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: PayKey has won industry ’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 • 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 • PwC, Featurespace collaborate • DBS closes migration of ANZ businesses • 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]. 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 / 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 . 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

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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

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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. www.thedigitalbankingclub.com 10% discount for new subscribers/purchasers on: customer’s credit rating – something we do not feel Asda may be banking on the major UK retail is fair.” banks taking a more conservative approach towards Annual subscriptions to Retail Banker International, Cards Asda has received favourable press for its travel unsecured lending. In particular, Asda may expect @TheDBclub International, Electronic Payments International money services, offering 0% commission, free click- to grow its lending book by targeting the near- and-collect services, next-day home delivery, and prime segment, considered by many analysts to be World Market Intelligence’s archive of over 250 Retail buyback offers. Its remittances service launched in underserved by the mainstream providers. < Membership is free Banking and Cards & Payments research reports Or Subscription to the Retail Banking and Cards International Get in touch with the editor at: [email protected] Intelligence Centres For more information please email: [email protected] www.retailbankerinternational.com | 5

RBI August 740.indd 5 18/08/2017 16:24:29 TDBC Adverts - 2017 MG Edit.indd 1 27/07/2017 12:49:07 feature | vancity

canada’s vancity: a new focus on relationsHIPS with local communities

Vancity, Canada’s largest credit union, competes with national banks through its community-focused branches and its open branch design. Robin Arnfieldtalks to Nezihe Aquino, Vancity’s vice-president of community member services

ancity has over C$25bn ($18.86bn) and local communities. “Our engagement “Our branch design conversation started in in assets plus assets under with our members and the community is 2011, and it took us a while to differentiate Vadministration, over 523,000 critical for us,” Nezihe Aquino, Vancity’s what we wanted for our branches from the members, and 58 branches in the greater vice-president of community member services, rest of the industry,” says Aquino. “In 2012, Vancouver area. tells RBI. we opened two prototype branches, which In April 2017, Vancity won an award “The way we talk to them never starts from are no longer prototypes, featuring art walls, for Excellence in Customer Service at the the position of products, rates or features, business showcases, open-plan teller stations, Temenos Community Forum in Lisbon. but from their needs. We have grant aid and community stage rooms.” Vancity has successfully pursued a strategy programmes to help non-profit associations. Vancity currently has eight fully renovated of ensuring strong connections with local We offer mortgages for affordable housing, branches, including the former prototypes. Its communities and operating extensive social, and we help small businesses needing goal is to upgrade all its branches, eventually. environmental and ethical programmes. These professional services – for example referring Currently, around half of its branches include include helping to build affordable housing them to accountants or website designers.” a concierge desk. and expand renewable energy. Aquino says the ambiance of the redesigned “Vancity is very community-focused in its FEDERAL APPROVAL branches is open, inviting and spacious. branches,” says banking analyst David Cavell. “Engaging with the local community is the way Vancity’s banking subsidiary, Vancity forward for branches. Community Investment Bank (formerly “Whilst banks have been whingeing about Citizens Bank), has been granted federal credit unions’ growing retail propositions, approval to offer financing and advisory forward-looking CUs like Vancity have been services to community impact organisations developing the customer and community and non-profits nationwide. relationship strategies for the next generation “Vancity Community Investment Bank has a that the banks should also have been into.” bank charter and offers Visa-branded prepaid Vancity says community social and cards, commercial real estate, and foreign economic needs are at the heart of its exchange services,” says Aquino. customer proposition, and that its aim is “to “Its next evolution is to take what we do make good money by putting money to good.” well in Vancouver – making an impact on the Vancity’s vision is that by 2020, its total community – and take this nationwide.” assets will have grown to C$40bn, and that In April 2017, the bank launched a pilot its member base will reach 600,000. It also to provide matching loans or grants to wants 50% of its total assets to be allocated to community organisations in the Greater impact efforts to improve its members’ lives Toronto area.

6 | August 2017 | Retail Banker International

RBI August 740.indd 6 18/08/2017 16:24:30 feature | vancity

“Gone are the days of dark wood-panelled branches,” she says. “We use pastel colours.” Vancity goes live on Temenos’S CorporateSuite The art wall is situated behind the concierge and RetailSuite as part of its transformation desk, and is designed by a team involving Vancity staff and the local community. In November 2016, Vancity migrated • Future-proofing the organisation “We ask local artists to suggest an art wall to to the Temenos T24 banking platform with technology that can scale to us that articulates the life of their community,” as part of its Banking Applications evolving market needs and the says Aquino. “The art wall in one branch is Renewal programme. credit union’s growth strategy, totally different from the art wall in another.” Jay-Ann Gilfoy, Vancity’s senior and The business showcase helps people find vice-president, digital solutions and • Continuing to build and expand out about local firms in their community. business technology, says the driver on excellence in member “By deliberate design, the business showcase for the project was the fact that satisfaction. is analogue, not digital,” explains Aquino. Vancity’s legacy technology made “Rotated every two weeks, it involves a local it “difficult and time-consuming to business telling members in that branch what innovate and offer new services and implementation its products or services are. expand on current offerings. It became “The community stage room is open to clear that we needed to upgrade in Vancity decided to implement the members and non-members, and is free of order to leverage new technologies Temenos RetailSuite and Corporate charge to use. For example, a local business and transform the way we work”. Suite within Vancity Savings needing somewhere to meet with multiple A key benefit of the new system is that clients could use the community room, and Credit Union, as well as two of its “we will gain a holistic view of our data some rooms are open after hours.” subsidiaries, Citizens Bank of Canada and a more holistic user experience Vancity sees its branches as places where and Vancity Capital Corporation. so that, when an account-holder people convene, not as places for retail logs in, they have a comprehensive This meant implementing the core transactions. “When we designed our new understanding of their relationship banking platform, the Channels branches in 2011-12, we were ahead of our with us,” Gilfoy says. time,” Aquino says. “Now the retail and product, the payments hub, front banking industries have caught up with us, She adds: “We wanted to alter the office, business intelligence and risk way our employees worked, how they and stores are becoming convening places management. where people gather, exchange ideas and do interacted with our technology, and Gilfoy says: “From a technical some transactions at the same time.” ultimately how they interact with our Unlike some financial instituions, Vancity members. We wanted our employees perspective, the go-live process, does not offer events such as “mums and to worry less about managing including our ability to move over toddlers” in its branches. “Our primary focus processes and technology, and have C$30bn in assets with very little more capacity to focus on and support has been to enhance the business showcases outage, was strong. Thankfully, we our account-holders. and community stage rooms,” Aquino says. have had very little downtime after “What we offer in the branches is partly a “So that goal become the key driving we were live. It was one of the better function of available space.” factor behind this project.” implementations the industry has seen IN-BRANCH EDUCATION Achievements in Canada. “Not only have we improved our “Our branches are beginning to deploy digital processes as part of this initiative, by signage,” says Aquino. “For example, we have The project had four key objectives: implementing modern technology we digital signage offering videos explaining how • Reducing the risk associated with our members can protect their information aging technology systems; are setting ourselves up to be more online. We are also holding members • Enhancing the ability to offer effective in serving our members and meetings to tell them about digital literacy new products and services while helping to build healthy communities.” and how they can use our banking app, and speeding up time to market; Gilfoy concludes. < to find out what makes them uncomfortable about technology.” For many years, Vancity has held financial “The teller pods are well lit, and very have teller cash recycler units. It is also literacy seminars in its branches, explaining inviting and open,” says Aquino. “It’s not like starting to issue tablets to concierges so, if basics such as how to save and how to borrow. you have to stand in front of a teller line.” tellers are busy, concierges can help customers “In many of our redesigned branches, there Vancity branches have the flexibility to close to perform banking tasks on the concierge’s is open space between the tellers,” notes the teller area if they chose to do so. “Some own tablet. Aquino. These spaces enable customers to branches don’t feel super safe, because of bank “The concierge can also show the customer come round the pod and view the teller’s crime, so they close the space between the how to do digital banking,” adds Aquino. computer screen, making for a more teller pods,” Aquino explains. “We plan to have issued tablets to all our interactive conversation. A significant number of Vancity branches concierges this summer.” <

