The remittances market is too big to ignore, but with more providers entering the market and with banks struggling to respond to new regulations, how can banks stay relevant?
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Mobile money, including banking and payments, is encroaching into the everyday life of the consumer. Monetising the business is still proving difficult, but thanks to the abundance of products available already, tangible business models are slowly emerging.
In Turkey, banks have stopped talking about alternative delivery channels. They consider all channels – including branches, ATMs and mobile – a core business, and this rise in digital banking is spurring competition and, as a result, innovation.
Personalised and location-based marketing tactics could be a catalyst for higher usage of mobile payments and could, in turn, unlock new business approaches.
Taiwan's rising prominence as an offshore renminbi centre reached a milestone earlier this year when the Bank of China opened a clearing bank in Taipei. But with Hong Kong, and to a lesser extent London and Singapore, already working as offshore renminbi hubs, where will Taiwan fit in?
Foreign exchange trading volumes were down in 2012 and the cost of operations is rising, but there are signs that 2013 will be a more promising year for banks with the right offering.
Bankers are still uncertain how far new clearing requirements in the EU and US will affect foreign exchange, but they are moving ahead with extending market infrastructure in any case.
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