitter audiences are looking for and the subject great platform to connect with users around account.” matter they might want to share. the world and engage with a story-telling “Then we make sure that as a brand approach. Crisis and influencer management COMPLIANCE within the social media space, we create that are key areas to be focused on with social balance between communicating about what media to avoid damage to our brand image.” Banks are not known for just saying anything we feel passionate about as an organisation Robert Glaesener, CEO of social analytics they want. There are processes and compliance and reflecting the context that we know business Talkwalker, believes there are teams to go through, so how does a business what audiences will want in that particular differences between how mainstream and like Barclays remain relevant in a fast-moving channel.” challenger banks approach social media with medium and work with that?

INSTRAGRAM – TOP 50 FIS BY FOLLOWERS, 2018

Rank institution ank followers handle Rank institution followers handle

1 Yes Bank 619,911 yes_bank 26 Bank of America 75,528 bankofamerica 2 State Bank of India 514,466 theofficialsbi 27 Davivienda 72,678 lugarequivicado 3 GT Bank Group 357,293 gtbank 28 Santander Group 70,325 santanderbrasil 4 National Bank of Kuwait 349,320 nbkgroup 29 Abu Dhabi Islamic Bank 70,015 adib_bank 5 World Bank Gp/Banco Mudial 295,056 worldbank 30 Chase Group 69,922 chase 6 Boubyan Bank 273,644 bankboubyan 31 Yapi Kredi 66,925 yapikredi 7 American Express 249,724 americanexpress 32 Isbank 65,914 isbankasi 8 Kuwait Finance House 227,186 kfhgroup 33 Morgan Stanley 64,303 morgan.stanley 9 Itaú 226,759 itau 34 Akbank Group 62,756 akbank 10 Sberbank 210,937 sberbank 35 BBVA Provincial 62,455 bbvaprovincial 11 Access Bank 209,453 myaccessbank 36 USAA Group 60,015 usaa 12 Western Union 198,599 westernunion 37 Garanti Bank 55,912 garantibankasi 13 Zenith Bank 150,642 zenithbankplc 38 CIMB 54,724 cimbmalaysia 14 Bradesco Group 131,729 bradesco 39 Emirates NBD 54,684 emirates_nbd 15 Gulf Bank 124,369 gulf_bank 40 SABB 52,100 sabbbank 16 First Bank of Nigeria 121,456 firstbanknigeria 41 HDFC 51,688 hdfcbank 17 Banesco Banco 121,390 banescobancouniversal 42 Fidelity Bank 49,935 fidelitybankplc 18 Bank BRI 117,689 bankbri_id 43 Bancolombia 49,304 bancolombia 19 Bank Negara Indonesia 108,554 bni46 44 la Caixa 49,092 caixabank 20 PayPal 104,087 paypal 45 Maybank 44,827 mymaybank 21 Diamond Bank 102,002 diamondbankng 46 Wells Fargo Group 44,735 wellsfargo 22 Axis Bank 101,210 axis_bank 47 Sterling Bank 38,632 sterlingbank 23 Mastercard 97,000 mastercard 48 Capital One Group 33,853 capitalone 24 Banco do Brasil 91,333 bancodobrasil 49 Citi 32,232 citi 25 Group 83,316 bankmandiri 50 Visa Group 32,150 visa_us Source: RBI