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RBI August 740.indd 7 18/08/2017 16:24:31 analysis | money transfers and Brexit

money transFers: holding strong after brexit

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

ending money from the UK has POST-REFERENDUM A GOOD RATE? shown itself to be a resilient industry Spost-referendum. After the vote, there was a slowdown. While While money transfer rates have recovered, While there was a slight stagnation between June 2016 saw rates of money transfer 50% the same cannot quite be said about sterling. August and December 2016, the average higher than in January of the same year, in Over the last two years, the price for €1000 money transfer value increased by 14% from July the rate of growth fell sharply to just 17% has increased nearly £200, from approximately January to May of this year. higher than January. August was only 18% £700 to £879. This is according to Small World FS, a higher, with October and November seeing The value of the pound has not exceeded money transfer operator that analysed 2.4 rises of even less. €1.21 ($1.42) in 2017. In comparison, the million transactions from the UK. It found While the week of the referendum results pre-EU referendum level was €1.30, and it that the Monday before the vote on Thursday saw the average transaction value hit £406 was €1.43 two years ago. 23 June, the amount of money sent abroad ($523), the following week this dropped to Will this affect remittance volumes? was more than twice as high – a 120% £307. The week after that saw a more average Research agency Populus found that 80% increase – than it was on an average Monday transaction value of £275. were likely to postpone a transfer given a bad in the previous eight weeks. However, 2017 has seen this stabilise. The exchange rate. It does not look good. < In addition, between Monday and average transaction value in January was £379, Weekly Average Transaction ValueS during Wednesday of that week, 70% more money a great deal higher than the £309 recorded in and after the Referendum campaign was sent abroad than usual. This highlights July 2016. week value the fact that people who regularly send money In 2017, the average transaction value in a home show signs of risk-aversion. month has so far not dropped below £370. 4-11 April 2016 315 11-17 April 2016 329 number of transactions average transaction values (£) 18-24 April 2016 355 (relative, Base January 2016=100) 25 April-1 May 2016 348 Month 2016 2017 Month 2016 2017 2-8 May 2016 333 January 100 112 January 325.38 378.83 9-15 May 2016 332 February 109 108 February 322.07 374.65 16-22 May 2016 359 March 116 124 March 330.70 380.11 23-29 May 2016 353 April 118 116 April 335.16 378.20 30 May-5 June 2016 319 May 128 137 May 344.60 378.32 6-12 June 2016 336 June 150 June 343.22 13-19 June 2016 320 July 117 July 309.19 Referendum/results (w/e 26.6.16) 406 August 118 August 367.84 Post-Brexit week 1 (w/e 3.7.16) 307 September 120 September 356.97 Post-Brexit week 2 (w/e 10.7.16) 275 October 115 October 345.24 Post-Brexit week 3 (w/e 17.7.16) 328 November 117 November 369.01 Post-Brexit week 4 (w/e 24.7.16) 322 December 124 December 337.51 Post-Brexit week 5 (w/e 31.7.16) 325 Source: Small World FS Source: Small World FS Source: Small World FS

8 | August 2017 | Retail Banker International

RBI August 740.indd 8 18/08/2017 16:24:33 strategy | piraeus bank

piraeUs bank: fully automated e-branch scores early digital win

Piraeus Bank has opened three fully automated e-branches, the first of their kind in Greece. Eftichia Kasselaki, head of retail banking at Piraeus, tells Douglas Blakey how the new digital bank format represents the most exciting recent innovation in Greek retail banking

he concept of the digital bank But in Greece, Piraeus can claim a notable its business strategy to adopt innovative and branch combining the latest first with the launch of what it terms modern ways of improving customer service. Ttechnology and a friendly e-branches. The e-branch concept aims to improve the environment to create a modern banking RBI spoke with Eftichia Kasselaki, executive overall experience of its customers through the experience is not new. general manager, retail banking, branch provision of pioneering services, in a friendly Best-of-class examples include CIBC’s work network and deposits at Piraeus Bank, about and appealing environment. with allen international to craft a state-of-the- the thinking behind the new branch concept. E-branch was born out of worldwide art design template for future full-service and research and aims to bridge the gap between small teller-free local branches. RBI: Can you give some background to the physical branches and online and mobile- Other notable examples include Bank launch of Piraeus e-branches? What was the based banking. Hapoalim’s digital branch in Tel Aviv, BMO’s bank looking to achieve – for example boost Smart Branches, ’s digital digital banking adoption rates, reduce costs? How do the new branches meet the combined branches in Pakistan, Kenya and elsewhere, Eftichia Kasselaki: Piraeus Bank decided needs of retail and business consumers? Can you and in Europe, mBank’s much-lauded digital to launch a new model of fully automated summarise the digital technologies and features outlets. e-branches in the Greek market, as a result of of the branches? One of e-branch’s primary objectives is to agenda 2020 decongest nearby Piraeus Bank branches by enabling individuals and businesses to The Piraeus turnaround programme by 2020. Its Agenda 2020 turnaround carry out over 90% of all transactions via is built on four key aims: to reduce plan aims to reduce non-performing the remote cashier desk securely and quickly. non-performing debt, cut costs, loans from the current eye-watering E-branches also offer extended opening hours strengthen its capital base and become rate of 38% to below 15%. on weekdays and on Saturdays. independent of emergency liquidity. Other 2020 targets include an increase The e-branches currently cater to high- Bad debts remain an issue across the number of transactions to be migrated volume, small-value transactions, but Piraeus sector. The four Greek banks wrote to ATMs: It wants deposits to increase Bank is working on introducing higher-value off around €2.5bn ($2.94bn) in total in from 40% now to 50% via ATMs by business, such as mortgages via the remote 2016, and almost another €2bn in the 2020. cashier. There are facilitators present at every first half of 2017. Online targets include an increase in e-branch during operating hours, who can Piraeus aims to slash problem loans customers’ bill payments made online, help customers get acquainted with the from €33bn in March to below €20bn from a current 60% to 80% by 2020. < technology and digital services of the bank.

www.retailbankerinternational.com | 9

RBI August 740.indd 9 18/08/2017 16:24:34 strategy | piraeus bank

of the greatest innovations in the Greek GreeCe’s banking rankings banking market. It allows banking customers to carry out over 90% of all transactions of largest banks by branch numberS H1 2017 a conventional cashier desk through a video call with the assistance of a specially trained Piraeus 662 cashier. 509 The transactions that can be carried out 517 range from cash withdrawals and deposits, balance updates, cheque deposits, money Eurobank 438 transfers for suppliers’ payments, payments Attica 65 of bills and business debts to payments of corporate cards and loans. largest banks by assets (€bn) H1 2017

Piraeus 81.5 Can you comment on the bank’s partners in the project? National Bank of Greece 78.5

We deployed Ailleron’s LiveBank technology. Eurobank 66.4 LiveBank was a reliable solution with active The aim of this implementations. They co-operated well Alpha Bank 64.9 with us, and they were a good partner for the Attica 3.6 project. Source: RBI innovative banking The bank also worked with DINN! In the design on the branches. The aim of this than a year, between March and December concept was to innovative banking concept was to combine 2016, with the participation of most of the technology with everyday life, in a homely bank’s departments, supporting partners and combine technology landscape design. vendors. We worked with DINN! on a complete How do the e-branches’ opening hours compare with everyday life programme of branch transformation and to traditional branches? have already won international awards for E-branches have longer opening hours: The hope is that by offering digital training at the work on the digital e-branch concept: weekdays 9am to 9pm (compared to 8.30am the e-branches, the daily routine of banking two awards at the Retail Interiors Awards to 2:30pm for traditional branches) and tasks will become much easier and simpler for [gold awards in Design and Technology and Saturdays 10am to 5pm. Some competitors’ customers. for Best Interior – Non-Food Retail] and a traditional branches are open on Saturdays but Global Banking and Finance award as Most not until 9pm on weekdays, so this is a clear And these branches will also surely boost Innovative E-branch Project, Greece 2017. point of differentiation. financial inclusion? Despite its complexity, the e-branch Greek SMEs tend to be cash-oriented and Elderly customers in Greece are particularly project was successfully completed in less benefit from the automated services and wary of digital banking, but find the mix of personalised, automated banking in a bricks-and-mortar setting very reassuring – the branches have hosts on hand to assist customers, and the response has been hugely positive. The remote cashier service has specifically promoted financial inclusion. For example, customers who are visually impaired are able to bank independently and securely in an e-branch. Piraeus Bank has been working closely with Greek charities to raise awareness of the e-branch and further tailor e-branch services. In-branch meeting rooms will soon offer remote banking services via video link with a call centre. Currently Piraeus customers can use the meeting rooms for free, for example local SMEs. Which services are offered by the video teller – for example cash deposit and withdrawal, cheque deposit, bill payments? The remote cashier in every e-branch is one

10 | August 2017 | Retail Banker International

RBI August 740.indd 10 18/08/2017 16:24:40 strategy | piraeus bank

one-third of people using the remote cashier are over 60 years old – they previously only used physical branches.

