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How Íslandsbanki's Branches Can Thrive in the Digital www.retailbankerinternational.com Issue 740 / AUGUST 2017 CONNECT AND SURVIVE HOW ÍSLANDSBANKI’S BRANCHES CAN THRIVE IN THE DIGITAL ERA INDUSTRY INSIGHT FEATURE NEWS COMMENT Diebold Nixdorf: Banks PayKey has won industry UniCredit’s Jean Pierre around the world are awards and backing for its Mustier can toast a very rethinking their strategies social media P2P payments satisfactory year RBI August 740.indd 1 18/08/2017 16:23:45 contents this month NEWS COVER STORY 05 / EDITOR’S LETTER ÍSLANDSBANKI IN 18 / DIGEST • CBA to refund $8m for unsuitable CCI • CBA CEO to retire • ADGM, UAE Exchange sign agreement THE DIGITAL ERA • Barclays names new Barclaycard CEO • PayPal to acquire Swift Financial • Banco Popular acquisition approved • ThinCats gains full FCA authorisation • UK branch closures top 4,000 • Tandem to buy Harrods Bank • PwC, Featurespace collaborate • DBS closes migration of ANZ businesses • Tesco Bank adds card block feature • BoA Merrill launches in China • Fiserv launches analytics solution • China creates new clearing house 12 Editor: Douglas Blakey Group Editorial Director: Head of Subscriptions: +44 (0)20 7406 6523 Ana Gyorkos Alex Aubrey [email protected] +44 (0)20 7406 6707 +44 (0)20 3096 2603 [email protected] [email protected] Deputy Editor: Anna Milne +44 (0)20 7406 6701 Sub-editor: Nick Midgley Director of Events: Ray Giddings [email protected] +44 (0)161 359 5829 +44 (0)20 3096 2585 [email protected] [email protected] Senior Reporter: Patrick Brusnahan +44 (0)20 7406 6526 [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 18 Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. For more information on Verdict, visit our website at www.verdict.co.uk. As a subscriber you are automatically entitled to online access to Retail Banker International. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. London Office: 71-73 Carter Lane, London, EC4V 5EQ Asia Office: 1 Finlayson Green, #09-01, Singapore 049246 Tel: +65 6383 4688, Fax: +65 6383 5433 Email: [email protected] follow RBI on twitter @retailbanker 2 | August 2017 | Retail Banker International RBI August 740.indd 2 18/08/2017 16:24:08 contents august 2017 s to talk about cracking China, disrupting SWIFT,ANALYSIS and leveraging WeCha 08 / MONEY TRANSFERS As the referendum to decide whether the UK should remain in the EU drew to a close, columnists attempted to deduce how the decision would affect both sterling’s value and money transfers. The two have taken divergent paths, writes Patrick Brusnahan 12 17 s to talk about cracking China, disrupting FEATURES STRATEGY SWIFT,NEWS and COMMENT leveraging WeCha 06 / VANCITY 09 / PIRAEUS BANK 16 / TANDEM Vancity, Canada’s largest credit union, Piraeus Bank has opened three fully automated After some negative PR this year, bagging competes with national banks through its e-branches, the first of their kind in Greece. Harrods Bank is a pretty dramatic way to land community-focused branches and its open Eftichia Kasselaki, head of retail banking at a banking licence. However, Douglas Blakey branch design. Robin Arnfield talks to Nezihe Piraeus, tells Douglas Blakey how the new sounds a note of caution about signing up to Aquino, Vancity’s vice-president of community format represents the most exciting recent Tandem’s waiting list member services innovation in Greek retail banking 16 / SURCHARGE BAN 11 / PAYKEY While the UK Treasury’s ban on “rip-off PayKey has won payments industry awards, charges”, set to come into force in January plus backing from major investors, for its 2018, may look like a positive change for social media P2P payments technology. Chief consumers, there seem to be some adverse marketing officer Guy Talmi tells Robin side-effects, writes Patrick Brusnahan Arnfield that the Israeli fintech has signed up six banks to use its technology 17 / UNICREDIT With a net profit of €945m ($1.11bn) in the second quarter of 2017 – way ahead of 09 analyst forecasts – UniCredit CEO Jean Pierre Mustier can toast a highly satisfactory first year in office, notes Douglas Blakey DISTRIBUTION s toINDUSTRY talk about cracking INSIGHT China, disrupting 12 / ÍSLANDSBANKI SWIFT, and leveraging WeCha With a mere 14 branches, only 18% of 22 / DIEBOLD NIXDORF Iceland’s total branch network, Íslandsbanki The impact of digital banking, artificial has the country’s most efficient network. Its intelligence, machine learning and changing offering has now been boosted by a stunning customer preferences is prompting banks 06 new head office branch in Reykjavik’s tallest around the world to rethink their branch building, reports Douglas Blakey strategies, argues Richard Broadbent www.retailbankerinternational.com | 3 RBI August 740.indd 3 18/08/2017 16:24:21 Intelligent Environments, the international