According to Financial Times, this marks the first commercially viable trade finance deal using the blockchain; the trade was completed...
HSBC is looking to leverage AI to predict how customers might redeem rewards points; the bank is looking to market specific offerings to the person so they get a tailored experience; the bank has partner with Maritz Motivation Solutions who uses technology to suggest categories to cardholders based on their likeliness to redeem the rewards; with so much competition in the market the bank knows they need to better tailor their experience to the different types of customers they have. Source.
HSBC looks to become the first major UK based bank to comply with open banking; the bank plans to launch a new app that centralizes information about customers’ accounts; the current plan is set for release in the first week of May and the app will be named Connected Money; HSBC’s UK head of retail banking and wealth management Stuart Haire said the new challenger banks have been have been making progress on customer insight; there is still healthy skepticism about how fast open banking will catch on as incumbents have been slow to comply. Source.
JPMorgan Chase, American Express and HSBC said they are leading a $40mn round into Menlo Security; banks are usually a lot more secretive about security investments but they see a wider industry potential in using isolation technology; the technology can better defend against phishing attacks which account for most breaches as employees click on a fake link that then causes malware to infect the computer; when a user clicks on a link they open a browser that really is a one time instance in the cloud and prevents malware from downloading onto a computer; while some big banks have started using the technology more there has not been a significant rush yet. Source.
The partnership is with Bud through first direct and will offer an integrated offering of financial services products and tools across the market; Raman Bhatia stated, “At HSBC we recognise that the sector needs to innovate to meet changing customer needs and we’re investing significantly in digital innovation, including working in partnership with fintechs such as Bud” Source
HSBC has launched Face ID in 24 countries to allow clients to log into the HSBCnet app; HSBC is becoming...
Open Banking kicked off in the UK this past January. Thus far we’ve seen slower adoption among traditional banks, a...
Prime Minister Theresa May announced the start of the R5-SHCH Connect Partnership between London and China; the partnership will allow banks in China to have access to London’s foreign exchange market; the partnership is between London's R5 and the Shanghai Clearing House; companies involved include HSBC, LSE, BP, Standard Chartered and Standard Life Aberdeen; Jon Vollemaere, CEO of R5 commented to Finextra, “The new service offers benefits for all institutions trading FX. It provides Chinese banks with increased access to the global FX market, it enhances liquidity in major currencies, and it advances the internationalisation of the RMB.” Source.
HSBC intends to launch a new product in 2018 to address problems they see in the automated investment market; the new product is dubbed robo-advising 2.0 by Dean Butler, HSBC’s head of retail wealth; it will provide holistic financial advice and will eventually include recommendations for other products such as pensions and insurance. 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.