What has been the early response from customers and your bank colleagues to the new concept? During the short period of its operation, the e-branch has already been accepted with great enthusiasm by a large number of individuals as well as business representatives. Customers of all ages, even elderly people with no digital skills, have praised the friendly, homely design and welcoming atmosphere of the new digital branch. They are thrilled by the simplicity of the transactions offered, even Piraeus transformation gathers speed when using remote cashier, our pioneering Ahead of the Greek economic crisis, In a July interview with Bloomberg, video banking service. Piraeus ranked only fourth-largest an upbeat Megalou said that Piraeus lender in Greece. Today, by all key would reduce its non-performing loans So we can expect to see an expanding number banking metrics it ranks first. to €19.1bn by the end of the year from of e-branches? Piraeus Bank has already begun research After a series of mergers and bank €23bn in March. on the next possible location to expand the failures, the Greek banking sector Megalou previously led rival Eurobank. network of its digital branches, and hopes to is now heavily consolidated and He was widely praised for the open one or two new e-branches by the end comprises four systemic lenders: successful turnaround at Eurobank, in of 2017. National Bank of Greece, Alpha, particular its success in becoming the Eurobank and Piraeus. Greece’s bank first Greek bank to return to the private Piraeus now has the largest branch network sector after the crisis. rescue fund, HFSF, currently owns in Greece with about 660 branches, some way about 26% of Piraeus. While it is early days, the market clearly ahead of your closest rivals – that is quite a Piraeus Bank’s energetic CEO Christos approves of the Megalou appointment. change compared to the position prior to the Megalou is a man in a hurry. Appointed The Piraeus share price is up 55% to banking crisis? in March this year – the lender’s third around €11.50 in mid-August since his Piraeus also has the greater market share CEO in just two years – he has said he appointment in early March. in deposits and loans and serves more will offload €4bn of bad loans by the As a whole, the Greek banking sector than 4.7 million customers across Greece. year-end. lost a whopping €70.3bn in pre-tax The implementation of a hub-and-spoke As part of an ambitious bank losses in the six-year period 2010- distribution model is part of a broader Retail restructuring plan, he has also said 2015. Transformation Programme which aims to increase the overall effectiveness and efficiency Piraeus will repay state aid “as soon as Since the start of the banking crisis, of this line of business. possible”. employee numbers at Greek banks Through this model, we manage to do Since 2015, Greek government aid to have reduced by about 20,000, around “more with less”, thus ending up with reduced a 30% reduction in headcount. Piraeus totals around €2.7bn. Piraeus operating costs but increased coverage and has accelerated sales of bad debts, Branch numbers across the sector have customer experience levels, giving emphasis to in particular troubled loans in , been slashed by almost 2,000 to total the most valuable client base. and Romania. around 2,200. < Of Piraeus’s 4.7 million customers, only around extended banking hours. Most branches in The e-branches aim to serve customers who 1.5 million are using digital channels currently, Greece are closed on a Saturday, or close early, are reluctant to switch their transactions to so is there great scope to grow this number? so the e-branches offer added security for these online channels in one go, customers with Piraeus Bank’s online banking service, businesses if they can deposit cash at the close special needs – for example hearing or sight Winbank, is one of the best digital banking of business on a Saturday evening. impaired – as well as local businesses that services in the Greek market. It is also may have special needs, such as coin, cash or the most modern from a user’s interface How do the operating costs compare with cheque handling. We have specific internal perspective, adapting to the screen size of the traditional branches? And what sort of KPIs are KPIs to measure progress on all of these. user’s browser, making it compatible with any you using? Indicatively, we currently perform as many screen size or device. Operating costs are significantly lower [in transactions in our e-branches as a nearby The mobile app offers clear and concise the order of 30%] than a traditional branch, traditional branch. Eighty percent of target usability, making customers feel confident in although initial investment is higher. customers were non-digitally savvy people: managing their financial products online. <

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RBI August 740.indd 11 18/08/2017 16:24:41 distribution | Íslandsbanki

ÍslandSbanki: new flagship head office brancH A towering success

With a mere 14 branches, only 18% of Iceland’s total branch network, Íslandsbanki has the country’s most efficient network boasting a 30% retail banking market share. Its offering has now been boosted by a stunning new head office branch in Reykjavik’s tallest building, reports Douglas Blakey

slandsbanki’s new flagship branch is financial consultancy services to the bank’s Grandi branch, and again reach out to the to be found just below the bank’s head customers. local community. In addition, the operating Íoffice. All of the branch’s design and functionality environment had to be capable of facilitating The branch merged three existing branches takes account of flexible structure, new the high levels of relationship management – Þarabakki, Digranesvegur and Garðatorg – technology, effective consultancy and a and service levels to which the bank aspired. into one state-of-the-art outlet adjacent to a positive customer service experience. The It also reflects the bank’s strong commitment large retail mall complex. result is a fresh retail concept centrally located to social media. A fundamental goal for the Continuing a long and successful in the capital area, close to retail shopping design was to “deliver number one service” in partnership that commenced back in 2007, centres and residential and commercial the local banking market. Íslandsbanki turned to UK-headquartered communities. Driven by this vision, the bank’s business design agency allen international to craft The demands made of the design strategy model is based on four traditional divisions the new outlet. The aim: to deliver a strong lay in the need to expand on the modern retail together with the relationship banking financial centre offering comprehensive environment that was created in the bank’s division. This model drives how it builds relationships with its customers, simplifies its product offering and unifies its objectives with society at large. This is summarised by the bank as: multipy, simplify and unify. INTERLINKED ZONES

The design is expanded upon three distinctive, interlinked zones. A Quick Serve zone at the front of the branch integrates facilities for self-service and quick-service or enquiry desks staffed by universal bankers. This provides a fast and efficient operational space to serve customers’ everyday banking needs by assisting them in the use – and encouraging the adoption – of self-service channels, while also promoting financial products.

