Tue.Feb 18, 2020

If you’re API and you know it, block aggregators

Chris Skinner

I bumped into a real API marketplace the other day.

HSBC to shed 35,000 jobs globally in major restructuring

Mobile Payments Today

The London-based bank will slash 35,000 jobs worldwide, shift much of its focus to Asia and close a large number of U.S. branches, as part of a major restructuring of its global operations

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Things worth reading: 19th February 2020

Chris Skinner

Things we’re reading today include … HSBC to slash investment bank, 35,000 jobs in strategy overhaul What’s gone wrong at HSBC?

Taxes 246

Facing pressure, HSBC rethinks US strategy

Bank Innovation

HSBC, a global bank with $2.7 trillion in assets, is blazing a new path for its U.S. business as it cuts $4.5 billion in costs and reallocates capital away from underperforming units.

Three steps to implementing digital process automation in your bank

Accenture

Guest bloggers Richard Gillespie-Brown, Helen Bayliss and Nicholas Kitson explain how a bank’s centre of excellence can unlock customer and colleague value by overcoming hurdles to automating digital processes.

A one-branch credit union with a global reach serves members through messages 

Bank Innovation

The Dow Chemical Employees’ Credit Union, which has 68,000 members around the globe and only one branch, is using in-app messaging to more efficiently reach members. “We We can now reach out to [members] in a secure fashion without them having to contact us first,” COO Art Peters said. “We

More Trending

HSBC reboot fizzles, sending stockholders looking for the exits

Bank Innovation

HSBC Holdings Plc Chairman Mark Tucker promised a strategy reboot. Investors got what some called more of the same — pledges to cut costs and do more with less.

Mastercard: Online Platforms – And Data – Help Cities Tackle Urban Challenges

PYMNTS

Bright lights, big (and small) cities and Big Data. In the drive to modernize, scale and handle burgeoning populations, cities are harnessing the power of data collection and analytics to improve infrastructure and services.

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YieldStreet launches Prism Fund in partnership with BlackRock

Bank Innovation

Alternative investment platform YieldStreet Tuesday launched the YieldStreet Prism Fund, a closed end fund sub-advised by BlackRock.

Zoku Sushi: Ghost Kitchens Are Key To Winning The Delivery Wars

PYMNTS

Quick service restaurants (QSRs) are trimming store sizes and shifting priorities onto fulfilling digital orders as quickly and smoothly as possible.

The State Of Fintech: Investment & Sector Trends To Watch

CB Insights

2019 saw fintech reach an inflection point on a global scale, pulling in $34.5B across 1,913 deals. REPORT HIGHLIGHTS: Q4’19 saw approximately $9.4B invested across 452 deals. Funding saw a boost from mega-rounds ($100M+) including a $1.7B

Volocopter, Grab Partner On Air Taxi Study In Southeast Asia

PYMNTS

German urban air mobility startup Volocopter is partnering with ridesharing and payments startup Grab to launch a joint feasibility study to bring air taxi services to Southeast Asia, Volocopter announced on Tuesday (Feb. 18) in a blog post. .

Study 176

Bloomberg tacks left on financial regulation. Should banks be worried?

American Banker

Years after criticizing the Dodd-Frank Act, the Democratic presidential candidate and former New York City Mayor Michael Bloomberg is now taking a page from the Elizabeth Warren playbook. Volcker Rule Election 2020 Elizabeth Warren Bernie Sanders CFPB Regulatory reform FSOC

PSCU’s Lumin Enables Digital Payments For TN Credit Union

PYMNTS

The PSCU company Lumin Digital has signed Bartlett, Tennessee-based First South Financial credit union to a multi-year digital banking and cloud computing agreement, Lumin announced on Tuesday (Feb.

Will banks get caught up in facial recognition backlash?

