ReportWire

Tag: retail banking

  • Canadian transactions: RBC acquisition of HSBC Canada set to close March 28 | Bank Automation News

    Canadian transactions: RBC acquisition of HSBC Canada set to close March 28 | Bank Automation News

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    Royal Bank of Canada’s deal to acquire HSBC Canada for $10 billion, announced in November, is expected to close on March 28.  The bank announced last quarter that conversion activities would likely begin April 1, according to an RBC release. Expenses were up 6% year over year, “adjusting for the acquisition and integration-related costs to […]

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    Whitney McDonald

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  • BMO focuses on digital-first strategy | Bank Automation News

    BMO focuses on digital-first strategy | Bank Automation News

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    BMO continued to deliver on its digital-first agenda during its 2024 fiscal first quarter through innovation and new offerings.   The Montreal-based bank continues to expand its “suite of innovative products,” Chief Executive Darryl White said today during the bank’s earnings call. In December, the CA$1.3 trillion ($960 billion) bank launched its BMO Eclipse Rise […]

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    Whitney McDonald

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  • Scotiabank tech spend climbs 13% | Bank Automation News

    Scotiabank tech spend climbs 13% | Bank Automation News

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    Scotiabank‘s tech spend climbed in the fourth quarter as the bank invested in digitalization and automation to keep up with client demand.  The Canadian bank’s spend on technology during the quarter increased 13% year over year to CA$570 million ($421 million), according to the bank’s earnings supplement.  Total non-interest expenses increased 6% YoY to $3.5 […]

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    Whitney McDonald

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  • 60% of ING’s mortgage applications are video based | Bank Automation News

    60% of ING’s mortgage applications are video based | Bank Automation News

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    LONDON — ING Bank saw increased adoption of its video-based customer service options in 2023, specifically for mortgage applications.  “Almost 50% of customers use digital channels for purchasing banking products,” Lukasz Parzyk, expert lead at ING, said at FinovateEurope 2024 today. “Mobile apps have become the main and often the only element of contact between […]

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    Vaidik Trivedi

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  • Lloyds Bank to reduce costs by $1.5B in 2024 | Bank Automation News

    Lloyds Bank to reduce costs by $1.5B in 2024 | Bank Automation News

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    Lloyds Bank is modernizing its technology and expects to save 1.2 billion pounds ($1.5 billion) through the efforts in 2024.   The London-based bank’s focus on technology aims “to increase the pace and efficiency of change,” Chief Executive Charlie Nunn said today during the bank’s fourth-quarter earnings call.   According to the earnings presentation, the […]

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    Whitney McDonald

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  • FIS leader talks M&A, tech integration | Bank Automation News

    FIS leader talks M&A, tech integration | Bank Automation News

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    Institutions approaching mergers and acquisitions must consider how to combine cultures, business models in addition to their tech stacks.  Tech stack integration doesn’t have to be the most challenging aspect of a merger or acquisition, especially if the institutions are already using the same core provider, Tom Ruppel, vice president and business strategy manager at […]

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    Whitney McDonald

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  • U.S. Bank taps Pagaya for AI underwriting | Bank Automation News

    U.S. Bank taps Pagaya for AI underwriting | Bank Automation News

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    U.S. Bank is using technology company Pagaya to leverage its AI-driven underwriting for personal loans to consumers.   Pagaya’s AI-powered credit decisioning platform will conduct a secondary review for consumers who are usually locked out of the credit market, according to the bank’s Feb. 15 release. Pagaya provides U.S. Bank with a holistic view about […]

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    Vaidik Trivedi

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  • HSBC to boost tech spend in 2024 | Bank Automation News

    HSBC to boost tech spend in 2024 | Bank Automation News

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    HSBC plans to increase spending in 2024 as the bank invests in technology and its people.  Costs are expected to grow to $31.2 billion, up 5% compared to 2023 due to higher technology spend and an increase in staff compensation, according to the bank’s fourth-quarter 2023 earnings release.  HSBC plans to invest in technology for […]

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    Whitney McDonald

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  • Barclays drives savings | Bank Automation News

    Barclays drives savings | Bank Automation News

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    Barclays is saving money and improving its customer experience through technology investments.  Total operating expenses for its investing banking arm were 7.7 billion pounds ($9.4 billion) in 2023, down 6% from 2022, reflecting that investment in talent and technology were driving down costs, according to the bank’s fourth-quarter earnings presentation.   The $1.7 trillion bank […]

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    Vaidik Trivedi

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  • Capital One to buy Discover Financial in $35B stock deal | Bank Automation News

    Capital One to buy Discover Financial in $35B stock deal | Bank Automation News

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    Capital One Financial Corp. agreed to buy credit-card lender Discover Financial Services in a $35 billion all-stock deal to create the largest US credit card company by loan volume. McLean, Virginia-based Capital One will pay 1.0192 of its own shares for each Discover share, a 26.6% premium to the closing price on Feb. 16, the […]