12 | August 2017 | Retail Banker International

RBI August 740.indd 12 18/08/2017 16:24:47 distribution | Íslandsbanki

The Community Lounge is located at the heart of Íslandsbanki’s branch in North The crisis 10 years on: Iceland on the mend Tower. This offers a relaxed, purposely homely By contrast to other troubled banking prosecutions. In one country, a environment where customers can relax, enjoy markets – the UK and Ireland are as manager in the finance ministry was complimentary coffee, socialise, and chat to good examples as any – Iceland went imprisoned – it was not the UK. the branch hosts. A key component of this about things rather differently: banks space is the showcase and access to the bank’s Unlike the UK and other major social media channels. The bank has become a failed and bankers went to jail. markets, Iceland did not bail out its major digital communicator, and each branch The country’s financial sector was banks or bankers. The government is represented on Facebook. dominated by three lenders: Glitnir, separated domestic deposits and froze The branch offers a wide range of events Kaupthing and Landsbanki. payments to international depositors; it borrowed heavily from the IMF, for customers and the community, discussing In October 2008, Iceland’s Financial rebuilt its financial system and or other business topics. Supervisory Authority took control imposed strict capital controls. In addition, the public space of the branch of the three banks, with two of the provides an important venue and showcase for three brands destined to be axed: Today, the three Icelandic banks are the bank’s own equivalent of TED Talks, and Kaupthing rebranded as Arion and of roughly equivalent size ranked by seminars. Glitnir rebranded as Íslandsbanki. assets (see table) with Landsbankinn The final area, set off the central community marginally the largest with assets of Landsbanki became the current-day lounge, is the Engage & Advise zone. ISK1.17trn ($10.7bn). And the country Landsbankinn, opting not for a full Consulting staff share agile meeting spaces, is arguably stronger than ever. meaning they are each provided a dedicated rebrand but instead setting itself the The branch networks of the three workspace within the back office, coming massive challenge of rebuidling its banks appear at first glance to be forward when meeting customers in one of the tattered brand reputation. modest: Landsbanki has just 37 shared cabin-like meeting booths. This greatly At the time of the banks’ collapse, branches ahead of Arion with 24 and improves operational efficiency and optimises Kaupthing was the largest of the three Islandsbanki with a mere 14. retail space allocation, but also fundamentally banks by assets ($83bn), ahead of But by international comparison, shifts the focus of the one-to-one meetings Landsbanki and Glitnir with assets of for a country today of around according to the needs of the customer. $50bn and $49bn respectively. A meeting room is situated above 334,000 people, 75 branches in total While those figures pale into consultation rooms built into a free-standing suggests there is scope for branch comparison with, say, Washington structure in the centre of the branch, providing rationalisation. Mutual ($328bn of assets pre- a focal point for the space and injecting a sense Íslandsbanki’s three-branches-into-one bankruptcy), it ought to be of theatre into the design. initiative offers its two rivals food for remembered that Iceland is a country The meeting rooms will continue to be thought, and with two of the three a unique brand signature of the designs for of little over 300,000 people. banks reporting cost-income ratios in future Íslandsbanki branches, providing their Iceland’s three banks were worth excess of 60%, further cost savings own aesthetic for the spaces and a talking point roughly 10 times the country’s GDP, from branch rationalisations can be for customers who visit. and 20 times the state budget. expected. Una Steinsdóttir, director of retail banking In the UK, Royal Ranked by retail banking market share, at Íslandsbanki says: “We are very proud of CEO Fred Goodwin lost one-half of Landsbanki has almost 39%, ahead our new branch in the North Tower, where his pension and his knighthood; in of Íslandsbanki with 30.3% and Arion we meet the needs of Íslandsbanki customers. Iceland, there were almost 30 banking with 28.1%. < Providing high-level service will be our main role as we work towards our objective of meeting our customers’ needs and demands. iceland’s banking rankings “Even though digital banking has advanced by leaps and bounds, demands for high-quality TOTAL ASSETS (ISK) H1 2017 RETAIL BANKING MARKET SHARES H1 2017 personal service have not diminished; they have changed,” Steinsdóttir continues. Landsbankinn 1.17trn Landsbankinn 38.8% “In the North Tower branch, we offer expert Arion Bank 1.12trn Arion Bank 30.3% services from the branch’s certified financial advisors while also increasing options for all Íslandsbanki 1.03trn Íslandsbanki 28.1% self-serve banking. BRANCH numbers H1 2017 COST INCOME RATIOS H1 2017 “For instance, special express service representatives will be available to assist our Landsbankinn 37 Arion Bank 64.4% customers in order to make their visit to the Arion Bank 24 Íslandsbanki 60.1% branch as pleasant as possible. We place strong emphasis on giving our customers a positive Íslandsbanki 14 Landsbankinn 43.6% banking experience.” < Source: RBI

www.retailbankerinternational.com | 13

RBI August 740.indd 13 18/08/2017 16:24:48 feature | paykey

fintech focus: does paykey hold the latest key to payments?

PayKey has won numerous payments industry awards, plus backing from major investors, for its social media P2P payments technology. Chief marketing officer Guy Talmi tells Robin Arnfield that the Israeli fintech has signed up six banks to use its technology, with almost 100 in its order book

ayKey’s white-labelled Mobile Integrating with a bank’s mobile banking InnoVentures, Digital Leaders Ventures, and Payment Keyboard enables app at the applications programming interface Magma VC. PayKey has raised a further $6m Pconsumers to send money to other (API) level, PayKey’s technology is intended to in its Series funding round which closes in people from within any social media app, help banks compete in social media payments September 2017, and aims to raise a total of such as Facebook Messenger, Twitter or with digital wallets and third-party platforms $10m in this new round. WhatsApp. such as Venmo. Banks customise their PayKey PayKey’s industry awards include coming They can also conduct other mobile keyboard with their branding, and design the first in Temenos’s April 2017 Innovation banking transactions such as balance enquiries payment flow and specific transaction feature Jam, and winning the Citi Mobile Challenge or instant deposits to savings accounts. set for their clients’ PayKey-based payments. EMEA and the BBVA Open Talent Wired Senders have no need to know recipients’ “We started out initially with P2P Money Award in 2016. banking details, as PayKey is a contact-to- transfers, but we’ve expanded PayKey into “We think PayKey is an excellent business contact solution. However, recipients do need additional consumer banking functions,” with huge potential,” a BBVA spokesperson a bank account. says Talmi. “Some of our bank partners have tells RBI. PayKey’s technology partners include implemented a menu-based user interface “The awards and investments are Temenos, Accenture, KPMG and Mastercard. so they can offer additional features such as recognition from the industry that we are It is also a participant in Mastercard Start Path balance transfers or cardless cash withdrawals. doing something right,” says Talmi. “With Global, Mastercard’s support programme for Our roadmap calls for us to keep adding our technology innovation, we’re reaching fintech startups. functions to PayKey.” a market that has a growing demand for “PayKey is paving the way to a new For example, PayKey could be used to send solutions. The growth of Venmo and the generation of mobile banking and personal a friend a one-time code for withdrawing recent launch of Zelle in the US are an finance,” Amy Neale, vice-president of funds sent to them from an ATM. indication of the momentum in the P2P Mastercard Start Path, tells RBI. “Through its Security – encryption and authentication payments sector.” design of the world’s first payment keyboard – and data communications are handled by Talmi says PayKey commissioned a survey that bridges the gap between applications and PayKey’s bank partners, Talmi says. of 500 UK millennials about their attitudes social networks, PayKey will make banking “Our role is to provide a better user to P2P payments. “Our survey found that, easier and more efficient.” experience via our keyboard,” he says. “We despite the hype about non-bank P2P PayKey says its keyboard “seamlessly offer very fast API integration with banks’ providers, people still trust their bank, and integrates with mobile banking apps, enabling mobile platforms.” their first choice for payments is to use their users to initiate and complete transactions In November 2016, PayKey raised $6m bank,” he says. without having to leave the social interaction in Series A funding from investors such as “The move to non-bank social payment and switch to a different app”. CommerzVentures, Mastercard, Santander solutions is because the current bank offerings

