Speaking on a panel at the annual meeting of the Institute of International Finance in Washington, CEO Jes Staley stated, “There are some tectonic shifts going on, driven by tech and the geopolitical environment…All the banks are very focused on the payments space. That may be where the battleground of finance is fought over the next 15 years.”; cybersecurity is also a top concern for financial firms and the co-head of Deutsche Bank AG’s corporate and investment bank expressed concerns on whether regulators are holding fintech firms to the same regulatory standards. Source
Barclays is launching the My Personal Bank finance service that will link all of a customer’s Barclays based accounts; they are testing the tool with 7,500 Barclaycard Arrival Plus World Elite Mastercard cardholders. Source.
Barclays recently announced Shelton Shugar as the new CIO of the credit card division; in a Q&A with American Banker, Shugar discusses how they plan to compete in the US payment space and ultimately compete with fintechs; he also talks about the company's cloud computing strategy as well as his perspective on voice recognition and chatbots. Source
Looking to stay competitive, Barclays has announced a new digital investment platform that promises to lower fees for investment services; the platform will be available to existing customers in 2017, providing an upgraded dashboard for viewing checking, savings and investment accounts, also adding increased capabilities for direct investments; this will help the bank keep in line with recent fintech innovation as robo advisors are becoming a bigger force in the wealth management space. Source
During a panel discussion at LendIt Europe in London representatives from leading incumbent lenders Lloyds Banking Group (LBG), ING, BBVA, HSBC, and Barclays discussed the challenges faces in the new digital world; topics discussed include cultural transformation, more power in the customers hands and trying to stay on top of the latest tech trends. Source.
Online lender Earnest is working with Barclays to find a potential buyer; seeking buyout at approximately $200 million; firm has raised over $300 million since 2013 and grown to 200 employees. Source
UK bank Barclays has launched a new service for its small and medium-sized business customers; it will now offer the business customers mobile credit applications for loans and overdraft products; loan approvals and funding can be received in an hour. Source
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