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    Bloomberg News

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  • NatWest saves $315M a year through digitalization | Bank Automation News

    NatWest saves $315M a year through digitalization | Bank Automation News

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    NatWest is saving on costs and improving the customer journey through technology.  “Since 2021, we have delivered run rate savings of around 250 million pounds ($315 million) a year through digitizing customer journeys,” newly appointed Chief Executive Paul Thwaite said during the bank’s fourth-quarter earnings call today. “We continue to simplify journeys across the bank […]

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    Vaidik Trivedi

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  • UBS, Credit Suisse merger by 2026 | Bank Automation News

    UBS, Credit Suisse merger by 2026 | Bank Automation News

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    UBS continues to integrate Credit Suisse into its operations, dealing with high general and administrative costs related to the acquisition.  “There is a significant amount of restructuring and optimization that must take place over the next three years before we can harvest the full benefits of the combination,” Chief Executive Sergio Ermotti said during UBS’ […]



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    Vaidik Trivedi

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  • Truist shakeup continues | Bank Automation News

    Truist shakeup continues | Bank Automation News

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    Bryce Elliott, former chief information officer of wholesale and enterprise functions at Truist Financial, is no longer working at the Charlotte, N.C.-based bank. Elliott’s role at Truist is being taken on by Kelly Buchanan, executive vice president and head of enterprise payments and wholesale technology, and Jay Poole, executive vice president and head of consumer, […]



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    Whitney McDonald

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  • FIs trim headcount, tech spend up | Bank Automation News

    FIs trim headcount, tech spend up | Bank Automation News

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    Major U.S. banks released fourth-quarter earnings over the past month showcasing that they looked to reduce costs – but not necessarily on tech spend as digital banking usership increased.  JPMorgan saw its tech, communication and equipment expense spend jump 7% year over year to $2.4 billion. The New York-based bank’s headcount increased 6% YoY to […]



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    Vaidik Trivedi

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  • Banks in talks to finance $13billion DocuSign buyout deal | Bank Automation News

    Banks in talks to finance $13billion DocuSign buyout deal | Bank Automation News

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    Several Wall Street banks including JPMorgan Chase & Co. and Bank of America Corp. have held talks to provide as much as $8 billion in financing for a buyout of DocuSign Inc. that values the company at around $13 billion, according to people with knowledge of the matter. Jefferies Financial Group Inc. and Deutsche Bank […]



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    Bloomberg News

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  • ING Bank invests in digital infrastructure in 2023 | Bank Automation News

    ING Bank invests in digital infrastructure in 2023 | Bank Automation News

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    ING Bank invested in its digital infrastructure in 2023 and expects to reap the benefits of those tech advancements in 2024 as the bank plans to spend less on technology this year.  The $967 billion, Netherlands-based bank can spend less on tech because it has optimized and automated its know-your-customer processes, reduced front office staff […]



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    Whitney McDonald

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  • Earnings roundup: Digital adoption drives FI investment | Bank Automation News

    Earnings roundup: Digital adoption drives FI investment | Bank Automation News

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    Financial institutions are investing in digital and mobile banking offerings, closing out 2023 with an uptick in digital adoption.  This trend was prevalent in the fourth quarter of 2023 for large and small financial institutions alike.  At Puerto Rico-based, $18.6 billion First BanCorp, digital banking users increased 14% year over year to 443,000, according to […]

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    Whitney McDonald

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  • Huntington CTO to retire | Bank Automation News

    Huntington CTO to retire | Bank Automation News

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    Huntington Bancshares Chief Technology and Operations Officer Paul Heller is set to retire March 1.  Heller has built the technology operations throughout the $187 billion, Columbus, Ohio-based bank since 2012, according to a Jan. 10 bank release. As Heller retires, the bank’s executive team is getting an overhaul. On March 1, the bank will make […]

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    Whitney McDonald

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  • Fifth Third to up tech investment in 2024 | Bank Automation News

    Fifth Third to up tech investment in 2024 | Bank Automation News

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    Fifth Third Bank expects to increase noninterest expenses slightly in 2024 as technology investment ticks up at the bank. Noninterest expenses in the fourth quarter fell 7% year over year to $1.5 million, but are expected to increase 1% overall in 2024, Bryan Preston, executive vice president and chief financial officer, said during today’s Q4 […]

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    Whitney McDonald

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  • Ally sells POS financing business to Synchrony | Bank Automation News

    Ally sells POS financing business to Synchrony | Bank Automation News

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    Ally Financial today agreed to sell its point-of-sale financing business along with its loan books to Synchrony Financial for an undisclosed price.  The $196 billion Detroit-based bank is looking to simplify its organization and move away from sectors where it has no scale to grow after the banking crisis of 2023, Chief Executive Jeffrey Brown […]

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    Vaidik Trivedi

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