Latest news with #retailbanking
Bloomberg
10 hours ago
- Business
- Bloomberg
Klarna Secures New License from UK's Financial Conduct Authority
Klarna Group Plc said it has received an electronic money institution license for its UK division, which could lay the ground work for the Swedish fintech to more directly compete against the likes of Revolut Ltd. and Monzo Bank Ltd. for retail bank customers. The approval means Klarna — which is best known for its buy now, pay later services — will be able to offer its 11 million UK customers accounts where they can save funds, according to a statement. It will also allow Klarna to launch a debit card in the UK.
Yahoo
a day ago
- Business
- Yahoo
CBA cuts jobs amid AI chatbot rollout
The Commonwealth Bank of Australia (CBA) has announced the termination of 45 positions within its call centres following the introduction of an AI chatbot designed to handle customer inquiries. The bank has communicated to the impacted employees that consultations are ongoing regarding the job cuts, according to Australian Broadcasting Corporation (ABC). CBA announced it is investing more than A$2bn ($1.30bn) in its operations, including frontline teams and technology services, which may result in "some roles and work can change," reported Reuters. The Finance Sector Union (FSU) has expressed discontent with the decision, advocating for the retraining of affected workers to transition into new roles that utilise AI technology. The CBA stated that it has recruited more than 9,000 individuals in the past year and currently has approximately 670 vacancies within its retail banking services and frontline teams. CBA spokesperson was quoted by ABC as saying: 'To meet the changing needs of our customers, like many organisations, we review the skills we need and how we're organised to deliver the best customer experiences and outcomes. That means some roles and work can change 'Our priority is to explore opportunities for redeployment and to support affected employees with care, dignity and respect throughout the process.' Last week, the CBA informed the FSU about the job reductions, marking a significant moment as it is reportedly the first instance where a bank has attributed job cuts directly to AI implementation. The bank has dismissed claims that these job losses are linked to offshoring, asserting that it plans to provide reskilling opportunities for those affected. A report from CSIRO indicates that 68% of Australian businesses have adopted AI technologies, leading to a notable shift in customer service roles, with many being replaced by chatbots and virtual assistants. "CBA cuts jobs amid AI chatbot rollout" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
BankUnited Names Executive Vice President, Director of Branch Banking
MIAMI LAKES, Fla., July 28, 2025--(BUSINESS WIRE)--BankUnited Inc. (NYSE: BKU) added to its retail banking team with the appointment of Michael Mitchell as executive vice president, director of branch banking, responsible for leading the bank's team of retail executives and market leaders in Florida and Texas, including managing BankUnited's branch network and overseeing all branch activities related to deposit and loan growth. "BankUnited is pleased to welcome Mike to our retail banking team as we continue to grow and evolve to meet the needs of our clients," said Ernie Diaz, BankUnited senior executive vice president, head of consumer, small business and commercial banking. "As a seasoned leader in retail and small business banking, known for delivering strong client experiences, building high-performing teams and growing market share, Mike will be an asset to our BankUnited team." An expert in market expansion, business banking integration, compliance leadership and large-scale performance transformation, Mitchell joins BankUnited from PNC Bank, where he served most recently as senior vice president, sales and client experience manager for Southeast Florida. He brings more than two decades of experience overseeing multi-region networks and driving deposit and revenue growth. A Boca Raton resident, Mitchell is a past board member of Deliver the Dream, a Fort Lauderdale-based nonprofit serving families facing serious illness, crisis or disability, and is an active member of the Fort Lauderdale Chamber of Commerce. He holds a bachelor's degree from the University of Central Florida in Orlando. Mitchell is based at 337 E. Las Olas Blvd, Fort Lauderdale, Fla. For more information, call (305) 231-6400 or visit About BankUnited, N.A. BankUnited, Inc. (NYSE: BKU), with total assets of $35.5 billion at June 30, 2025, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida, with operations in Florida, New York, Dallas, Atlanta, Morristown, New Jersey, and Charlotte, North Carolina. BankUnited provides a full range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions, and offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit BankUnited can be found on Facebook at LinkedIn @BankUnited and on X @BankUnited. View source version on Contacts Donna Crump-Butler, (305) 231-6707dbutler@ Amy Hoffman, (954) 776-1999ahoffman@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
‘Urgent' need for digital reform of banking payments, says Bank of England boss
Bank of England governor Andrew Bailey has said that 'urgent' reforms of retail banking payments should be a priority as he remains to be 'convinced' over the need for a digital pound. In his annual Mansion House dinner speech, Mr Bailey said the UK needs to 'harness the potential of digital technology for retail payments' both within Britain and internationally to help future-proof payments infrastructure and ensure it can play its part in boosting growth in the UK. But he added a dose of scepticism over any plans for a digital pound and reiterated concerns over so-called stablecoins – a type of cryptocurrency which is backed by a traditional asset such as a currency or commodity. Mr Bailey said: 'There is an urgent need for innovation now in the area of payments, and the opportunity is there, no doubt about that.' He said the Bank would collaborate with authorities and industry to 'design and deliver the next generation of UK retail payments infrastructure'. 'This must be a priority, both to replace ageing infrastructure and as part of promoting growth in the UK,' he said, echoing financial services reforms outlined by Chancellor Rachel Reeves on Tuesday to help boost the economy. Mr Bailey added: 'There may well be a role for stablecoins going forward, but I don't see them as a substitute for commercial bank money. 'Moreover, our job will be to ensure that those stablecoins that purport to be money are safe. 'Perhaps there may also be a role for retail central bank digital currency, but I remain to be convinced why the natural next step is to create a new form of money rather than put digital technology into retail payments and bank accounts.' His comments follow just days after he warned global banking giants against issuing their own stablecoins, which he said threaten to take money out of the banking system and therefore leave less available for lending. Mr Bailey has also appeared to be increasingly cooling on the idea of a digital pound in recent months, raising doubts over whether it would ever be officially launched. In his speech, Mr Bailey cautioned over the ongoing impact of the global trade war, with the current shift in policy marking the 'most sudden and fundamental in the post-war era'. 'The shifts we have witnessed – and continue to witness – mark a generational change in the system of trade amongst nations,' he said. 'Increasing tariffs creates the risk of fragmenting the world economy, and thereby reducing activity,' he said. 'Recent events have exposed fault lines in the multilateral system of relations between nations, including in the global trading system,' he added. He said the International Monetary Fund (IMF) and the Word Trade Organisation (WTO) can both work together and play a part in cooling the current trade war by helping 'achieve agreement amongst its members on the global rules of the road and how they are adhered to'. But he stressed he cannot 'underestimate the challenges' in addressing the current trade tensions. Sign in to access your portfolio
Wall Street Journal
7 days ago
- Business
- Wall Street Journal
BNP Paribas Guides for Faster Profit Growth in Second Half
France's BNP Paribas BNP 1.82%increase; green up pointing triangle expects revenue and profit growth to accelerate in the latter half of the year, following second-quarter results that topped market views. The lender forecasts net profit of more than 12.2 billion euros ($14.36 billion) for 2025 on faster revenue growth in the second half of the year. The main driver will be its retail banking operations, which are set to benefit from earlier higher interest rates due to the inherent lag in loan repricing typical of French banks, given their prevalence of fixed-term lending and regulated savings accounts.