14 | July 2018 | Retail Banker International

RBI 751 July 2018.indd 14 23/07/2018 14:39:12 feature | social media

Brayton explains: “Compliance is absolutely tone adopted. He says: “Established banks Brayton concludes: “Engagement is a key paramount for all communications we make. could experiment with a slightly lighter tone metric for us, but there isn’t one kind of We evolved our compliance partners to be on social media. It will always be difficult for benchmark we look for. part of our editorial board sessions to make mainstream banks to use emojis and slang in “We have different Facebook pages and sure that we are, and continue to be, 100% the same way as a challenger. different Twitter handles for the different compliant. “Given the demographics of social media audiences that we have across our customer “It’s a new rhythm and dynamic for the users and the need to attract young customers, and client base. We’ll get different levels organisation, that was previously used to carefully managed experimentation may help of engagement across environments. Our creating the same kind of process but over them find a tone of voice that is a bit more Barclays Agricultural Twitter handle gets a longer period. We needed to ramp up our personal and less corporate without forfeiting very high levels of engagement because it operations over the last few years to make sure credibility.” is more specific and focused in the types of we’re speedy and more forthright than we’ve Engagement is the primary metric to communication. ever been before.” determine whether social media interaction “While it is an important metric to check, Glaesener believes compliance could be is working, but while certainly looking at it, we tend not to engage ourselves in definitive holding incumbent banks back on their social Barclays is also careful not to place too much benchmarks in those. We just learn through media activity, particularly in terms of the credence into it. previous activities through that platform.” < Instagram Case Study: National Bank of Kuwait Early 2016 saw Instagram embraced, writes Hanadi Khazal, chief marketing officer at National Bank of Kuwait (NBK). The application won ground from Twitter and Facebook for the simplicity of sharing experiences in image format, later offering video capability Instagram’s reach and functionality has developed quickly to Instagram, by contrast, is a more artistic and creative cater to its users’ increasingly varied needs. In due course, environment, where people love to engage, interact and image and video social media sharing paved the way for share. Accommodating animated visuals, videos and live Snapchat, a messaging and sharing platform that gained stories has enabled us to engage more effectively with our popularity for its novel disappearing messages and, more customers. In addition, Instagram story highlights enable us recently, its ‘stories’ function, enabling video and to create different content for different segments, picture story sequences to be shared publicly. making it more accessible to find related information. For banks such as NBK, social media has proved to be a valuable channel To deliver impactful communication for communicating with current and with Kuwait’s growing population of potential customers. internet-savvy consumers, NBK has hired in-house social media talent to As a customer-centric bank, NBK seeks manage and build exciting and engaging to communicate with its customers in content strategies. We do not consider the most effective and impactful ways it sufficient simply to post PR-related available to it. The bank was the first in news, CSR activities and marketing posts Kuwait and the Gulf Cooperation Council for each channel. to set up social media accounts in 2006, Hanadi Khazal, distributing corporate news, corporate social NBK Our social media strategy is consumer-centric responsibility (CSR) updates, and management and, as such, we have sought to replicate the interviews. rapid customer response that we deliver offline at our call centre. To achieve this objective, we have assembled For us, it is essential to go where our customers go. With a professional on-board response team to reply to and that philosophy in mind, we have opened our brand to live engage with customers 24/7 – on all channels. Our social two-way communication via social media. Twelve years media platforms have, consequently, been transformed since launching our first social media page, we are leading into channels characterised by transparency and openness, the regional market with over 1 million followers across our providing yet another customer-friendly access point. social media channels. But what makes our approach so successful? Social media is just one arena in which our bank keeps up with the rapidly changing pace of technology and the society Firstly, our posts and content are tailored to each social it serves. NBK is committed to investing in new tools to media channel, the people who use them, and the nuances listen, monitor and connect with customers effectively. that gain traction. Twitter users in Kuwait, for example, This approach is now also supported by fresh technology are primarily interested in news and politics, so our posts initiatives; our bank is an early adopter of mobile banking summarise economic reports and engage with public innovations including the NBK Selfie Pay service, biometric activities. cards, NBK tap-and-pay wearables and Quick Pay. <

www.retailbankerinternational.com | 15

RBI 751 July 2018.indd 15 23/07/2018 14:39:12 feature | customer experience

asia-pacific: customer retention through experience

Client service is of the utmost importance in any sector, but it is increasingly gaining prominence in the financial sector. The Asia- Pacific region is a developing market with plenty of potential to gain customers, but how do you keep them? Patrick Brusnahan writes

o, how does a bank give a customer at RHB Group, explains: “Almost two out we can get various analyses of customer optimal service? of three customers feel that banks are no segments. Over the past two years, we’ve spent S Obviously, it is different for every different from one another. In fact, it is even over $100m to analyse any customer and customer and there is no ‘silver bullet’ more prevalent amongst millennials. That is come up with their demographic. We analyse solution. However, with products in the 66% indifference. What does that mean to us every account for every customer. market having very little variation on pricing as banks? “Today, much of this data can be accessed or product, customer experience can often “We are all here to make money, and if this in real time, and it can be harnessed and made be the only differentiator. This can be crucial situation prevails and our customers feel that real and available.” to keeping a customer and profiting from a all banks are similar, it means that it costs a This work has allowed OCBC to offer customer. lot for us to serve our customers. There is zero appropriate deals to their customers that are return if customers are indifferent to us. This “six times” as relevant as before. It can also PERSONALISATION is something to consider seriously.” be on any platform, such as online, in a bank branch or on mobile. Cedric Dias, head of digital marketing at Oversea-Chinese Banking Corporation ANALYTICS AND CAMPAIGNS (OCBC), says: “OCBC is looking at overcoming transformational pressures. There OCBC is able to detect customers and execute are challenges in various areas. It is becoming Proper use of campaigns the moment a customer swipes a very noisy and highly competitive world. their card. Analytics detects the swipe and So how do we stay ahead in the age of the data can help to sends a relevant offer to the customer if in a demanding customer? Loyalty is decreasing as target location. we speak. overcome the era of Dias adds: “We make sure that the offer is “We look at personalisation, a one-on-one given to the person within three seconds. It’s relationship with the customer. No customer decreasing loyalty as real-time as it gets.” touches the bank in the same way. Obviously, Liew states that no matter how many good we have segments, but customers touch offers a bank has, they are useless if nobody banking in different areas and how they do it sees them. She explains: “In RHB’s case, we is how they see the organisation. So why do have internet and mobile banking penetration organisations reach out and try to offer a one- Making services and products worthwhile of around 40-50%, active users out of the size-fits-all solution?” for customers means personalisation. penetration is, again, around 40-50%. Many In addition, customers do not seem to care Reducing the chance that a product looks of our customers don’t know we have a great with who they bank. They need an account, generic can pay great dividends. offering, so what do we do? but it does not matter where they get it from. “What’s changed that can overcome this “With regards to customer engagement, The apathy associated with finance also needs strategy?” Dias asks. “The answer is data. the easy way is to send out SMS messages, to be beaten. Michelle Liew, head, group “Proper use of data can help to overcome WhatsApps or emails, but many times we do customer experience and channel management this era of decreasing loyalty. Today at OCBC, not know if it has been read or acted upon.

