Bank of Baroda will be focusing more on digital transformation. The firm will improve user experience with NCR ATM as a Service.
The Bank of England's Financial Policy Committee discussed concerns over consumer credit defaults in its recently released minutes; credit card, bank loan and car loan borrowing has increased and the Bank is also concerned about prolonged interest free offers and eased underwriting standards; stress testing has revealed potential losses for banks of 18.5 billion British pounds ($23 billion) on their consumer credit loans and 11.8 billion British pounds ($15 billion) on their mortgage loans; as the Bank monitors consumer lending, it is likely new constraints will be required to manage risks in the new economic environment. Source
In a recent speech on the future of money Bank of England Governor Mark Carney said a ban on crypto would stifle the useful innovation with blockchain; Mr Carney tells the FT about payment systems needing to change, “These must now evolve to meet the demands of fully reliable, real-time, distributed transactions.”; he also talked about the community driven approach to the tech and the many use cases for it that increases efficiency and transparency around systems that are in need of an upgrade. Source.
While regulators in the U.S. and around the world had mainly negative things to say about Facebook’s new Libra digital...
The Bank of England has teamed up with the Massachusetts Institute of Technology on a twelve-month research project on central bank digital currencies.
On Wednesday, the governor of the Bank of England, Mark Carney, said that fintech could signal an end to the traditional bank model; this could also increase herding risks, adding "As those risks emerge, authorities can be expected to pursue a more intense focus on the regulatory perimeter, more dynamic settings of prudential requirements, a broader commitment to resolution regimes, and a more disciplined management of operational and cyber risks."; Mark Carney is also chairman of the Financial Stability Board which will report to the G20 in July on risks and rewards in fintech. Source
For the first time the Bank of England intends to offer tech companies the chance to have accounts at the...
The Bank of England has begun to explore how to manage risks generated by the rapid initial growth of decentralized finance, or ‘DeFi’ applications.
While publishing the results of the latest stress tests on the UK’s biggest banks the Bank of England warned that fintechs could take significant market share; the Bank of England identified three main areas of concern for banks: competition from fintechs, cost reduction while delivering services and low interest rates; these key areas could hurt profitability at banks in the coming years and app based disrupters could be the beneficiaries. Source.
FT Alphaville analyzes a new report by the Bank of International Settlements (BIS) which looks at central bank cryptocurrencies; the biggest takeaway as the FT points out is central banks could add to the pool of anonymous cash in the system by digitizing currency in such a way that digital accounts remain anonymous. Source