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Benefit Banks and Fintechs www.retailbankerinternational.com issue 771 / march 2020 THE NEXT LEVEL VIRGIN MONEY REIMAGINES THE ROLE OF THE PHYSICAL STORE ANALYSIS FEATURE INDUSTRY INSIGHT How Colombia’s OmniBnk Gender inclusion: which Open Banking is underway, extends credit to SMEs banks lead the way in a but only a tiny proportion using real-time data male-dominated sector? of services have opened up RBI March 2020.indd 1 10/03/2020 13:51:12 contents this month COVER STORY NEWS 05 / EDITOR’S LETTER 08 18 / DIGEST • Asian banks reassess coronavirus plans • Russian Premier League marks Tinkoff’s boldest marketing deal • Subscription-only bank Aion launches in Belgium • Virgin Money to close 52 branches, slash 500 jobs in restructuring • Revolut raises $500m in Series D funding • Grab seeks to expand into consumer banking • Intuit to buy Credit Karma for $7bn 18 VIRGIN MONEY Editor: Group Editorial Director: Director of Events: Editor:Douglas Jonathan Blakey Minter GroupAna Editorial Gyorkos Director: Editorial Executive:Ray Giddings Joe Xxxxxxxx +44 (0)20 74067936 67056856 +44 Ana(0)20 Gyorkos 7832 4396 +44 (0)20 79367406 6512XXXX [email protected]@verdict.co.uk [email protected]+44 (0)20 7406 6707 [email protected]@verdict.co.uk [email protected] Reporter:Senior Reporter:Saad Ahmed Sub-editor: DirectorHead of of Events: Subscriptions: Ray Giddings +44Mohamed (0)20 7406 Dabo 6538 Sub-editor:Nick Midgley Nick Midgley +44Sharon (0)20 3096Howley 2585 [email protected]+44 (0)20 7936 6997 +44 (0)161 359 5829 [email protected]+44 (0)20 7936 6587 [email protected] [email protected] [email protected] News Desk: Head of Subscriptions: +44 (0)20Reporter: 7406 6538 Sub-editor:Publishing Assistant:Sophia Bell Alex Aubrey Evie Rusman Asena Değirmenci +44 (0)20 3096 2603 +44 (0)20 7936 6975 +44 (0)20 7936 6969 [email protected] [email protected] [email protected] Customer Services:Customer +44 Services: (0)20 3096 +44 2603(0)20 or 7936 +44 6587, (0)20 [email protected] 2636, [email protected] Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0261-1740 UnauthorisedFinancial photocopying News Publishing, is illegal. 2012. The contents Registered of this in the publication, UK No 6931627. either in ISSN whole 0956-5558 or part, may not be reproduced,Unauthorised stored photocopying in a data retrievalis illegal. system The contents or transmitted of this publication, by any form either or means, in whole electronic, or part, mechanical, may not be reproduced,photocopying, stored in a data recording retrieval or systemotherwise, or transmitted without the by prior any permission form or means, of the electronic, publishers. mechanical, photocopying,For more recording information or otherwise,on Verdict, without visit our the website prior permissionat www.verdict.co.uk of the publishers.. As a subscriberFor more you informationare automatically on Verdict, entitled visit to ouronline website access at towww.verdict.co.uk Retail Banker International.. For moreAs information, a subscriber pleaseyou are telephone automatically +44 (0)20entitled 7406 to online6536 or access email to [email protected]. Motor Finance. For moreLondon information, Office: Johnplease Carpenter telephone House, +44 (0)20 John 7406Carpenter 6536 Street, or email London, [email protected]. EC4Y 0AN AsiaLondon Office: Office: 1 Finlayson 71-73 Green,Carter Lane,#09-01, London, Singapore EC4V 049246 5EQ Tel: +65 6383Image 4688 resources: Fax: +65 6383 shutterstock.com, 5433 Email: [email protected] Auto Image resources: shutterstock.com follow RBI on twitter @retailbanker 2 | March 2020 | Retail Banker International RBI March 2020.indd 2 10/03/2020 13:51:21 contents march 2020 10 FEATURES 10 06 / AI AND AML 10 / INCLUSION Recent money laundering scandals have The theme of this year’s International exposed weaknesses in banks’ technology, Women’s Day is #EachforEqual, but in such among other failures. Do artificial intelligence a male-dominated sector it can be difficult to and machine learning hold the key to fighting find women in leadership roles. Evie Rusman financial crime? Jane Cooper reports analyses how top banks measure up 08 / VIRGIN MONEY 15 / OPEN BANKING The £60m ($77.5m) rebranding programme Canada faces a radical overhaul with the for Virgin Money is one of the most introduction of Open Banking and real-time significant in recent UK banking history. As payments, creating opportunities for banks, Douglas Blakey reports, it incorporates a new fintechs, payment service providers and generation of Virgin Money stores consumers. Robin Arnfield reports 06 ANALYSIS INDUSTRY INSIGHT 14 / OMNIBNK 22 / ISG Colombia-based OmniBnk provides SMEs While the disruption of Open Banking is well with a digital alternative to bank business underway, in reality only a tiny proportion