Banking

According to the FRB, US banks had 4,821 branch closures between 2009 and 2014. The number accounted for around 5% of the bank branches in the country.

One of the most aggressive and swollen financial industry segments is investment banking.

A 2015 research report on the smartphone industry in the US states that 64% or two-thirds of Americans have a smartphone. This is indeed a 35% rise in the past four years.

BBA, Payments UK, the Council of Mortgage Lenders, the UK Cards Association, and the Asset Based Finance Association are set to merge their efforts to create a more substantial lobbying power, backed by nine British banks, including HSBC, Lloyds and Barclays, and building society Nationwide.

The PSD2 (Revised Payment Service Directive) – going to be implemented across SEPA (Single Euro Payments Zone) in 2018 – will bring about many changes to how financial services are delivered to customers.

While it is hard for a first-world millennial to imagine not paying bills or rent online or not having money in a savings account, there is a massive portion of the world’s population that doesn’t even have that opportunity.

Spectacular growth has made Tinkoff the third-largest bank in terms of the number of customers.

Under the Payment Services Directive (PSD2), the digital revolution of making payments online is now regulated at a community level.

Anyone who has ever cashed in a cheque would have realized how cumbersome and lengthy the process is given the digital age we live in.

According to a prediction by eMarketer, 22% of all retail commerce sales in the US will come from purchases made on mobile devices.

This article explores what is new from the AI and ML desk to help FIs in fraud detection and prevention.

PSD2 aims to reduce the entry barriers for a FinTech firm and enhance consumer protection & convenience.