16 | July 2018 | Retail Banker International

RBI 751 July 2018.indd 16 23/07/2018 14:39:13 feature | customer experience

So what we do differently is started chit-chat can we harness this small test into various automation, you cannot harness this data and sessions with customers to talk about them touchpoints? We are not there yet, but we make it into accessible information for the and to not try to sell. have a very clearly defined roadmap. customer. “During the session, when the customer “The first stage is making sure your data “Lastly, delivery in the right channels, is engaging with us, this is when they feel it is clean and in the right shape with the right because many times we see that even if the is a genuine, sincere partnership that they information from your customers. The second offer is right, the delivery time makes a big are experiencing. The objective is to build is a content management system which allows difference. For example, if an offer cannot be intimacy so it is not a one-way street.” you to look at various opportunities and deals redeemed online, then why show it online? Dias concludes: “Innovation is a journey. and pull them in and match it with customers. The best part about this is that is not just Now we need personalisation in scale. How The third is automation of data. Without about deals and offers, but also service.” < OCBC: 50% of tellers gone by 2020

A new digital push from Singapore-based OCBC is set to Also, by 2019, the ATMs will be able to facilitate instant affect around half of its staff. As it installs ATMs and digital cheque encashment, enabling customers to simply scan service kiosks at 35 of its branches by 2020, half of OCBC’s cheques at the ATM to receive their monetary value bank tellers will be upskilled to perform value-added immediately. The new ATMs will also be able to dispense up services. However, no tellers or other OCBC staff are set to to $200,000 in cash in one transaction, in the customer’s lose their jobs due to this strategy. They will be redeployed preferred note denominations. as branch digital ambassadors, service executives or other Dennis Tan, head of consumer financial services Singapore at advisory roles. OCBC Bank, says: “This is the branch of the future evolving OCBC has saved $14m for the deployment for the new with digitalisation as we seek to continuously enhance ATMs and digital kiosks. The machines are set to act like customer experience. Like many of our new digital initiatives, “mini branches”, allowing customers to perform 15 of the our new ATMs and digital kiosks will bring even greater most frequent bank counter services, including cash deposits convenience to our customers. and withdrawals, and updating personal details. “With the advent of technology, we have retrained staff for As part of the pilot, 15 digital ambassadors have been higher-value job functions that will transform our business deployed to the branches where the new machines and and allow a more efficient workforce to deliver optimum digital service kiosks have been launched, to help guide results. Customers must know that our staff can competently elderly customers in using the new machines. The digital help them with digital age processes and tools.” ambassador role has also been beefed up to include Teng Wan Xian, a digital ambassador and former bank teller functions previously performed by tellers. For transactions who has worked at OCBC Bank for seven years, adds: “The that require additional authentication, such as cash new ATMs and digital service kiosks have reduced the withdrawals above daily limits, notification is sent to mobile waiting time for customers at the branch and allow us to tablets carried by the digital ambassadors, who approach provide better customer service as customers do not have to the customer at the ATM, quickly verify their identity, and wait long to transact with tellers at the counter. approve the transaction using the tablet. “I feel the new machines are like a ‘new generation’ of tellers, Since December 2017, OCBC Bank’s digital ambassadors processing everything very quickly. As a pioneer digital have successfully converted 30% of senior customers at the ambassador at OCBC, I help customers when they use the Holland Village branch to adopt digital banking, such as by new machines and was trained to explain how to use other using the OCBC Pay Anyone e-payments app, or mobile and OCBC digital services like our OCBC Pay Anyone payments internet banking. app, mobile banking app and Internet banking. With the new The new ATMs and digital service kiosks are “future proof”, ATMs and service kiosks, I can now suggest an alternative and include digital capabilities such as facial and fingerprint channel to customers who come to the branch to transact. scanners for biometric authentication, and signature pads It is almost like providing customers with a one-stop digital that can be activated for customer use in the future. solution to their daily banking needs.” <

