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Brits Wary of New Technology in Banking, Despite High Demand

63 percent of Brits have never used fingerprint or voice recognition to log in to their bank’s app 52 percent rate face recognition as secure and just 35 percent rate voice recognition as secure 70 percent still go into a branch to access services from their main banking provider Yet, over two thirds (69 percent) agree banks should deliver the latest technologies to their customers and 80 percent believe banks should work together to ensure the latest payment systems work everywhere While British consumers expect their banks to ensure that the latest technology is available, consumers’ rate of adoption does not necessarily meet the rate of innovation. Nearly a third (30 percent) of Brits say their bank is over-ambitious introducing additional services on different devices, saying they do not need or want more ways to interact. At the same time, over two-thirds (69 percent) expect their bank to be delivering the latest technology to them and a third (34 percent) say that since they started using devices to manage their money, their financial goals are clearer. These are the findings of global bank ING, which published its seventh ING International Survey on ‘New Technologies’. The study of 14,824 respondents in 15 countries, including 13 across Europe, suggests that while Brits are optimistic about having the latest financial technology available to them, they are not necessarily adopting it as fast as it is becoming available. For those who are using devices (i.e. tablets, phones or wearables) to manage their money, many agree they are keeping a closer track of their finances. Since they started using devices to manage their money, 67 percent say they view their account balance more frequently, 32 percent say they take less risk with their money and 41 percent say they now think about money more.  While Brits are optimistic about having the latest financial technology available to them, they are not necessarily adopting it as fast as it is becoming available. The conflicting views on expectation vs adoption may be due, in part, to a lack of trust in technology and concerns over the security of how we interact with tools. Only half of Brits (52 percent) rate facial recognition as a secure tool. This coupled with two in ten (22 percent) who believe voice recognition is not secure, indicates a gap between services provided and accepted amongst consumers. Phil Bindley, Managing Director of The Bunker told TFT: “Trust is a key factor for the adopting of technology and cloud based services. As organisations and individuals adopt new enabling technologies in the world of all things financial, businesses operating in this space will need to demonstrate they have robust and secure ways of not only identifying individuals, but in securing that personal data under their control.” Further to this, 62 percent of people in the UK aren’t comfortable with a computer programme making investment decisions on their behalf and 41 percent say no to receiving recommended improvements to their spending habits from robo-advisers. In fact, 70 percent say they maintain the use of their local bank branch, in most cases in addition to the use of technology to access banking services. When it comes to awareness around financial data sharing innovations, such as the Second Payment Services Directive (PSD2), many are in the dark. 52 percent of Brits say they are not aware that in some countries, providing consent is given, financial providers can access information held by other companies (i.e. your bank).  Similarly, 64 percent say they would not be happy to use this and only 23 percent say it would be useful, signifying that more can be done to alert consumers to the potential benefits of these latest banking developments. Jessica Exton, Behavioural Scientist at ING, said: “Many people are now mobile bankers, using multiple devices to manage their money on the go and across different platforms. Yet while a large majority agree that the latest financial technologies should be available to them, when it comes to newer digital ways of managing money, we see some hesitance around adoption. Concerns about security, privacy and maintaining control of finances appear to be key barriers. Over time and if new digital approaches are shown to be reliable, useful and socially accepted, it is possible that the uptake of services such as automatically generated advice for budgeting and even investing could be rapid. That was the experience with the uptake of mobile banking. Consumers indicate that they want banks and other financial institutions to stay in the lead by developing new ways to help them manage their money despite any reluctance to accept them immediately.” The post Brits Wary of New Technology in Banking, Despite High Demand appeared first on The Fintech Times.
The Fintech Times

TAP: What Tap.Global Crypto Trading and Banking Card Looks Like

What Is TAP? TAP is a digital platform that enables you to get split-second access to crypto trading and banking. This is possible with the revolutionary TAP app and card, which enable you to seamlessly trade fiat and cryptocurrencies. With the TAP tools, you are also able to convert your crypto assets instantly, giving you […]
Bitcoin Exchange Guide

Bird’s Eye of Blockchain in Banking by 2020: DLT Tech Integration Into Traditional Banking

Traditional banking has recently begun adopting Blockchain technology, improving customer trust, ease of use, and saving money for the banks involved. With an obvious capacity to revolutionize many systems, Blockchain is predicted to bring the banking sector to the next level by 2020 – if traditional banking is smart enough to widespread adopt the tech […]
Bitcoin Exchange Guide