provider of digital nancial services solutions in association with Retail Banker International, Cards International, Electronic Payments International, Private Banker International, and Motor Finance publications Join thousands of nancial services professionals who have joined The Digital Banking Club to understand the future of mobile and online nancial services Join The Club! Membership bene ts www.thedigitalbankingclub.com 10% discount for new subscribers/purchasers on: Annual subscriptions to Retail Banker International, Cards @TheDBclub International, Electronic Payments International World Market Intelligence’s archive of over 250 Retail Membership is free Banking and Cards & Payments research reports Or Subscription to the Retail Banking and Cards International Intelligence Centres For more information please email: 4 [email protected] | August 2017 | Retail Banker International RBI August 740.indd 4 18/08/2017 16:24:25 TDBC Adverts - 2017 MG Edit.indd 1 27/07/2017 12:49:07 editor’s letter Intelligent Environments, Asda ramps up its the international provider banking challenge of digital nancial services solutions in association with Douglas Blakey, Editor Retail Banker International, he UK personal loans market has become April offers money transfer to over 145 countries even more crowded: Asda Money has through a network of more than 317,000 locations Cards International, Electronic teamed up with lending platform Freedom across the world. Finance to launch Asda Personal Loans. On its launch, Walley said: “We will constantly Payments International, Private TMajor UK supermarkets have been selling personal benchmark our prices against the largest money loans for years. Loans from Sainsbury’s and Tesco transfer providers. That not only makes us better Banker International, and have regularly appeared towards the top of the value, but also makes sure more of customer’s money personal finance comparison websites. goes to their recipient and less goes on fees.” Motor Finance publications But until now, Asda has stuck to offering credit and Asda’s credit card offering dates back to 2012; prepaid cards, insurance and – since April this year – at the time it launched an aggressive rebrand of its a money transfer service. money division and seemed set fair to target Tesco, Asda will use Freedom Finance’s financial Sainsbury’s and Marks and Spencer’s banking units. technology platform to search a panel of trusted In the US, Asda’s parent Walmart has made two lenders, the first time that a UK retailer has partnered high-profile attempts to enter mainstream retail with a panel-based broker. banking. It has entered the retail banking sector in Join thousands of nancial Brian Brodie, chief executive of Freedom Finance, Canada and Mexico, having been rebuffed in the US. said: “It widens the market space for Asda Money, It has, however, been successful in the US with its services professionals who who will now be able to say yes to more customers. Walmart MoneyCard MasterCard issued by Green “It is our mission to help as many customers as Dot Bank. possible secure the funding needed to realise their Back in the UK, credit cards make up around 60% have joined The Digital dreams and ensure we deliver on our promise of of total unsecured credit market, with personal great customer outcomes. This joint venture will loans, car finance and overdrafts contributing to the Banking Club to understand significantly increase the number of personal loan majority of personal unsecured debt. approvals that Asda Money will be able to provide to In terms of the source of unsecured lending, the the future of mobile and online its 19m-strong customer base.” value of non-bank lending has doubled in size since Katie Walley, head of Asda Money, added: “Our 2011. Figures from PwC show that unsecured debt strong belief and analysis of the current market was has reached an all-time high in the UK, standing at nancial services that a new and different approach to personal loans £10,000 per household. was desperately needed to better fit the needs of our Concern about record debt levels led the Bank of customers and consumers who are often turned down England-run Prudential Regulation Authority (PRA) or offered a rate that does not suit them. to tell lenders in July to demonstrate that they are “Unlike other high street lenders, we will consult properly managing their risks. with a panel of trusted lenders through Freedom The PRA’s review of the consumer credit market Finance to ensure we offer customers the best loan found that lower pricing, falling risk-weights, and Join The Club! Membership bene ts for their circumstances, and rest assured thanks to increased lending to higher-risk consumers are the soft search technology, there is no effect on the contributing to heightened vulnerability.
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