www.retailbankerinternational.com | 17

RBI 751 July 2018.indd 17 23/07/2018 14:39:13 News | digest

july news Scotiabank Arena: new name Nationwide launches in record-breaking deal new fintech fund The arena that hosts Canadian ice hockey the outdoor optics and the overall viewing team the Toronto Maple Leafs and basketball experience. team the Toronto Raptors has officially been According to the National Post, John Doig, renamed the Scotiabank Arena. executive vice-president and chief marketing The plan for the name change was first officer for Scotiabank, stated: “Scotiabank announced in August 2017. The venue had Arena includes a whole lot of things way been known as the Air Canada Centre since beyond signs around the building. opening in 1999. “There is a community component, an According to Canadian news media, the eight-figure-dollar amount that will go to Scotiabank Arena is the result of a Canadi- the Maple Leaf Sports and Entertainment an-record $800m agreement between Maple Foundation. We and MLSE are endeavouring UK building society Nationwide has Leaf Sports & Entertainment (MLSE) and to do great things in the community over the launched a £50m ($66m) fintech fund Scotiabank. As the agreement is not material next 20 years.” to accelerate the development of next- to the bank’s financial results, Scotiabank has Doig continued: “The actual fan that comes generation products and services. The fund not officially disclosed the amount of the deal. down and experiences the building will see will be used to develop and strengthen Many banks, especially in North America, differences right away, such as digital media new partnerships to create more tailored have formed close relationships with sporting in the score clock, and LED screens in the products and services for the society’s 15 events and brands, and buying naming rights corners of the building. million customers. enables them to gain long-term brand aware- “For those out in Maple Leaf Square Nationwide said the fund is not about ness at some of the most popular venues. looking at the video screen, we’re trying to pushing money into start-ups, but The Scotiabank Arena contract is cur- improve that experience, too.” developing innovative products with rently set for 20 years. As well as the change Temporary exterior signage will go up the right partners to provide long-term of name, the new Scotiabank Arena aims around the Scotiabank Arena, with permanent benefits. Tony Prestedge, Nationwide to transform the experience for visitors, signage set to be in place by the time the Ma- Building Society’s deputy CEO, said: “The providing easier entry, and improvements to ple Leafs and Raptors play in October. < financial services industry has changed dramatically over the last 10 years, and continues to evolve at pace as customer biometrics set to boom: 1 in 4 online sales experiences are being transformed by innovative organisations and the rise of will require further security next year disruptive technology. Biometric payments are set to soar from as In-store chip and PIN transactions al- “While Nationwide doesn’t always early as next year. ready use two factors, and already comply. shout about its latest innovations, we have Currently, just 1-2% of online card trans- Mastercard said it is working with banks a strong track record of delivering real actions require cardholder authentication. and other industry operators to ensure technological advances that actually make This figure is set to rise to as much as 25% the measures are implemented without an impact to the everyday lives of our 15 from next September. “disrupting” consumers. million members. These include being the The EU’s Strong Customer Authentica- Ajay Bhalla, Mastercard’s president of first financial services provider to launch tion regulation, which is due to come into global enterprise risk and security, said: internet banking in the UK, introducing a force in September 2019, aims to tackle “Use of passwords to authenticate some- new core banking platform, and unlocking online fraud by increasing the number of one is woefully outdated, with consumers help and advice in branches with the transactions subject to two-factor authen- forgetting them and retailers facing aban- power of Nationwide NOW – our in- tication. doned shopping baskets. branch high-definition video link.” Authentication for online payments and “In payments technology this is some- Prestedge added: “By investing in early- account access will be based on two or thing we’re closing in on as we move from stage startups, we can be at the forefront more different factors, including a pass- cash to card, password to thumbprint, and of helping develop innovative products word, a specific device, or a biometric beyond to innovative technologies such and services that will benefit our members method. This will mainly impact online card as artificial intelligence. It’s far easier to both now and in the future, allowing us to payments made by desktop or mobile, as authenticate with a thumbprint or a selfie, deliver our ambitious future technology well as some contactless transactions. and it’s safer too.” < strategy.” <

