International Banker Authoritative Analysis on International Banking
Corporate Culture Holds the Key to Risk Resilience in Times of Crisis
by Prashant on July 9, 2020 at 8:17 am
The COVID-19 crisis has imposed new requirements on banks. Social distancing necessitates that employees work remotely, rendering a bank more vulnerable to cyber-hackers. A bank’s culture has never been more critical than it is now at every level of the hierarchy. From the top down, employees must be guided by company values, by the goal of doing their jobs right. How can management avoid new crises through lapses in culture? The post Corporate Culture Holds the Key to Risk Resilience in Times of Crisis appeared first on International Banker.
Data Is a Powerful Tool for Accelerating Financial Inclusion Among Women
by Prashant on July 8, 2020 at 8:47 am
Despite claims from bankers to the contrary, data confirms that a gender-financing gap exists, especially in MENA countries, generating a drag on their economies. Female entrepreneurs are often more successful than their male counterparts but face more barriers to credit. The data highlights the problem but also the opportunities that banks are needlessly missing by not working more closely with female entrepreneurs, who have proven they are good for business. The post Data Is a Powerful Tool for Accelerating Financial Inclusion Among Women appeared first on International Banker.
Why Banks and Not Platforms Will Be the Future of Funding SMEs
by Prashant on July 7, 2020 at 8:29 am
Small and medium-sized businesses need reliable lenders, but they are often viewed warily by credit institutions. That could provide an opportunity for Big tech that use alternative data to credit score SMEs and help them optimise their financial performance. However, it is banks that will be the future of SME funding because they have financial data, can guarantee data privacy and have no conflicts of interest with their clients. The post Why Banks and Not Platforms Will Be the Future of Funding SMEs appeared first on International Banker.
The New “Business as Usual”
by Prashant on July 6, 2020 at 8:16 am
Global upheavals on the scale of COVID-19 inevitably change “business as usual” permanently. Once the lockdown lifts, the reboot will begin, but how will it look? New approaches to evaluating risk and return will be needed to traverse the new financial landscape and efforts to scale up investments to reach the targets of the Sustainable Development Goals even more critical. How we approach the challenge and build sustainability into the recovery plans will be of great consequence and essential to improving resilience against future global threats. The post The New “Business as Usual” appeared first on International Banker.
How AI Is Changing Customer Experience
by Prashant on July 2, 2020 at 8:34 am
While COVID-19 is decimating some industries, it is giving a boost to others, including the employment of artificial intelligence in the banking industry. As customer access to human staff is curtailed with disruptions such as branch closures, well-configured chatbots and virtual assistants are stepping up to the plate. And the banks that are best equipped for AI implementation are enjoying such advantages as cost savings along with improved customer experience. The post How AI Is Changing Customer Experience appeared first on International Banker.
New Rules for International Banks that Provide Cross-Border Financial Services in Switzerland or Produce Financial Instruments for the…
by Prashant on July 2, 2020 at 8:26 am
Switzerland has long been a financial hub for international banks, but regulations have stiffened in recent years. The new Swiss Financial Services Act that came into effect on January 1, 2020, has tightened the noose further. What do banks that provide financial services in Switzerland and/or provide financial instruments for the Swiss market need to know to negotiate safely the duties and obligations that the new law requires of them? The post New Rules for International Banks that Provide Cross-Border Financial Services in Switzerland or Produce Financial Instruments for the Swiss Market appeared first on International Banker.
The Crisis Will Be Lengthy, and No Sharp Upturn Lies Ahead
by Prashant on July 1, 2020 at 7:56 am
Often we turn to history for answers to questions arising from crisis, but with the COVID-19 pandemic, there are few models to which to refer. From an economic standpoint, there are more uncertainties than certainties, especially regarding the duration and what life will look like in the post-crisis “normal”. One thing is sure: recession has spread to every corner of the earth, and it is likely to be without precedent. The post The Crisis Will Be Lengthy, and No Sharp Upturn Lies Ahead appeared first on International Banker.
An Updated Bank Secrecy Act/Anti-Money Laundering Examination Manual and the Implications for Your Financial Institution: Additional…
by Prashant on June 29, 2020 at 8:22 am
The COVID-19 pandemic has not released financial institutions from their obligations to deal with money-laundering and terrorist-financing risks within their operations. In mid-April, the US FFIEC released its updated BSA/AML Examination Manual, geared for examiners who are assessing a bank’s compliance. Even though the Manual was not written directly for them, banks would be wise to familiarize themselves with its standards and requirements to ensure they are up to speed. The post An Updated Bank Secrecy Act/Anti-Money Laundering Examination Manual and the Implications for Your Financial Institution: Additional Guidance, or New Areas of Regulatory Risk? appeared first on International Banker.