14 | August 2017 | Retail Banker International

RBI August 740.indd 14 18/08/2017 16:24:48 feature | paykey

aren’t intuitive and contextual, and require “We just provide a better user experience they need a standalone consumer app. For consumers to leave their social media app for initiating a transaction, and are tightly example, Zelle, which is owned by banks, to do P2P transfers from their bank’s app integrated with the bank’s mobile app. We does not have complete ubiquity, so Zelle is or website. If you provide consumers with a collect the data from the end user such as building a consumer brand.” payment solution that works on any social text or numbers on our keyboard which we “Venmo is the market leader in social P2P network and that also works with their bank, provide to the bank’s app.” payments and is so far ahead that it is hard it will be a winner.” to see anyone being able to catch up with it,” “We’re currently working with six COMPETITORS Crone notes. banks,” says Talmi. “Norway’s Sparebank “Venmo is seeing 130-150% growth 1, Singapore’s UOB [United Overseas “I find PayKey’s technology user-friendly and per quarter and is running at $60-70bn in Bank], Colombia’s Banco Davivienda, and convenient,” says Brad Margol, principal at transfers per quarter,” he adds. “Zelle and its Turkey’s Garanti Bank [in which BBVA is the US-based consultancy AZ Payments Group. predecessor ClearXchange have higher average majority shareholder] have already launched “PayKey is a step forward in user experience transaction values, but do not have as many our keyboard. Westpac is going to put our for P2P bank-driven payments, and has that users.” keyboard on its Android banking app, and ‘cool factor.’ Other rivals like Zelle and Venmo In 2016, banks participating in the we have another bank poised to go live with work outside the social messaging apps.” ClearXchange/Zelle Network processed over PayKey very soon. “Integration with social media platforms 170 million P2P payments in 2016, totalling “Right now, there are nearly 100 banks isn’t a component of Zelle,” a Zelle $55bn in aggregate transaction value. in our order book pipeline. Our experience spokesperson tells RBI. Crone says the key issue for PayKey and is that banks have very active innovation “Security does not seem to be an issue with Zelle versus Venmo is that Venmo posts P2P teams who are looking for innovative new PayKey,” adds Margol. “PayKey uses bank transactions through a social ledger. technologies.” authentication and so security is up to the “Venmo acts as the social network for In March 2017, Westpac added PayKey to bank or PayKey partner. PayKey is convenient tracking what your friends do with their its iOS-based banking app with the launch of when you are sitting around with your friends payments when they decide to make these the Westpac Keyboard. However, in July 2017 or having a text/app conversation with payments public,” he explains. “Young people Apple forced the Australian bank to remove someone, but I don’t think it will be used for post their payments on Venmo, for example its Westpac Keyboard functionality from online purchases or bill payments. when they share an apartment with friends iOS, the Australian Financial Review (AFR) “The demographic – young adults/ and want everyone to know they have paid reported. The AFR said Westpac’s keyboard millennials – that PayKey is going for will take their share of the rent or the electricity bill.” extension had been downloaded by “tens of to using it, but they can’t be unbanked, unlike PayPal is introducing Pay with Venmo, a thousands of customers”. other P2P apps such as Venmo.” feature that will let consumers pay merchants A Westpac spokesperson told RBI that the “There is room for both bank-provided from their Venmo account. “I think e-retailers bank plans to add PayKey to its Android app P2P transfer apps and third-party apps, and will make Venmo their preferred payment “in the future”. Currently, UOB’s PayKey- there are distinctive characteristics in terms of method, in the hope that the consumers will based UOB MyKey is only available for users and applications for each approach,” says then share their purchases with their friends Android devices. Crone. “Guy Talmi’s point about consumer on Venmo’s social ledger and generate a Apple’s move against Westpac caused trust in banks is valid. But if banks want to following for the retailer,” says Crone. “This surprise in the payments industry as, offer ubiquitous coverage for their P2P apps, will enable PayPal to monetise Venmo as according to Celent analyst Stephen Greer, it will be helping retailers to promote their there are no restrictions on using custom brands on social media.” keyboard extensions on the iPhone. Not only would Venmo receive a fee from “It is likely Apple’s own aspirations to own merchants for Venmo payments, but it could the payments space, which is not good for also be paid for allowing consumers to post PayKey,” he says. their purchases on its social ledger. “The problem for PayKey is that its initial If you provide Crone says that there is a real opportunity release invaded Apple’s keyboard territory, for banks to emulate Venmo’s social ledger and I can’t see Apple allowing third parties to consumers with a and monetise their P2P payment services embed a branded keyboard on its keyboard in a similar way. “If banks can play in this without charge,” says Richard Crone, CEO of payment solution social media space, it would provide a new US-based Crone Consulting. ancillary revenue stream – fees for social media “Apple is not a charity, so if banks want to that works on any marketing – that could be far more lucrative embed their own keyboard in iOS, then they than interchange,” he says. will need to pay ‘rent’ to Apple.” social network and “But the hard part for the banks is “PayKey works in accordance with Apple’s trying to either create a new social network guidelines,” says Talmi. “These guidelines do that also works that competes with Venmo or embedding not prevent offering a payment functionality.” payments like PayKey does inside an existing Talmi points out that PayKey does not with their bank, it social conversation or network and then giving handle consumers’ payments. “Our bank the consumer the ability to post their purchase clients manage the payments,” he says. will be a winner to their social network.”<

www.retailbankerinternational.com | 15

RBI August 740.indd 15 18/08/2017 16:24:49 News | comment

to Harrods’ existing staff or client-base; • Cost base: In a word: high. Harrods Bank six reasons not to join the has been no money-spinner. Financial details of the Harrods acquisition haven not been disclosed. The sellers made no secret of their desire to dispose of the Tandem wait list banking unit and Sky first reported in March that the owners wanted to get out of banking. Harrods Bank posted a pre-tax Fair play to Tandem. After some negative PR this year, loss of £5.4m for the 12 months to end bagging Harrods Bank is a pretty dramatic way to land a January 2014. In the two-year period to banking licence. However, Douglas Blakey advises caution end 2016 it accumulated losses of £13m. It was no secret that Harrods paid its executive team and various consultants and andem’s deal brings with it a synergies here. Harrods offers savings advisers generously. That is at least one early handy £80m ($104m) of capital. accounts and mortgages (in the £1-5m change that Tandem can make-executive THowever, it also brings a number of range) as well as a range of gold bullion compensation and consultant fees will have challenges, including: services to an affluent customer base; to be reduced, and • Regulatory: The announced deal is subject Tandem Money (it rebranded from Tandem • Products: Selfishly, I will pass on any to regulatory approval. That is not a given. Bank in May this year) targets a very financial outfit that has a waiting list for a Expect to see Tandem beefing up its different customer; product. If I logged on to Tandem’s website executive team for starters; • Culture: Harrods has performed a number as a potential punter and saw the caption • IT: Harrods Bank was a long-time partner of U-turns in recent years. From its ‘Waiting list’ I would immediately log off. with Misys. Then it opted to go with FIS formation in 1893 until 2014, it focused but that deal did not come off. In 2016 on the sector. In 2014, it I hope I am proved wrong, and will happily it elected to adopt Temenos’s T24 system. expanded into high-end mortgages and run an opinion piece in RBI arguing why the Tandem meantime selected Agiliti from kicked off plans to move into mass affluent Tandem-Harrods deal is a marriage made in Fiserv as its technology platform last year. retail banking. Its retail banking ambitions banking heaven, but I am not convinced that Tandem’s IT team sas a busy year ahead; came to naught. It is debatable if Tandem’s , Starling et al will be having sleepless • Segmentation: There are not many innovative start-up culture will be appealing nights about Tandem just yet. <

“From a consumer perspective, I’m happy.” But how will this affect retailers? Will they consumers, retailers and the have to take on the burden of accepting card payments without the surcharge to offset it? “Retailers at the moment seem to have this fixation that card payments are an ban on surcharges extra that needs to be funded and has to be presented as a surcharge to the customer,” While the UK Treasury’s ban on “rip-off charges” in 2018 Zurawski explains. “Credit card transactions were expensive until relatively recently. looks like a positive change for consumers, there seem to To overcome that and consider it a typical be some adverse side-effects, writes Patrick Brusnahan variable operating cost like air conditioning would make customers less likely to be angry ontroversial card surcharges, which pay these pesky charges, whether it is £0.50 at at these so-called ‘rip-off’ charges. can total up to 20% of the value of a local shop or over £100 to book a flight. “Merchants are more likely to clean up Ca transaction, are to come to an end, Lu Zurawski, consumer payments practice thanks to a nudge from the UK government which should be cause for relief on many lead, EMEA at ACI Worldwide, believes: “If that will have less customers looking sides of the industry. you think payments choice is a good thing elsewhere. This is particularly true for the Some industries absorb the surcharges, for consumers, then this is a good thing for emerging consumer demographic which wants putting added pressure on margins. Others consumers. I don’t think it is bad for retailers to pay with electronic means.” pass on the costs to the consumer, which can either.” Von Hammel-Bonten adds: “From a lead to an uncomfortable customer experience Christian von Hammel-Bonten, chief retailer perspective, they expected it. If you and a loss of business. product officer at the PPRO Group, says: “I see what has been published under PSD2 and It is a valuable part of the ecosystem as, definitely believe it is better for the consumers, interchange regulation, it was obvious that according to Treasury figures, the total value because clearly some consumers have a surcharges would be forbidden. of surcharges for credit and debit cards was an preference for debit or credit cards instead of “The retailers have also benefitted from estimated £473m ($618m). The immediate other payment options, and this helps them lower interchanges. At the end, the person effect will be that consumers no longer have to avoid those charges. being hurt is the issuer.” <

