Banking of the future stories

[natweststaffmember]

Thought I would start a thread an update it where I see technology that is being rolled out and that may be part of banking in the future. Will be back with a Barclays story shortly








NatWest offers mobile international money transfer service

UK account holders will be able to transfer cash to Poland via mobile phone
Written by Angelica Mari
Computing, 22 Dec 2008
NatWest has announced a partnership with Polish bank PKO BP for a commission-free mobile money transfer service for UK account holders.
Customers can use the service via mobile or phone banking after signing-up via a web site which automatically enables international money transfers once the verification process is complete. The bank claims that the web site is secure.
The service will initially be available to holders of NatWest's Welcome account for Polish migrants in the UK, but is expected to be extended to other countries.
"Mobile phone banking is the fastest growing banking channel in the world and NatWest is committed to being at the forefront of this exciting phenomenon," said Roy Vella, group director of mobile at NatWest.
"We recognise that our customers want to move this money as cost effectively, securely and conveniently as possible, and often when they are on the move.
"With this in mind, we think they will really benefit from this innovative new service, especially at a time when they will want to access their finances back home at Christmas."
The service is provided by supplier Monilink.


Source: Natwest claims first with mobile money transfer - Financial Services - Breaking Business and Technology News at silicon.com
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Barclays opens bank of the future

Author:Karl FlindersPosted: 11:09 19 Dec 2008 Barclays bank has opened a branch in Piccadilly Circus to demonstrate how technology is changing the way the bank can serve customers.
The branch will use touch-screen technology, known as Microsoft Surface,to allow customers to access information and services.
The conceptual branch, which takes up 8,000 square feet in Piccadilly Circus, is part of a programme to refurbish its entire network of 1,733 branches in the UK.
The bank is piloting Microsoft's Surface technology, which enables users to interaction with digital content through natural hand gestures and touch.
Staff will also walk around with handheld PCs to help customers and the branch has alarge self-service area including a foreign ATM dispensing dollars and Euros and deposit machines for cash, cheques and coins.
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The branch will officially open in January.
Mike Amato, chief distribution and product officer at Barclays said the bank has taken inspiration from retailers such as Apple and ****,and is trying to attract and engage individuals and educate them about the Barclay's brand.
"We have embraced innovative technology and design which we expect to attract the interest of the Piccadilly community in an innovative and generous way and of course enable our customers to be able to interact with us in the way that suits them and in surroundings that are comfortable and accessible for all."
Barclays Bank is currently involved in a multimillion-pound programme to update the IT in its network of branches as part of a company-wide drive to improve the efficiency of its computer systems and reduce overheads.
The bank is spending an estimated £200m to replace outdated branch hardware and software, networks systems, storage systems and its automatic teller machine (ATM) infrastructure with state-of-the-art equipment, through a mixture of outsourcing and in-house development.





Source: Barclays opens bank of the future | 19 Dec 2008 | ComputerWeekly.com

[Smasher]

Re: Banking of the future stories

Not sure if this 'fits' in this thread, but you can move it if not. Its an interesting article of how banking might look in 2009.
BBC NEWS | The Reporters | Robert Peston

[Amethyst]

Re: Banking of the future stories

Good article

We are the banks

• Robert Peston
• 24 Dec 08, 08:55 AM

The past 18 months was a story about the collapse of lending to banks and by banks - and about how we as taxpayers came to the rescue by providing £600bn of loans, guarantees and capital to the banks, to keep them afloat.
The story of the next year will be about the implications of this continued shrinkage in the availability of credit and about the implications of this massive, unprecedented support given to banks by taxpayers.
As a nation, our fortunes in 2009 will be conspicuously tied to the fortunes of our banks as never before.
First, an economic recovery rests on the ability of banks to support viable businesses during what increasingly looks like a severe recession.
Second, and as important, the balance sheet of the British public sector can be seen as the aggregated balance sheet of some substantial banks - because the state now controls three banks, Northern Rock, Bradford & Bingley and Royal Bank of Scotland, and will have a huge stake in a soon-to-be created fourth, LloydsTSB/HBOS.
It means that if the perceived credit-worthiness of our banks - with their trillions of pounds of assets and liabilities - were to deteriorate further, that would have an impact on the perceived credit-worthiness of the state.

As never before, it matters to all of us that the banks run themselves in a prudent way. In an extreme and highly unlikely case, if the markets viewed our banks as recklessly managed basket-cases, that would have an impact on the value of sterling and on the ability of the government itself to borrow.
So our prospects and welfare depend to a huge extent on an institution that was created a few weeks ago by the Treasury to manage its investments in the banks, UK Financial Investments (UKFI).
It's probably no exaggeration to say that - for the coming year or two at least - UKFI will be as important to all of us as the Treasury, or the Bank of England or the City watchdog, the Financial Services Authority.
UKFI's primary aim is to "protect and create value for the taxpayer as shareholder" - while also making sure that the banks we own provide "competitively priced" loans to small businesses and homeowners "at 2007 levels".
Those objectives are not quite irreconcilable - in that the banks over which it has sway should be capable of providing substantial credit to the housing and small-company markets without chucking good money after bad, even though this is a dire period of economic contraction and proliferating bankruptcies.
But, for the avoidance of doubt, UKFI has no ability to increase the supply of credit in the economy as a whole.
Remember that the ability of banks to lend is anyway being undermined by losses on the stupid loans they made in the boom years and also by the collapse in the price of houses, property and shares, which slashes the value of vital collateral that backs loans.
So many banks are lending less to big companies, they are lending less for commercial property transactions, they are lending less to City institutions, they are lending less in the form of unsecured personal loans.
Lots of overseas institutions are cutting back significantly on the bounteous credit they provided directly to the real economy in the UK during the preceding few years.
Also many bigger companies that borrow directly on wholesale markets by selling bonds and other securities are finding it much harder and more expensive to raise money.
And credit provided between companies that buy and sell to each other is being massively restricted, by a collapse in the availability of insurance for such credit.
All of which can be summed up as "ouch" for businesses and households - and is the primary reason why some companies are going bust, and why those that will survive are reducing investment and cutting jobs.
So even with £600bn and rising of support for banks from taxpayers, our banks simply don't have the resources to keep afloat real companies - manufacturers, exporters - that are vital to the future of the British economy.
Which is why early in the new year, the Treasury will announce details of yet more taxpayer lending, this time to ensure that credit is provided to viable and strategically important companies - such as the more efficient carmakers.
The line between private sector and public sector, which became blurred in 2008, may become almost impossible to see in 2009.

[natweststaffmember]

Re: Banking of the future stories

"Hehe look out for cash deposit machines in natwest branches you can pay notes, cheques and loose coins directly into your account and it credits within a few hours."

I knew I didn't need to start a new thread on this