loans. It is able to extend credit to SMEs by of banking services have opened up. This has evaluating a company’s financial health using 08 already taken its toll on the traditional banking real-time data. Robin Arnfieldreports model, writes ISG partner Bryn Barlow www.retailbankerinternational.com | 3 RBI March 2020.indd 3 10/03/2020 13:51:25 11th Annual Retail Banker International Asia Trailblazer Summit & Awards 2020 9 October 2020 Singapore Share experiences, challenges and opportunities with an unrivalled selection of peers from the private banking and wealth management global community. Register now on rbiasiatrailbalzer.verdict.co.uk RBI March 2020.indd 4 10/03/2020 13:51:25 editor’s letter Editor’s letter first direct, metro bank and nationwide refuse to relinquish the top three Douglas Blakey, Editor lus ça change, plus c’est la même chose: First Direct RBS versus NatWest top, RBS bottom. The results are released just after RBS announces P The latest CMA personal banking service quality long-overdue plans to rebrand at group level from RBS scores are in, and yet again First Direct, Metro Bank and to NatWest. And the relative strength of the NatWest th Nationwide dominate. Indeed, it will really represent a brand compared to RBS is highlighted by the CMA 11 Annual Retail Banker big news story if either First Direct or Metro does not rankings. For overall service quality, NatWest ranks sixth rank top for service in such a survey. equal with 61%, against RBS last with 46%. For online International Asia Trailblazer It is a case of same old same old, with First Direct, and mobile, NatWest ranks ninth with 76%, against RBS Metro Bank and Nationwide the top three ranked. at 12th on 70%. NatWest and RBS both score weakly in Summit & Awards 2020 And yet again, Royal Bank of Scotland ranks last (46%). the services in branches ranking: NatWest is third bottom But this time, First Direct just pips Metro Bank by one with 63%, while RBS is last with 50%. 9 October 2020 percentage point (83% v 82%) for overall service quality. New RBS group CEO Alison Rose – or rather the new Singapore Nationwide (74%) again ranks third highest of the 16 NatWest CEO, as we have to get used to saying – has a largest personal current account providers. huge challenge on her hands to improve its CMA scores. The last UK personal banking service quality scores And then there is its expensive and unnecessary digital were published in August 2019. On that occasion, Metro sub-brand, Bó. It is surely only a matter of time before Bank and First Direct were joint first, each with 82%, that experiment is quietly killed off. ahead of Nationwide with 74%. At the bottom of the Mutuals continue to rank top in Australia class, RBS scored 46%, some way behind the next two Meantime, mutuals Heritage Bank and People’s Choice weakest performers. Six months ago Cooperative Bank Credit Union continue to dominate the JD Power and Tesco Bank both scored 55%; Clydesdale and TSB, Australia Bank Brand Authenticity Study. Share experiences, challenges and both on 56%, rounded out the bottom five. Customer-owned banks rank highest in perceived Personal banking service quality: RBS remains bottom brand authenticity (569 on a 700-point scale). Top of opportunities with an unrivalled selection There is little change at the bottom of the league with the poll is Heritage Bank with a score of 605, ahead of RBS still scoring 46%; Tesco Bank (49%), TSB (55%) and People’s Choice Credit Union with 576. Commonwealth of peers from the private banking and Clydesdale and Yorkshire Bank and Coop (56%) also still Bank ranks highest out of the Big 4 banks in perceived have work to do. brand authenticity (489), with ANZ (474) bottom. Personal current account holders are asked how Customer trust in Australian banks is only improving wealth management global community. likely they would be to recommend their provider – in slowly. Nearly a third (31%) of customers do not particular, their provider’s online and mobile banking, completely trust their primary bank, down from 34% in branch and overdraft services – to friends and family. 2019. The Big 4’s customers are more likely to perceive The results show the proportion of customers who said their bank as profit-driven rather than customer-driven. they were ‘extremely likely’ or ‘very likely’ to recommend ….and finally each service. Ipsos Mori carried out the independent As RBI March goes to print comes the cheery news that survey between January and December 2019. fiscal 2019 goes down in the record books as the second- Metro tops for branches, online and mobile most-profitable year ever for US banks. In total, US banks For many, the perception of Metro Bank is of a branch (or reported net income of $233.1bn in 2019, down by just store) focused provider.
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