16 | August 2017 | Retail Banker International

RBI August 740.indd 16 18/08/2017 16:24:51 News | comment

unicredit turns around: A Stellar year for JP mustier

UniCredit CEO Jean Pierre Mustier can toast a very satisfactory first year in office. Douglas Blakey reports

niCredit has reported net profit of income of €827m, up 8%; to around 920 outlets in 2016, Pekao is a €945m ($1.11bn) in the second • Loan-loss provisions in the second quarter major player in Poland with a market share of Uquarter of 2017 – way ahead of fell by 36% year on year to €564m; around 10.2% of sector assets, behind PKO analyst forecasts. • Group net interest income remained and ahead of ’s mBank. For the first half, UniCredit reported net resilient while the bank remains on target to Mustier’s explanation for the Polish sale was profit of €1.9bn, up 40.2% year on year. hit 2018/2019 fees targets, and simple: He achieved a good price, around 1.4 In his post since mid-July 2016, Mustier • UniCredit’s CETier 1 ratio rose to 12.8% times book value. reported a sharp drop in non-performing from 11.45% at the end of the first quarter. Branch right-sizing is playing a key part in loans, an increase in revenue and progress in the bank’s Transform 2019 turnaround plan. advancing the bank’s Transform 2019 business Analysts are now more upbeat that Mustier From a peak of 2,861 branches across 16 plan, of which more later. can hit his target of UniCredit earning annual markets in CEE in 2011, UniCredit’s network Mustier is quite the toast of the market: net income of €4.7bn by 2019. in the region fell to 1,764 across 10 markets in The UniCredit share price rose to almost To say Mustier has had a busy year is a the first half of this year. €18, almost double the price when he was major understatement. First off, there was In Western Europe, 300 outlets have been appointed, giving a market cap of $46bn. the little matter of a €13bn rights issue to axed in the past 12 months, reducing the UniCredit remains very much a work get away successfully. UniCredit had raised network to 3,345 in the region. in progress. When the crisis kicked off, €7.5bn of fresh capital as recently as 2012; Group-wide, UniCredit’s branch network UniCredit was the world’s 13th-largest bank the share price was trading at little over one now totals 5,100; a decade ago UniCredit by market cap, worth around $93bn in 2017. quarter of its book-value when he took charge. operated 10,250 branches. Highlights from the first half of 2017 In the 12 months prior to Mustier’s Further branch closures are planned in the include: appointment, the UniCredit share price fell by next 18 months to reduced the network to • UniCredit’s cost-income ratio fell by 3.2 almost 70%. about 4,500 units. percentage points year on year to 56.6%; Next up was an acceleration of asset sales Mustier has targeted a further reduction of • Cost-cutting initiatives are on target: including the disposal of a portfolio of bad 14,000 FTEs by 2019 to reduce headcount Operating expenses fell by 3.6% year on loans worth around €17bn. to 130,000; prior to the crisis UniCredit year; And then there was Poland. While its employed almost 180,000. • The bank’s Central and Eastern European Polish branch network has inched down from In the digital sector, UniCredit had (CEE) operations reported first-half net a peak of 1,075 branches just after the crisis considerable scope to catch up with its international peers but is making progress. Digital banking highlights include: • Launching Apple Pay in Italy, enabling six million UniCredit cardholders to use the mobile service; • Online banking users in its CEE unit increased to 38% in the first half of 2017 from 35% a year earlier, leaving huge scope for improvement to match Western European markets, and • Regular mobile banking customer numbers rose to 25% in the first half of 2017 from 20% a year ago, again highlighting much room for improvement. <

www.retailbankerinternational.com | 17

RBI August 740.indd 17 18/08/2017 16:24:53 august news CBA to refund $8m for unsuitable CCI

Commonwealth Bank of Australia (CBA) fine print of loan documents. has been ordered by the Australian Additionally, the Australian bank has Securities and Investments Commission agreed to repay nearly A$586,000 in (ASIC) to reimburse around A$10m premiums to around 10,000 customers ($7.87m) to more than 65,000 customers after it overinsured these customers for the after selling them unsuitable consumer Home Loan Protection CCI product taken credit insurance (CCI). out with a Commonwealth Bank home CCI is a type of add-on insurance offered loan, resulting in overcharging of premiums. to borrowers who take out credit cards, ASIC’s deputy chair, Peter Kell, said it personal loans, home loans and car loans. was unacceptable that customers were In the event of sickness, injury, involuntarily sold insurance products that did not meet unemployment, or premature death, loan their needs. repayments are fulfilled through CCI. “One of ASIC’s priorities is addressing During its investigation, ASIC found poor consumer outcomes associated that CommBank had sold CreditCard Plus, with add-on insurance, including CCI. insurance for credit card repayments to Consumers should not be sold products CBA CEO to retire 65,000 customers such as students and that provide little or no benefit, and banks Ian Narev, the CEO of Commonwealth Bank unemployed people, who were unlikely to should have processes in place that ensure of Australia (CBA), is set to retire by the end meet the employment criteria and would this,” Kell added. of the 2018 financial year following a money- therefore be unable to actually claim the CommBank will contact eligible laundering scandal at the bank. insurance. CreditCard Plus customers, and reimburse CBA chair Catherine Livingstone said The regulator said customers were often customers who were either unemployed the precise timing of Narev’s retirement will unaware that they had signed up and paid or students and were sold the product be based on the “outcome of an ongoing for cover, with details often hidden in the between 2011 and 2015. < comprehensive internal and external search process”. Livingstone declined to provide any other details regarding the retirement of Narev, who ADGM, UAE Exchange sign fintech has been heading the bank since 2011. She did not link the decision to the latest scandal, co-operation agreement only saying that the announcement will “pro- vide certainty for the business”. in the fintech space, as well as explore “Succession planning is an ongoing process joint innovation programmes in various at all levels of the bank. In discussions with areas including emerging payments, Ian we have also agreed it is important for blockchain and distributed ledgers, artificial the business that we deal with the speculation intelligence, and peer-to-peer lending and questions about his tenure,” Livingstone solutions. commented. UAE Exchange Group CEO Promoth Earlier this month the bank was accused Manghat said: “Our partnership with by the Australian Transaction Reports and ADGM will nurture local fintech innovation Analysis Centre (Austrac) of breaching the through incubator, accelerator and Anti-Money Laundering and Counter-Ter- Abu Dhabi Global Market (ADGM) and the academic programmes.” rorism Financing Act over 53,700 times, UAE Exchange have signed a memorandum ADGM Financial Services Regulatory as a result of issues mainly associated with of understanding to support fintech Authority CEO Richard Teng added: “In intelligent deposit machines. innovation in the two markets. addition to delivering solutions that would Austrac alleged that the bank had failed to UAE Exchange will co-operate with benefit the financial services sector, the make an anti-money-laundering risk assess- fintech participants under ADGM’s collaboration with UAE Exchange will ment before launching the ATMs, and failed Regulatory Laboratory (RegLab) to develop create a feedback loop for ADGM as a to report suspicious transactions. fintech solutions in remittance, foreign financial services regulator to fine-tune and Meanwhile, CBA’s annual report revealed a exchange and payments. The two parties enhance its rules and regulatory approach reduction in Narev’s remuneration to $5.5m, will collaborate to identify challenges to financial innovation.” < down from $12.3m the previous year. <

18 | August 2017 | Retail Banker International

RBI August 740.indd 18 18/08/2017 16:25:09 News | Digest

Barclays names new Barclaycard CEO PayPal to acquire UK multinational bank Barclays has his time there as president of its global Swift Financial named Barry Rodrigues as the new CEO network business. of its payment business Barclaycard He previously held posts including Payments giant PayPal has agreed to International. general manager of American Express acquire Swift Financial, a US-based Rodrigues will join the Barclays Bank UK where he had oversight for the provider of working capital to small International executive committee in New firm’s treasury, corporate, private and businesses, for an undisclosed sum. York and report directly to Tim Throsby, correspondent banking businesses. The agreement will allow PayPal to help president of Barclays International and Throsby said: “Barry brings a wealth of small businesses and expand the amount CEO of its corporate and investment bank. experience, skill and industry knowhow to of data it can use to assess customers’ Prior to joining Barclays, Rodrigues Barclays and we’re pleased to welcome him creditworthiness. The company’s PayPal worked for six years at Citi where he was to the firm. He is a talented and innovative Working Capital business financing most recently head of digital payments professional who is positioned well to lead product helps small business owners gain for the global consumer bank. He was our Barclaycard International businesses access to capital. responsible for the strategy, design and into the future. Founded in 2006, Swift Financial has execution of next-generation payment “Barry will deliver leadership, value and provided funding to thousands of growing solutions and platforms across both digital execution for our colleagues and clients as companies in the US. Subject to regulatory commerce and money transmission. Barclaycard continues to grow at this time approvals, the acquisition is expected to be Before joining Citi, Rodrigues spent more of rapid and continual change in the cards finalised later in the year. than 25 years at American Express, ending and payments industries.” < PayPal VP Darrell Esch said: “We know and value Swift’s technology platform and people, and we believe their talent and Banco Popular’s acquisition by Santander capabilities will further strengthen our overall merchant value proposition. receives European Commission approval “Building upon an existing commercial relationship, the acquisition of Swift Financial will enable us to better serve small businesses by enhancing our underwriting capabilities to provide access to affordable business financing solutions to more businesses to help them grow and thrive,” Esch added. < ThinCats gains full FCA authorisation