18 | July 2018 | Retail Banker International

RBI 751 July 2018.indd 18 23/07/2018 14:39:18 News | digest

Revolut reaches 1 million UK customers Fintech unicorn and challenger bank Foreign exchange fees often involve Revolut has announced that it has reached hidden costs and bank charges. Revolut one million UK customers, as it continues said it has removed these to create a its global expansion. seamless platform, enabling customers to The challenger stated that it is signing up travel without worry. For a small monthly between 6,000 and 9,000 new customers fee, premium users benefit from free every day, and that around 400,000 of ATM use abroad, free overseas medical Revolut’s 2.25 million global customers insurance and virtual disposable cards. are weekly active users, and 900,000 are Following its growth in Europe, Revolut monthly active users. is expected to launch in the US, Canada, The company said it has saved customers Singapore, Hong Kong, Australia and New over $330m in fees, with users making over Zealand in the coming months. 125 million transactions to date. The total Revolut founder and CEO Nik Storonsky transaction volume is $18.5bn, and in total, stated: “Whilst our organic growth has and we’re pressing ahead with global customers have saved over $740m in fees been exceptional, I believe that we’ve only expansion.” often charged by traditional banks. reached 1% of our potential. Storonsky added: “I don’t believe in fi- The bank’s data indicates that the “Reaching one million UK customers nancial borders at the expense of consum- savings have mainly been made as a result is testament to the great product that ers. The world is becoming more intercon- of the removal of foreign exchange fees. we’ve built and the incredible savings nected, and financial companies should be This affects card payments abroad, global we’ve offered our customers. However, adapting to this. People should be free to money transfers and international ATM we are always looking to improve. Our spend and transfer money globally without withdrawals. brand awareness is growing across Europe incurring fees and waiting days.” < Oracle selects Brussels for Fintech HQ Santander strengthens Oracle has chosen Brussels as the venue on attracting niche financial activities, multi-channel offering for a European gateway to roll out its such as fintech, insurance and market with Finacle European Fintech Innovation Programme. infrastructures.” Santander is to introduce an inter-bank cash Oracle will dedicate additional Rik De Deyn, senior innovation management portal, supplied by Infosys’s Fi- European staff and resources to director at Oracle, who will be nacle unit, to give customers fully integrated set up what it terms mutually leading the European roll-out, cash-management services accessible through monetisable relationships commented: “At Oracle, any device. with fintechs and digital we realise that in Europe, Santander said the deal will enable greater banking innovators. results-driven digital personalisation and the ability to rapidly Oracle will work with innovation is thriving introduce new product innovations for -Hive Europe to because of the historical customers. Santander will use Finacle’s digital accelerate enterprise roots of banking. offering, including its Finacle Online Bank- readiness for participating “We are choosing ing, Omnichannel Hub, Payment Solution fintechs and banks. Brussels as our fintech centre and Liquidity Management Solution. Brussels was chosen as for mainland Europe because Sanat Rao, chief business officer and global Oracle’s European fintech hub because of its excellent location. Brussels head at Infosys Finacle, said: “Santander of its central location and the presence of is easy to reach from most European UK’s decision to undertake this transforma- leading EU institutions. financial hubs, close to the European tion programme is a reflection of the bank’s Johan Van Overtveldt, Belgium’s Minister Commission, and an ideal location to bring abiding commitment to deepening customer of Finance, said: “I wholeheartedly support together fintech innovators and financial satisfaction, while modernising for the future. the decision of Oracle to organise its institutions,” De Deyn added. Santander will benefit through Finacle’s prov- European roll-out from Brussels. Oracle is “Our work with B-Hive Europe will en end-to-end solutions and rich experience a global, reliable, technology company and inevitably result in a faster time to of implementations in 100 countries.” B-Hive Europe is an important public and innovation, value for banks and insurers, Bart Timmermans, head of global transac- private sector collaboration. and accelerated monetisation for fintechs.” tion banking (GTB) at Santander UK, said: “I expect this relationship to create B-Hive Europe is a collaborative “Using Finacle solutions, Santander will pro- real momentum in the acceleration of innovation fintech platform that brings vide our corporate customers a single point financial innovation in Belgium and together major banks, insurers and market of access to better manage their interbank Europe. It further strengthens Brussels infrastructure players to work on common global commercial cash flow conveniently as a pan-European hub for fintech and innovation challenges and build bridges to and securely. It represents a significant part of thus contributes to our strategy to focus the startup and scale-up community. < GTB UK’s channel strategy.” <

