Top stories 

Lloyds resolves online banking woes

Image copyright Getty Images The UK’s largest current account provider, Lloyds Banking Group, has said problems with its online banking service have now been resolved. Some Lloyds customers had faced “intermittent issues” on Monday when trying to log on to the online system. But Lloyds says the issues have now been remedied. “We apologise for the disruption some customers experienced today,” the bank said in a statement. It has 10 million account holders, 60% of whom use digital services. The problems did not affect app services, which were working normally.…

Read More
Top stories 

Backlash over ‘single-shaming’ banking ad

Image copyright Iona Bain Financial technology company Revolut has been accused of “single-shaming” after its current promotional campaign sparked a backlash on Twitter. The company, which launched in 2015, bills itself as an alternative to banks and offers app-based current accounts. One ad highlighted the number of people who ordered a takeaway meal for one on Valentine’s Day last year. After it was criticised as “intrusive” and “tone-deaf”, Revolut has apologised and said it did not mean to poke fun. Financial commentator Iona Bain, who first drew attention to the…

Read More
Top stories 

RBS applies for German banking licence ahead of Brexit

Image copyright Getty Images Royal Bank of Scotland has applied for a German banking licence to help it retain clients in the European Union in the event of a no-deal Brexit. The move applies to all its subsidiaries, but would only affect NatWest, which trades across the bloc. RBS, which already has a Dutch licence, said it would allow it to continue operating freely across the EU. The state-owned bank is the latest financial services company to set up an EU hub in response to Brexit. Bank urges Brexit ‘contingency…

Read More
Technology 

Digital newcomers out to disrupt South African banking

JOHANNESBURG (Reuters) – Armed with low-cost operating models, three South African digital banks are betting on aggressive pricing and data analytics to attract tech-savvy, price-conscious consumers when they launch next year in a rare challenge to the old guard. A woman stands next to a TymeBank client onboarding kiosk in Johannesburg, South Africa, November 28, 2018. REUTERS/Tiisetso Motsoeneng It will be first time the $30 billion industry has faced competition since the early 2000s, when Capitec Bank (CPIJ.J) muscled into a sector dominated by Absa (ABGJ.J), FirstRand (FSRJ.J), Nedbank (NEDJ.J)…

Read More
Technology 

U.S. state banking regulators sue government to stop fintech charters

WASHINGTON (Reuters) – A body of U.S. state banking regulators on Thursday sued the federal government to void its decision to award national bank charters to online lenders and payment companies, saying it was unconstitutional and puts consumers and taxpayers at risk. The Conference of State Bank Supervisors (CSBS) said it had filed a complaint in the U.S. District Court for the District of Columbia against the Office of the Comptroller of the Currency (OCC) over its plan, announced in July, to issue bank charters to financial technology firms. “Common…

Read More
Top stories 

Gambling: ‘A banking app helped me beat my addiction’

Image copyright Danny Cheetham Image caption Danny says losing his mum Christine in 2015 was a key moment in him deciding to tackle his addiction Tens of thousands of people have signed up to a new service from two mobile-only banks designed to help problem gamblers. One former addict says this “gambling block”, available on the banks’ apps, helped him beat his addiction. “I’d be setting my alarm to wake up at 4am to do a first bet,” says Danny Cheetham, who began placing bets in his early 20s. “I’d…

Read More
Top stories 

TSB and HSBC banking apps hit by computer glitches

Image copyright Getty Images TSB and HSBC have become the latest banks to be hit by computer glitches. TSB said users of its smartphone app and internet banking were having difficulty logging in. HSBC said about 50% of mobile users were having trouble connecting, although many succeeded when they tried a second time. It is the latest in a string of IT outages for the industry, including the recent high-profile meltdown at TSB. TSB said in a tweet: “We’re aware of an issue affecting some of our customers when they…

Read More
Top stories 

Scammers steal half a billion pounds from UK banking customers

Image copyright Getty Images More than £500m was stolen from customers of British banks in the first half of 2018, figures have shown. Industry group UK Finance said £145m of that was due to authorised push payment (APP) scams, in which people are conned into sending money to another account. But £358m was lost to unauthorised fraud, which includes transactions made without account holders’ knowledge. Unauthorised fraud victims are usually refunded by their banks, but victims of APP fraud rarely get their money back. This is because current legislation means…

Read More
Top stories 

NatWest hit by online banking problems

Image copyright Getty Images NatWest customers are currently unable to access their bank accounts through the company’s online and app platforms. Since around 5am on Friday, account holders have been reporting problems with the service. The app shows an error message that says it is “unable to establish a connection”, while the bank’s website displays a message saying that online banking is “temporarily unavailable”. NatWest said it was “working hard” to fix the online and mobile problems. It added that telephone banking and ATMs are available. “Sorry and thanks for…

Read More
Technology 

Hong Kong’s digital banking push pits tech newcomers against old-guard lenders

HONG KONG (Reuters) – At least a dozen banks, fintechs and telecom firms are lining up to get a piece of Hong Kong’s retail and small business banking market as the regulator prepares to award the former British colony’s first online-only banking licenses. FILE PHOTO: People walk outside the main branch of Standard Chartered in Hong Kong, China August 1, 2017. REUTERS/Bobby Yip/File Photo Bidders hoping to challenge the dominance of HSBC (HSBA.L) and its local rivals, Bank of China (Hong Kong) (2388.HK) and Standard Chartered (STAN.L), include China’s Ant…

Read More