ThinCats, a peer-to-peer (P2P) lending platform specialising in secured business loans has received full authorisation from the Financial Conduct Authority (FCA). The company said the approval will enable it to provide a range of “smart investment products”. The proposed acquisition of Spanish lender effect on retail and corporate banking, leasing, The lender is currently contemplating Banco Popular Español by factoring and the provision of ATM services the launch of an ISA, subject to approval of has secured approval from the European in the two markets. HM Revenue and Customs. Commission. “The parties’ combined market shares are ThinCats CEO John Mould said: “We The commission greenlighted the deal after generally limited (below 25%) and strong are delighted to have been granted FCA carrying out a inquiry into the impact of the competitors will remain in all affected mar- authorisation, proving the dedication of acquisition and finding that it would not lead kets,” the commission said in a statement. our team and processes.” to competition concerns in the European The acquisition was announced in June “We are very happy that more and more Economic Area. 2017 following a significant deterioration alternative finance providers are now being Both banks offer commercial, retail invest- in the liquidity position of Banco Popular. authorised, as it ultimately proves that the ment and wholesale banking services alongside Santander paid a nominal €1 ($1.17) for the industry deserves the trust and confidence insurance services in Spain and Portugal. deal, and last month launched a €7.1bn rights of investors, advisors and SME borrowers The deal was particularly investigated for its issue to support the acquisition. < alike,” Mould added. <

www.retailbankerinternational.com | 19

RBI August 740.indd 19 18/08/2017 16:25:13 news | digest

UK branch closures top 4,000 with 300,000 Tandem to buy Jobs lost since the financial crisis Harrods Bank UK Tandem has agreed to acquire Harrods Bank, the banking unit of luxury department store Harrods, for an undisclosed sum. Harrods will trade under the Tandem brand upon deal closing, which is subject to regulatory approval. Tandem will receive an £80m ($102m) capital infusion as part of the deal, which Tandem expects to be finalised in “a few months”. The challenger bank said the takeover will accelerate its launch plans to provide savings accounts to its customers. Commenting on the deal, Tandem founder Ricky Knox said: “Tandem has been built from the ground up with the help of over 11,000 co-founders, who have helped us shape products and services that really make a difference to their lives.” “This acquisition will allow us to scale the More than one in three branches (36%) of 1,140 Lloyds-branded units, with 657 business and ensure we can introduce as many have been closed by the UK’s eight largest and 241 Bank of Scotland branches. people as possible to a new way of banking,” banks since the financial crisis began in Job losses at UK banking groups now Knox added. < earnest 10 years ago. exceed 300,000 since the start of the In August 2007, the country’s major financial crisis. retail financial institutions – Barclays, Royal RBS employee numbers are down from PwC, Featurespace Bank of Scotland (RBS), Lloyds, Halifax 226,000 10 years ago to just 76,000 today Bank of Scotland (HBOS), HSBC, Santander while HSBC’s headcount dropped from collaborate (and its subsequent building society 313,000 to 241,000 in the same time. acquisitions), Nationwide, Clydesdale/ It was on 9 August 2007 that France’s PwC UK has partnered with Featurespace, Yorkshire and Co-operative/Britannia – largest listed lender, BNP Paribas, froze an adaptive behavioural analytics risk- operated a combined branch network €1.6bn ($1.9bn), citing US subprime prevention company, to provide financial of 11,365 outlets. Today that figure has mortgage sector problems, the event services firms with advanced technologies shrunk to 7,207 outlets, a net reduction of widely recognised as sparking the crisis. to combat real-time financial crime attacks. 4,158 branches. BNP’s actions alarmed the markets and Featurespace said its platform will help In percentage terms, troubled Co-op sparked a sell-off. It blamed a complete clients of PwC UK combat financial crime Bank (including Britannia) has been the “evaporation of liquidity” for its actions. risk by giving them real-time understanding most aggressive in terms of closures, down The UK’s largest retail bank, Lloyds of each individual customer’s behaviour. by 73% from 355 in 2007 to only 95 units Banking Group, has shed the equivalent of Featurespace’s machine learning software in 2017. 47,500 full time posts in the past decade. system, ARIC, monitors individual HSBC is down by almost 60% from At the time of Lloyds’ government- behaviours to catch new fraud attacks as 1,501 units then to 625, while Clydesdale/ sponsored acquisition of HBOS, the newly they happen. Yorkshire has almost halved its network merged group employed 132,000. Today, PwC financial crime analytics director from 330 to 170 outlets. Branch closures LBG employs 76,000, with 8,500 employed Scott Samme said: “Featurespace’s at Barclays, RBS and Lloyds and Santander at the spun-off TSB. technology presents an innovative way for are all around the 30% mark. Santander’s UK operations, comprising the financial services industry to prevent Barclays has reduced its network by a former mutual , Bradford and detect financial crime in real time. This net 501 outlets to 1,309, while Santander & Bingley and Alliance & Leicester, have allows us to assist our clients to become has axed a net 445 branches to 841 from shed a net 12,000 positions since the crisis, more effective and efficient in tackling the 1,286 outlets it acquired when it down from 31,000 to 19,000. financial crime risk.” bought Abbey, Alliance & Leicester and More than two in three jobs have Featurespace CEO Martina King said: Bradford& Bingley. RBS (with NatWest) disappeared at Co-op. Pre-crisis, Co-op – “Through this agreement with PwC, we is down from 2,278 in 2007 to 1,518 in and Britannia Building Society its post- can help organisations to outsmart the 2017. Lloyds (with HBOS) has reduced its crisis merger partner– employed 12,000; criminals by understanding individual network from 3,042 to 2,038, made up today that figure has collapsed to 3,900. < behaviours in real time.” <

20 | August 2017 | RetailRetail BankerBanker InternationalInternational

RBI August 740.indd 20 18/08/2017 16:25:19 News | Digest

DBS closes migration of ANZ wealth and Tesco Bank adds retail banking businesses in Singapore card block feature