www.retailbankerinternational.com | 19

RBI 751 July 2018.indd 19 23/07/2018 14:39:22 News | digest

TBC confirms Space Digital launch european interest in Georgia-based TBC has launched the customer care, price transparency and Cryptocurrency set country’s first fully cloud-based banking instant service delivery. We are a fintech in solution, Space Digital. every sense – from people and processes to double TBC’s fintech-inspired initiative was to our culture. The number of Europeans holding taken from concept to launch in just eight “The biggest advantage of our model is cryptocurrency is set to double, according months, and uses software-as-a-service the ability to leverage the resources and to research from ING Bank. (SaaS) engine Mambu. Structured as an experience of TBC Bank, while operating Currently, 9% of users in Europe hold autonomous business, Space Digital will independently. We are a lean and agile cryptocurrency, but ING reports that offer a full range of lending, saving and card organisation, and we sought out partners another 16% want to invest in the near products. with similar attributes. As the leading global future. In addition, more than a third (35%) “A year ago several TBC team members SaaS banking engine, Mambu was the clear of respondents believe cyrptocurrency is decided to create a neobank that exists choice,” Gurgenidze continued. the future of spending online, and a similar only as a mobile app, without branches and “Mambu is API-driven, which was number of people expect it to be the physical presence,” said TBC Bank deputy strategically important for the integration future of investing. CEO Nika Kurdiani. of products and features. With its flexible, A total of 66% of Europeans stated that “TBC, in a way, created its own composable architecture, we have been they had heard of cryptocurrency, but competitor. We think this challenge brings able to build and launch from scratch in fewer than one in ten actually owned any. a new reality not only to TBC, but also to just eight months, and are primed to scale However, 49% of Europeans do not want the Georgian banking sector. It aims to up products and grow further strategically. to change the way they pay. Some people change the way people access their daily That is the power of the right technology.” are comfortable, but a large proportion financial services.” Mambu CEO Eugene Danilkis of Europeans are risk-averse and see Lasha Gurgenidze, project leader at commented: “Space Bank is a great cryptocurrency as too risky. Space Digital added: “Our aim is to deliver example of a growing trend: traditional Jessica Exton, behavioural scientist at a full daily banking mobile service with institutions building the next generation ING, said: “Cryptocurrency remains an superior customer experience. We put a of their financial services outside their abstract investment for many, but there special focus on differentiating by design, traditional IT stacks.” < may be more appetite for digital currencies than some might suggest. Based on our survey, ownership of cryptocurrencies Monzo and Transferwise team up could more than double in the future – abroad, and they shouldn’t have to pay over although we do not know when.” the odds to send them money. “Cryptocurrency isn’t restricted to “Both TransferWise and Monzo are investors in the eyes of consumers, with committed to building fair, transparent similar proportions agreeing that digital and easy-to-use products. TransferWise has currencies are the future of spending disrupted international payments, and we’re online and the future of investment. Some so pleased our customers will now have access would use digital money for everyday to fast, low-cost and convenient international activities if it were more widely accepted. transfers, straight from the Monzo app.” “The volatility of cryptocurrency carries Tom Blomfield, Monzo TransferWise CEO and co-founder Kristo with it both positives and negatives, on UK challenger bank Monzo has announced a Käärmann added: “Monzo shares our passion the plus side it can increase awareness but partnership with Transferwise to boost inter- for bringing fairness and transparency to the may also mean people view digital money national payments capabilities. banking sector, so giving their customers as a relatively risky asset. If cryptocurrency Fintech unicorn Transferwise also an- access to international payments through our stabilises there may be increased interest.” nounced a partnership with France’s BPCE API is a perfect fit. Teunis Brosens, economist for global Group in June, which is set to go live at the “Monzo is our first UK bank partnership to markets at ING, said: “Cryptocurrency beginning of next year. go live, and joins a suite of European partners probably has a more promising future in Transferwise’s partnership with Monzo will dedicated to offering their customers a better countries where the traditional financial facilitate international payments for Monzo’s service, including French bank BPCE and system is less efficient or more expensive 750,000 customers. Monzo integrated with Germany’s N26. Together, we’re setting new to use. Indeed, we find that the Dutch – Transferwise’s API to allow its customers to standards for retail banking, creating smart, with a very efficient and cheap domestic send and receive money worldwide from the low-cost services that truly meet the hopes of payment system – are most sceptical about Monzo app. the modern consumer.” the future of digital currencies. Over half Monzo CEO Tom Blomfield said: “We’ve Monzo customers using Android and iOS of respondents see stock market investing been eager to bring international payments to will start seeing the payments tab on their de- as at least as risky as cryptocurrency. That Monzo customers for a while. Thousands of vices immediately, with the feature rolled out is striking, given the extreme volatility our customers have friends and family living to all Monzo users in the following weeks. < observed in crypto-space.” <