American Banker

Consumer advocates and policymakers are railing against use of the technology by government, universities and others. Banks using it for authentication need to tread cautiously, experts say. Authentication Biometrics Identity verification Facial Recognition Mobile banking

Fighting Fraudsters At The FI/Customer Journey Starting Line

PYMNTS

In the battle against fraudsters, financial institutions (FIs) must start at the beginning – literally. FIs are increasingly vulnerable as they race to become digital – and omnichannel – in a bid to offer customers as much choice as possible.

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LendingClub to acquire Radius Bancorp for $185 million

American Banker

The online lender's deal for Boston-based Radius would be the first in history in which a fintech buys a mainstream bank. Consumer lending Fintech Lending Club M&A

Deutsche Bank To Help Sri Lanka With Digital FX

PYMNTS

Deutsche Bank announced on Tuesday (Feb. 18) that it would improve its Sri Lanka operation with the launch of a new digital foreign exchange (FX) program, reports said.

Privacy rights face the rise of biometric security

ATM Marketplace

A pair of lawsuits against Compass Group USA seek damages over the way the company collects and stores biometric information from fingerprint readers on certain vending machines

Malaysian eCommerce Firm Takes 7-Figure Stake In BizApp

PYMNTS

Commerce.Asia, an all-in-one eCommerce and technology company, has purchased a 30 percent stake in business platform BizApp, which helps businesses and brands manage daily operations and order fulfillment, according to a report by DealstreetAsia.

HSBC restructuring plan gets cold greeting

American Banker

The bank's announcement that it will slash about 35,000 staff and take $7.3 billion of charges prompted its stock to tumble and renewed questions about the bank's direction and lack of a permanent CEO. Expense management Earnings HSBC

Cereal Makers Aim To Move From Sweet Tooth To Healthy Profit

PYMNTS

You better eat your Wheaties. At an average of $3.74 a box, even with Russell Wilson or Serena Williams on the cover, it has been a staple of the General Mills cereal business as it competes for shelf space along with Kellogg’s Corn Flakes, Cheerios or Frosted Flakes.

Bank faces backlash on Tubman card; HSBC to cut costs, workers

American Banker

Black-owned OneUnited is getting grief for its depiction of the abolitionist on a debit card; the bank plans $4.5 billion in cost cuts, with 35,000 jobs cut. Layoffs Election 2020 Debit cards Deutsche Bank Auto lending HSBC

Cards 73

IKEA Allows Consumers To Use Time As Currency

PYMNTS

With a move that could change how shoppers buy merchandise, IKEA is allowing consumers to essentially pay with their time.

Google 163

HSBC scales back U.S. retail expansion amid another global restructuring

American Banker

The bank still plans to open branches on the West Coast even as it trims its overall U.S. footprint by 30%. Restructuring Expense management Branch network Earnings Growth strategies Consumer banking Commercial banking HSBC

Building A Snack Bar Brand Around Simple Ingredients With eCommerce

PYMNTS

Before Taylor Jones started Jonesbar , he had been subsisting on energy bars as he lived a busy professional and athletic life. And he had eaten many different varieties of them. “I’ve I’ve tried every single one under the sun,” he told PYMNTS in an interview.

KeyCorp promotes Victor Alexander to head of consumer banking

American Banker

Alexander most recently headed up mortgage lending and before that co-led the integration of Key's acquisition of First Niagara. He replaces Dennis Devine, who recently left the company. C-suite M&A KeyCorp Consumer banking Succession planning

Curating The Confusion Out Of Clean Beauty

PYMNTS

As the wellness trend has expanded and intermingled with the beauty and cosmetics industry, the term concept of “clean” beauty has increasingly risen to prominence. What exactly that term means can vary.

Payment card data drives the newest breed of corporate-expense tools

Payments Source

As faster payments change how quickly companies get paid, these same organizations are looking to add speed to the way they manage internal expenses. Expense management Data management Payment processing Cards

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HSBC Reorganization Slashes 35K Positions, $100B Assets

PYMNTS

Europe’s biggest bank by assets, HSBC , is slashing 35,000 jobs and $100 billion in assets as it moves to streamline business functions in the U.S., mainland Europe and its investment bank, the Wall Street Journal (WSJ) reported on Tuesday (Feb.