The banking industry faces a watershed moment, with banks re-evaluating strategies and accelerating plans to digitally transform
Marqeta, the global modern card issuing platform, today released a report that examines how banks intend to change their strategies in response to the COVID-19 pandemic. According to the findings, COVID-19 has had a significant impact on almost all (96%) European banks, with over three-quarters (78%) planning to change their future banking strategy to adapt to changes in consumer behaviour, such as the accelerated adoption of digital banking services and cashless payments.
The study of 200 banking executives found that, as a result of growing demand for digital services, 80% of banks have accelerated their plans to digitally transform. Banks also predicted that digital transformation projects will need to be delivered in two-thirds (69%) of the time, with 89% saying that the COVID-19 pandemic has drastically increased the speed of change in banking
In today’s top news, the Federal Reserve and seven central banks are collaborating on a framework for digital currency, and Amazon India prepares for its festive season with a $95.5 million boost. Plus, Affirm files for an IPO.
The Federal Reserve is collaborating with seven central banks and the Bank for International Settlements (BIS) to hammer out a framework for digital currency. However, Jon Cunliffe, deputy governor at the Bank of England (BoE) said that he did not think any single approach to a central bank digital currency (CBDC) would end up dominating.
Amazon India Gets $95.5M For Month-Long Festive Season
Amazon India got an infusion of 7 billion rupees ($95.51 million) in advance of the upcoming festive season, which kicks off with sales on Saturday, Oct. 17, ahead of Hindu festivals Dussehra and Diwali.
Goldman Sachs “is buying General Motors’ credit card business for about $2.5 billion, a deal that furthers the Wall Street giant’s push into Main Street lending.” The bank, “a newcomer to the credit card space, won the bidding over Barclays, people familiar with the matter said, handing the Wall Street firm more than a million GM cardholders and their roughly $8.5 billion in annual spending.”
Goldman and Capital One, “which has issued GM’s card since 2012 and still has about a year left on its contract, have agreed on the outline of a deal, including the purchase price,” the Journal said. “It is the second win in the credit card sector for Goldman, which launched its first credit card last year with Apple Inc. and is on the hunt for other deals in co-branded cards.”
Finance Minister Nirmala Sitharaman on Tuesday launched ‘MSME Prerana,’an online business mentoring programme for MSMEs by the state-run Indian Bank.
The programme — which will be available in local languages — is aimed at empowering entrepreneurs through skill development and capacity building workshops, the bank said in a release.
“Indian Bank has taken an out-of-the-box initiative in launching MSME Prerana, which will handhold the entrepreneurs through a mentoring programme. This novel initiative shall further inspire others in the banking sector to adopt similar measures,” Sitharaman said.
The initiative was launched by the finance minister at the bank’s corporate centre in Chennai.
Financial Services Secretary Debashish Panda, who also participated in the launch event through video conferencing, delved on the various initiatives taken by the government to support MSMEs.
The initiative is in collaboration with Poornatha & Co, a firm that designs entrepreneurial development programmes in vernacular languages, using online
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
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DENVER, Oct. 05, 2020 (GLOBE NEWSWIRE) — Community Banks of Colorado, a division of NBH Bank(the “Bank”) is honored to be recognized in 2020 as Start Up and Job Creation Lender of the Year as part of the U.S. Small Business Administration’s Colorado District Office’s Annual Awards.
“At NBH Bank, we believe the entrepreneurial spirit is the foundation of our communities, and we utilize SBA loans to provide responsible financing that supports that spirit. This award is really a testament to the vision and hard work of our clients, without whom this honor would not be possible,” said Mark Abell, SBA Division Director at NBH Bank.
The Bank was selected to receive this award based on the number of loans it made in the special categories of job creation and