20 | July 2018 | Retail Banker International

RBI 751 July 2018.indd 20 23/07/2018 14:39:23 News | analysis

RBC, WestJet to form loyalty platform Ampli, RBC to cut branch square footage by 20% Royal Bank of Canada (RBC) and WestJet bank’s new branch formats are delivering are to create Ampli, a next-generation loyalty double the client acquisition rate compared platform with the aim of delivering what to its traditional branches; WestJet has described as “unparalleled value to • RBC’s active digital users grew by 8% consumers through amplified earning power in the past year to 6.5 million; its digital on a simple and convenient digital solution”. adoption rate of 49% is up six percentage Open to all Canadians, Ampli will provide points since 2015; digital clients have twice members with merchant offers, flexible as many products as non-digital customers, rewards and exclusive bonuses. In addition, and members who spend on RBC cards and fly • RBC’s market share of 32.8% in mutual with WestJet will receive augmented rewards. funds is being further boosted by its digital Speaking at RBC’s Investor Day, RBC CEO financial adviser solution, MyAdvisor; it Dave McKay said: “The Canadian loyalty reported a 37% higher AuM per client landscape is ready for disruption, and Ampli for MyAdvisor clients versus traditional is a fundamental shift in the business model. clients, with more than 7,000 investment We are bringing together top Canadian brands advice appointments booked and C$1.2bn to help them reach consumers more efficiently ($0.91bn) of AuM for clients that are and effectively. We will also provide consum- engaging remotely. ers with opportunities to earn rewards and save money like never before.” RBC targets 50% of sales via digital Neil McLaughlin, group head of personal In 2017, digital sales accounted for 30% of and commercial banking at RBC, told analysts all sales, up from 24% in 2015; RBC has set a that RBC will accelerate a reduction in its target of 50% by the end of 2021. physical footprint as more Canadians adopt Bruce Ross, group head, technology and digital banking channels. operations told analysts that “RBC would Said Dobbins: “Historically, banks store, RBC will shrink its branch square footage leverage the scale of its global technology in- lend, move and invest your money. RBC’s by 20% in the next five years, compared to a vestment to create market-leading operational digitally enabled relationship bank delivers cut in its branch network of only 40 outlets, efficiency” and – the recurring theme – “the considerably more value for clients. RBC Ven- representing 4% of all units, and a reduction leading digitally enabled relationship bank”. tures goes beyond banking to deliver unique in total branch square footage of 6% in the Ross said RBC had ingested more data in value for all Canadians.” past three years. the past six months than in the previous 20 RBC Ventures has been established with Creating a digitally enabled relationship years, and that the bank’s “data lake” would the aim of engaging Canadians in new and bank to drive shareholder value was a key grow tenfold in the next two years. RBC’s innovative ways, in particular with the goal of aspect of all of the presentations. technology spend will grow to C$3.2bn engaging earlier in the customer journey with in 2018, up from C$2.6bn in 2015 and clients. RBC targets sub-40% cost-income ratio C$2.9bn in 2017. Dobbins revealed that RBC Ventures is off RBC has set two major goals for its domestic Attracting and retaining the brightest talent to a flying start, with seven ventures launched market: add an additional 2.5 million new was another recurring theme. A direct case and 12 new ventures under development. clients by 2023, and to cut its cost-income in point was one of the standouts of Investor Dobbins added that Ventures will bring in five ratio to below 40% by 2021. Day, Foteini Agrafioti, head of Borealis AI and million users, and has targeted a conversion Other highlights of RBC’s Investor Day CSO. Agrafioti leads a team of more than 60 rate of at least 10% of users to become RBC included: academics at Borealis AI, an RBC Institute for clients by 2023. • RBC aims to grow client acquisition by up Research in the field of AI. It performs funda- to three times its current rate; mental and applied research in deep learning Secular opportunity: McKay • RBC’s artificial intelligence (AI)-powered and reinforcement learning, with applications McKay concluded: “We have a lot of big award-winning digital money management in the financial industry and beyond. things to get done quickly. We sense a secular platform NOMI now has 3.4 million McKay told analysts: “There is a limited opportunity, and we are going for it. active users; amount of talent – not enough to go round. If “There are significant opportunities in the • RBC’s Rewards Programme now has 5 we do not grab them, nurture them now, we US and Canada. Organic is our priority in million active members, and by 2019 is will miss out.” retail and commercial banking; asset prices are positioned to deliver more rewards points expensive, and we see the same opportunities than its peers’ programmes; Dobbins takes wraps of RBC Ventures as everyone else to bid.” • The RBC branch network of 1,221 outlets Mike Dobbins, chief strategy and corporate McKay did not, however, rule out M&A remains a key channel for client acquisition development officer, made a number of head- activity, but said: “We do not feel the need to with 200,000 client visits every day; the line-grabbing announcements. buy growth.” <