Bitcoin-Bashing Banking ‘Cartels’ Fined €1 Billion For Currency Manipulation

The European Commission has fined five banks, including the anti-Bitcoin JP Morgan, a total of over €1 billion for currency rigging. Traders clubbed together into ‘cartels’ to manipulate the foreign exchange market between 2007 and 2013. You Can Trust The Big Banks… To Help Themselves The “Banana Split” cartel involved traders from Barclays, RBS, Citigroup, and JP Morgan, which face penalties of €811 million in total. Traders from Barclays and RBS traders, along with MUFG, were also in the “Essex Express” cartel, and received €259 million in fines. Swiss bank, UBS, was also involved but avoided financial penalties for grassing alerting the authorities to the cartel’s existence. The traders used online chatrooms to exchange trading plans and co-ordinate strategies. This enabled them to “make informed market decisions on whether to sell or buy the currencies they had in their portfolios and when.” Competition Commissioner, Margrethe Vestager, said the banks had “undermined the integrity of the sector at the expense of the European economy and consumers.” In January, JPMorgan stated that Bitcoin would only be valuable in a dystopian environement after its CEO called it a ‘fraud.’ And It’s Hardly A One Off But this is just the latest in a seemingly endless parade of fines imposed on the big banks for misconduct. From forex manipulation to money laundering, via straight-up fraud; if there’s money in it, a minor thing like illegality won’t stop the banks getting involved. RBS has already said that its €249 million share of the fines is “fully covered by existing provisions.” Despite talk about strengthening procedures and implementing change, it seem that the banks have little incentive to alter their behaviour. Fines, it would seem, are just an occupational hazard. However, on this occasion, the Commission’s judgement could be an open invitation for impacted parties to sue the banks. According to lawyer, Lambros Kilaniotis: If they haven’t already, any party involved in forex trading, such as institutional investors, pension funds and large corporates, should now be reviewing what losses they have incurred The Same Big Banks Who Routinely Decry Bitcoin Yes, the level of hypocrisy the big banks display is in some ways quite impressive. Whilst regularly bashing bitcoin as a tool for market manipulation, fraud, and money-laundering, they keep getting caught doing exactly what they accuse Bitcoin of enabling. Should we ask the post office what they think about email? Or the taxi driver about Uber? No? Then perhaps it’s time to stop asking bankers what they think about bitcoin and just let them pay their slap-on-the-wrist fines. Would bitcoin help curb fraud perpetuated by big banks? Share your thoughts below! Images via Shutterstock The post Bitcoin-Bashing Banking ‘Cartels’ Fined €1 Billion For Currency Manipulation appeared first on Bitcoinist.com.
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OPINION

Why Thinking In Terms Of Crypto Doesn't Work

The developers of Samurai wallet removed fiat conversions, explaining that people should understand that by sending Bitcoin they send Bitcoin, not dollars, so there's no need to think in fiat terms. But this seems like an improper decision...

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Ways of Raising Capital for Startup

There are many ways of raising capital for your startup. You must consider all options and choose the one that best suits your particular venture. Here we provide an overview of seven common ways of funding to help you weigh the pros and cons of each source and make an informed decision.

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DIGEST

Meh: Yet No Hidden Reason For Fluctuations Here

Turkish stock exchange applies blockchain, Belgium offers ICO regulation, new deadline for Visa crypto cards issue, Greek's big plans for BTC-ATMs, an opinion of representative from the Royal Bank of Canada on Goldman Sachs's policy, and Kraken's assurances on its stability

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DIGEST

This weekend was pretty calm. The market still continues to decline, and, as usual, the voices of bulls are becoming more and more faint. Meanwhile, it turns out that the Bitcoin name was trademarked for at least 10 years in the UK. Read further to know what's going on.

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DIGEST

All in this week’s News Digest: McAfee still has a lot of faith in crypto, Robert Shiller explains the roots of this faith, more new exchanges are coming, an investigation into Bitcoin price manipulation, and Verge is hacked again.

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DIGEST

Minor and major recent milestones in Top-50 coins and tokens, except for meetups and hackatons.

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DIGEST

Centra Tech's founders are sentenced to jail, Marc O’Brien joined Crypterium, ETF is launhed, Jack Dorsey’s opinion, Binance adds TrueUSD, China published its crypto rating, electricity consumption, Sberbank used Hyperledger Fabric blockchain, Microsoft joins the crypto ban, JP Morgan talks about crypto, Wozniak supports blockchain, ETH futures, Taihuttu still holds BTC, IBM’s token, crypto education in France

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Twitter Spoof: BitConnect 2.0 to Return in July; BCC Token to Rise from the Crypto Graveyard?

Bitcoinnect is known for its high yield investment platform Bitconnect.co. The company had a cryptocurrency Bitconnect Coin (BCC) which investors bought with Bitcoin to gain a 0,25% daily interest. The company also has a lending platform and exchange which closed due to warnings from Texas and North Carolina authorities. Some unknown person is however working […]
Bitcoin Exchange Guide

MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2%

MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2% A vote about whether to decrease the so-called stability fee for MakerDAO’s ethereum blockchain-baseddecentralized stablecoin DAI has started. The vote was announced on the organization’s blog on May 17. If approved, the latest proposal would decrease the stability fee by 2% to […] Cet article MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2% est apparu en premier sur Bitcoin Central.
Bitcoin Central

Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance

Bitcoin bulls have turned out to be more relentless than the most have predicted from its historic prices. However, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus apparently spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted, “BTC on the move again… Asian market certainly doing their bit today.” This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction. BTC/USD 1-Day Chart on Bitstamp (TradingView) The other four performing coins Opening Price: $6968 Closing Price: $8109 The weekly gains: 11% Weekly High/Low: $8390/$6178 Binance [BNB] Coin Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain. BNB/USD 1-Day Chart on TradingView Opening Price: $20 Closing Price: $29.5 The weekly gains: 40.6% Weekly High/Low: $32.2/$19.9 Stellar [XLM] Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC. XLM/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $0.10 Closing Price: $0.14 The weekly gains: 46% Weekly High/Low: $0.16/$0.117 Ethereum [ETH] Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets. Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run ETH/USD 1-Day Chat on Coinbase (TradingView) Opening Price: $188 Closing Price: $259 The weekly gains: 38% Weekly High/Low: $281/$185 Tezos [XTZ] Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform. It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2. XTZ/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $1 Closing Price: $194 The weekly gains: 25.4% Weekly High/Low: $207/$157   XRP, Dash, IOTA, and Cosmos [ATOM] The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains. The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale. XRP/USD 1-Day Chart on Bitstamp (TradingView) *The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation. **The data is taken at around 11: 00 Hours UTC on 19th May 2019.  The post Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance appeared first on Coingape.
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