Singapore’s DBS Bank has completed the other markets by early 2018. Tesco Bank, a wholly owned subsidiary of migration of ANZ’s wealth management DBS group’s head of consumer UK retail giant Tesco, has added ‘block and and retail banking operations in Singapore. banking and wealth management, Tan Su unblock’ features to its mobile banking The deal involves the acquisition Shan, commented: “This migration will app, making it easier for customers to of ANZ’s retail banking and wealth further cement our leadership position report cards as lost or stolen. management businesses in Singapore, in Singapore. It also gives ANZ’s wealth Tesco bank customers can now use the Hong Kong, China, Taiwan and Indonesia. customers access to more tailored app to quickly and easily block lost cards, The transaction, valued at around S$110m solutions and a full suite of universal so they cannot be used further. The lender ($80.8m), was announced in October 2016. banking products supported by Asian said the functionality will help the 300,000 The transfer of these ANZ businesses to insights, research and investment advice. I Tesco Bank customers who report cards as DBS completed in China in July. The bank would like to welcome our new colleagues lost or stolen each year. plans to conclude the migration in the and customers to our DBS family.” < Customers who later find lost cards can also unblock them through the app. Users can also cancel cards completely and order BoA Merrill launches mobile payments in China replacements as required. Merrill Lynch (BoA Merrill) of payments collection and reconciliation. Tesco Bank digital director Grant Merchant Services Company has introduced Once users set up an account with BoA Bourbousson said: “We want to make a new payments collection solution in Merrill they will have access to a single point banking as easy as possible for customers. collaboration with China UnionPay that will of support to manage funds coming through Millions of credit card customers across allow customers to manage virtual wallets and online and physical payment channels. the UK contact their bank each year to card payments via single platform. BoA Merrill’s head of Asia-Pacific Global report a lost card only to find it again. As a result of the collaboration, the BoA Transaction Services, Faisal Ameen, said: “Mo- “By allowing our credit card customers subsidiary has becomes the first non-Chinese bile payments have been growing at a rapid to block their card with just the tap of a bank to provide this end-to-end solution via pace in China, driven by the increasing use of button on their phone, this new feature multiple collection channels in China. The US virtual wallets. By not having to match pay- takes the hassle and stress out of those lender can now provide clients in China an in- ments against different bank accounts, clients occasions when you think you’ve lost your tegrated solution that streamlines the process will achieve greater operational efficiency.” < card, only to find it a little later.” < Fiserv launches new cross-functional China creates new marketing analytics solution clearing house Fiserv has launched a new marketing enables us to share those across our The People’s (PBoC) has analytics solution that aims to enable organisation. This will allow us to stay in created a centralised online clearing financial institutions to better understand step with our customers as we refine the platform for the country’s third-party customers and identify marketing capabilities we’re offering each individual payment market. opportunities. based on their needs and how they interact The new Nets Union Clearing Corp. Integrator Advance, which leverages with the bank. platform aims to enhance the supervision technology and expertise from Fiserv “It’s not about marketing more stuff, but of the country’s expanding online company Raddon, provides a range of tools about making people aware of how the payment market. At present, most third- in a single platform including research- services the bank provides can help them party payment institutions are directly based segmentation, cross-sell intelligence, in their day-to-day lives,” Weber added. connected with banks for the purpose of campaign management and reporting. Curt Johnson, Fiserv’s director, product processing online transactions. The solution enables financial management of open solutions, said: “In The platform, which has been institutions to market products or services addition to highly functional technology, undergoing trials since 31 March 2017, to the right customer based on analytics. Fiserv can provide the expertise of a was set up by 45 companies including It also offers marketing analytics dedicated advisor to help the institution the PBoC, which owns a 12% stake in the knowledge and marketing capabilities to market more effectively. platform. non-technical employees, which it claims “This is not just technical support, but In its notice the central bank said that makes campaign execution and knowledge consultation based on best practices of banks and online payment systems, such distribution efficient and accessible. financial services marketing. The insights as Alibaba’s AliPay and Tencent’s Tenpay, First Federal Savings Bank senior VP our advisors provide are backed by our must connect to the new platform by 15 Dena Weber commented: “Integrator ongoing consumer and small business October 2017 and route transactions Advance gives us centralised access to research, as well as practical hands-on through the new platform beginning 30 marketing campaigns and results, and experience.” < June 2018. <

www.retailbankerinternational.com | 21

RBI August 740.indd 21 18/08/2017 16:25:20 industry insight | diebold nixdorf

branch strategy: Hear Network Discover Celebrate mixing up the network for SHAPE THE FUTURE future banking service OF PRIVATE BANKING Private Banking Switzerland 2017 12th December 2017 The Marriott, Zurich The impact of digital banking, artificial intelligence, machine learning and changing customer preferences is prompting banks around the world to rethink their branch Private Banking Switzerland 2017 brings together private banks, family o ces, independent strategies, argues Richard Broadbent, VP software UK and Ireland at Diebold Nixdorf wealth managers and intermediaries in an active discussion to debate the importance of new strategies, business practices and partnerships of the key issues facing the industry.

igital services have transformed EMERGING FORMATS fundamentally different customer experience both customer experiences and while enabling staff to have value-added Dexpectations, and it is important The general consensus is that a bank can reach conversations. that future branch networks do the same. 80% of its customers through strategically Increasingly, banks are being forced to located branches. Truly understanding the CUSTOMER EXPERIENCE make strategic choices about branch locations geographic and demographic makeup of your and formats as they look to provide a more customer base and overlaying this with an As the only physical channel with face-to-face compelling proposition while continually assessment of segment needs is a great starting interaction, the branch presents a number driving operational efficiency and profit. point for evolving a bank’s branch network. of opportunities to positively influence the Deciding how to compete in this new world With this information, financial institutions customer and reinforce key brand messages. is a complex issue that involves many different can start to create customer experiences that Retail studies show how enticing customers Key Issues factors. However when reassessing the branch match the needs of customers in each location. into physical outlets has a positive impact on network, defining the role the future branch This could range from personalised services sales success and net promotor scores, and Recognising regulatory changes and will play in the bank’s brand value proposition which offer high-end advice on financial banks should be looking to achieve the same. trends in private banking this year and competitive positioning is key to products or day-to-day transactional tasks that Many financial institutions have already establishing what the future branch network require speed and convenience. taken away the traditional glass-wall barrier Identifying the needs and should look like. This reassessment of formats and locations between staff and customers and are focusing preferences of today’s clients is giving rise to new types of branch, as more on human interaction. This a crucial Next generation banking and how it THE ROLE OF THE BRANCH financial organisations look for new ways to element of the customer journey and should is evolving use space, deploy new technologies, provide be considered as a fundamental part of Branches have traditionally been the cross-channel services and create a better strategic branch planning and design. How is digital shaking up the wealth cornerstone of physical contact between customer experience. Technological advances have also played management industry? banks and their customers. But after many At one end of the scale, express and ‘pop- a significant role in branch transformation Family O ces: How can they continue years of adhering to the golden rule “the more up’ branches are offering flexible services in plans and will continue to be an enabler for to succeed in today’s market? branches, the bigger the market share”, the high-footfall locations such as train stations, new processes, services and ultimately the way banks manage their distribution networks airports and shopping centres. With a focus overall customer’s experience. Bank branches The importance of conduct risk at has had to change. Driven by significant on small branch footprints and high levels will continually adapt as digital technologies London’s private banks pressure on cost income ratios and the shift to of automation, these should be strategically advance and the only way to provide a Brexit: how will this shape the future cheaper distribution channels, the number of placed to offer fast, convenient transactions at seamless customer experience is to ensure of private banking in Switzerland branches has been in decline for years. times which suit the customer. channel technology comes closer together. and Europe However simply reducing the number of At the other end of the scale, banks are also Getting the right mix of flagship sites and branches is not the answer. Understanding investing in flagship branches that promote community-focused branches, which provide customer needs and expectations from a their brand with a clear focus on offering a full-service capabilities and act as advisory branch and creating the right mix of locations premium, personalised customer service, as and engagement hubs for financial advice, and services is key – as well as integrating well as introducing new offerings through self- combined with express branches that offer Gold Sponsor Silver Sponsors Brand Sponsors Exhibitors Panel Host new technology to create enhanced and more service technology. speed and convenience for transactional relevant customer journeys. While this sounds There are a wide range of examples of services, is important to achieving an simple enough, it is a challenge that should alluring new formats, including cafe-style optimised and sustainable branch network for not be underestimated. branches that entice the customer with a the future. < For more details please contact | August 2017 | 22 Retail Banker International Vicki Greenwood on [email protected] or call +44 (0) 20 3096 2580.

RBI August 740.indd 22 18/08/2017 16:25:22 Private Banking Swiss_2017_ad.indd 2 13/06/2017 11:38 Hear Network Discover Celebrate SHAPE THE FUTURE OF PRIVATE BANKING Private Banking Switzerland 2017 12th December 2017 The Marriott, Zurich

Private Banking Switzerland 2017 brings together private banks, family o ces, independent wealth managers and intermediaries in an active discussion to debate the importance of new strategies, business practices and partnerships of the key issues facing the industry.

Key Issues

Recognising regulatory changes and trends in private banking this year Identifying the needs and preferences of today’s clients Next generation banking and how it is evolving How is digital shaking up the wealth management industry? Family O ces: How can they continue to succeed in today’s market? The importance of conduct risk at London’s private banks Brexit: how will this shape the future of private banking in Switzerland and Europe

Gold Sponsor Silver Sponsors Brand Sponsors Exhibitors Panel Host

For more details please contact Vicki Greenwood on [email protected] or call +44 (0) 20 3096 2580.

RBI August 740.indd 23 18/08/2017 16:25:22 Private Banking Swiss_2017_ad.indd 2 13/06/2017 11:38 Simple, secure and effortless digital solutions for  nancial services organisations

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24 | August 2017 | Retail Banker International

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