www.retailbankerinternational.com | 21

RBI 751 July 2018.indd 21 23/07/2018 14:39:25 industry insight | payu

cross-border payments: the evolving landscape India-based fintechs will transform cross-border payments, argues PayU CCO Matthias Setzer. Get the technology right and there is huge potential to solve the cross-border commerce challenges currently facing merchants

wing to rapid digitisation, India transactions, international merchants and address the real-time problem of cross-border is one of the fastest-growing Indian consumers face multiple friction points e-commerce. Oe-commerce markets worldwide, on a daily basis. To make accepting payments a breeze and is expected to grow to $188bn by 2025. While the right tools and infrastructure for international merchants from Indian The exponential growth of new internet are being developed in the market for these consumers, fintech players in the country users in India due to rising smartphone merchants, the payments infrastructure are bringing in real-time payment tracking, penetration, with low-cost 4G networks and remains a sore point, as international transparency of fees and same-day settlement. increasing disposable income, has further businesses encounter issues such as high Those fintechs with a strong understanding of fuelled e-commerce growth. currency exchange rates, slower transfers, and digital payments are well positioned to partner Furthermore, across the world and in high fees on all funds received. What these with online businesses and conquer the India, digitisation has also enabled cross- businesses are looking for is a platform to rapidly growing e-commerce market. border payments in recent years. The key receive payments in a hassle-free, cost-effective By supporting international merchants categories for cross-border shopping in India and compliant way. with the elimination of the operational include downloadable content such as VoIP, complexities associated with setting up a local e-learning, software applications, gaming, ROBUST PROCESSING entity to accept payments, fintechs will enable clothing, footwear and accessories, and merchants to focus on the marketing and consumer electronics. A robust payment processing system is merchandising of products. According to BCG, total online cross- absolutely necessary for seamless e-commerce border spending in India grew by more than transactions. To add to the complexity, FINTECH PARTNERS 78% from 2015. On top of this, according however, preferred payment mechanisms vary to Accenture, by 2020 60% of the global across the world. In Japan, for example, local With a valued fintech partner, international population will transact online for 13.5% of payment method Konbini accounts for a sixth merchants will have critical support navigating their overall retail consumption. This has a of e-commerce payments. India’s fragmented and complex payments market value worldwide equivalent to $3.4trn. While in Spain, close to 100% of landscape, including rules and regulations e-commerce payments are by Visa, around taxation and broader compliance. CROSS-BORDER PAYMENTS Mastercard, and American Express, in France The fintech companies that are working the figure is closer to 60%, and in Germany to make cross-border payments seamless In 2016-17, over four million people in it falls to around 30%. India and other Asian will further drive transformation in the India shopped on international e-commerce countries, on the other hand, have shown a way businesses receive payments, as these platforms, with an impressive cross-border strong preference for cash on delivery. companies have the right sets of tools to allow spending total of $7bn. Looking at India in more detail, where a international merchants to compete locally. Although the e-commerce industry UK-based online retailer is forced to only Multiple friction points will be eliminated, continues to accelerate at breakneck speed, accept payments by credit or debit card due including high currency-exchange rates and cross-border payments have not been able to to Indian compliance and regulation, local slow transfers as businesses move towards a keep up, and continue to pose a major issue. payment options such as UPI, Rupay, Net borderless digital world. The main barrier facing businesses is the Banking and others constitute close to 50% of The services offered by Indian fintech complexity of accepting payments in India, payments in India, alongside cash on delivery. companies will usher in a whole new thanks to numerous regulatory issues. India International trade is the backbone of generation of cross-border payments, and has shown strong growth in exports of both globalisation, and an imperative for the Indian bring about an ease of doing business that goods and services. Yet, when it comes to economy to grow. Enter fintech companies will be highly beneficial to international Indian consumers conducting cross-border that can step forward to bridge this gap and merchants. <

22 | July 2018 | Retail Banker International

RBI 751 July 2018.indd 22 23/07/2018 14:39:26 HEAR ∤ NETWORK ∤ DISCOVER ∤ CELEBRATE SHAPE THE FUTURE OF LIFE INSURANCE LIFE INSURANCELife INTERNATIONAL Insurance International: Innovation Forum and Awards 2018 Innovation Conference & Awards 20177th November 2018 ∤ Waldorf Hilton, London London The 2018 edition of the Life Insurance International: Innovation Forum and Awards will be taking place in London on 7th November at the iconic Waldorf Hilton. We will once again be bringing together life insurers, insurtechs and solution providers for a day of discussion covering the major issues in the retail banking sector.

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Page 2 Vicki Greenwood on [email protected] or call +44 (0) 20 3096 2580 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.

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Page 1 Vicki Greenwood on [email protected] or call +44 (0) 20 3096 2580