Financial Blog

Tanzania: Stan Chart Launches Roll Out of Mobile, Online Banking

STANDARD Chartered has launched an extensive roll out of mobile and online banking in Tanzania and across Africa. The bank said in a statement that the roll out will cover 1 million clients across 8 African markets to become the most extensive digital rollout of its kind in Tanzania and in Africa by an international bank.

Supported by the Banks global-standard technology, clients will enjoy a consistent online experience across laptops, tablets or mobile phones, and the convenience of banking from the location of their choice, the statement said.

In Tanzania, the new Mobile Application went live last week and the Banks customers have been downloading it on their smartphones covering both Apple and Android technology users.

The Banks Head of Retail Clients, Michael Shio, said with the new mobile application, customers could have a single view of their banking portfolio covering accounts, loans and debit cards. They can also perform real time funds transfer processing and access direct communication from the bank in their mailboxes.

The Application is fast, efficient and secure, he said. With the Mobile Application, the Banks customers can also set up beneficiaries to make transfers to and moreover, they can personalize their accounts by adding account nicknames or icons.

"Banking of Things" zeroes in on data from devices, cloud computing

Financial services are aspiring to develop the banking of things through new streams of data created by devices and cloud computing.

A recent article by American Banker explored various facets of banking that was being impacted by the emergence of new connected devices that are creating data at a furious pace.

Indeed some industry experts are trumpeting the advent of a transformative era dubbed 'banking of things'. They see a world of opportunity that capitalizes on the flood of data being produced by the ever increasing global population of internet connected devices in the home and workplace.

In this connected world, with the proliferation of mobile devices and things like wearables, it means banks have the ability to collect enormous amounts of data, said NextAngles vice president. Geri-Lynn Clark.

Fifteen years ago, banks would learn about their customers only when they had major financial events, like applying for a mortgage," she said. "But the ability to collect data now means banks can offer a much more personalized experience to their customers.

Banking means another data tsunami..and more risk

Financial institutions can now reinvest large tracts of money previously set aside for general maintenance and infrastructure upkeep into mining these new data streams thanks to the growth of cloud computing and storage.

For the retail bank [at Citi] a large percentage of the budget was essentially earmarked for infrastructure: data centers, mainframes, said Clark who was previously chief information officer for Citigroups North American retail bank. But now being able to offset in-house costs and move to the cloud for that stuff provides tremendous opportunity.

Alexander Makeyenkov, senior vice president at the DataArt consultancy, also sees this new data windfall as opening doors to the development of innovative new financial products to customers. However, he adds that banks must be cautious about crossing the line between offering helpful new services and being seen as overly intrusive in clients' lives.

Banks need to tread very, very carefully, said Makeyenkov. They need to be very mindful of security, and that they are offering something that provides both a benefit to the customer as well as the bank.

But if innovation-focused financial institutions can find that sweet spot between helpful friend and big brother, they will ride connected technology's data streams, well... all the way to the bank.

RHB group names new Islamic banking CEO

SINGAPORE, July 4 RHB Banking Group, Malaysias fourth largest bank by assets, on Monday named Adissadikin Ali as the head of its Islamic finance operations, with effect from August 1.

Adissadikin, who was earlier the chief executive of Alkhair International Islamic Bank, will serve as managing director and chief executive of RHB Islamic and as head of the groups shariah business.

RHB Islamic and RHB Bank are units of RHB Banking group. (Reporting by A. Ananthalakshmi; Editing by Clarence Fernandez)

Banco Santander (SAN) Stock Plummets With Banking Sector, Jim Cramer's View

Banco Santander (SAN) Stock Plummets With Banking Sector, Jim Cramers View Banco Santander (SAN) stock is retreating as shares of financial institutions take a hit after the UK decided to exit the European Union.

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