Our Scans · (FS.1.01) Retail Banking · Weekly Summary

• [New] As the digital euro could be pivotal in retail banking and how people in the EU operate financially in the future, it's a good time to catch up on what we know about the digital euro as of 2024, and what when we can expect further advancements. FinExtra
• 93% of central banks are already researching central bank digital currencies (CBDCs), with up to 15 retail and nine wholesale CBDCs expected to be in circulation by 2030. CityAM
• As AI continues to advance, it is likely that the retail banking industry will see even more transformative developments in the coming years, ultimately benefiting both banks and their customers. FinExtra
• The Bank of England has said earlier in 2023 that a retail, general purpose CBDC will be needed in the UK. Fintech Hong Kong
• The banking and retail industries will be spending the most on AI by 2026, with professional services and discrete manufacturing also showing heavy spends. Fortune
• While clearly beneficial to consumers, Open Banking hub-type services like OneBanx and Post Office banking hubs add another layer of risk to retail banking, including process risks, technology risks and data risks, which must not be overlooked. Risk Business
• In November, the Reserve Bank of India raised the risk weights that lenders apply to unsecured retail loans and bank loans to non-banking financial institutions. Mint
• There's a risk that the Barclays business model of combining investment and retail banking creates a model that underperforms in any environment. Yahoo Finance
• The weak GDP could put pressure on the BoE to cut interest rates, but the sharp rebound in retail sales supports the central bank continuing its 'higher for longer' stance. investing.com
• Innovation brought about by a digital pound could support the UK's international competitiveness in payments (and related) technologies, particularly if it is amongst the first major central banks to issue a retail CBDC. Allen Overy
• The Reserve Bank of India in its monetary policy review is expected to keep the key policy rates unchanged, given the sticky nature of retail inflation, the impact of erratic monsoon, and better than expected GDP data alleviating concerns of higher interest rates impacting growth. Times of India
• The Canadian retail payments industry will soon be subject to a new regulatory regime overseen by the Bank of Canada pursuant to the Retail Payments Activities Act. Lexology
• The Reserve Bank of India last week increased the risk weights, or the capital that banks need to set aside for every loan disbursed, for banks and NBFCs by 25 percentage points to 125% on retail loans. ThePrint
• 93% of central banks are researching CBDCs, and that there could be up to 15 retail and nine wholesale CBDCs in circulation by 2030. CTMfile
• In 2023, the retail, banking, and healthcare sectors will achieve annual cost savings of $11 B through chatbot adoption, a substantial increase from $6 B in 2018. Passport Photo Online
• VR technology has the potential to disrupt not only the education sector but also retail and banking industries in the coming years. Game Is Hard
• NCR Voyix will leverage NCR's software to transform and connect global retail, hospitality and digital banking technology platforms to create a digital commerce experience. Seeking Alpha
• Generative AI will drive billions of dollars in annual revenue growth for industries like banking, high tech, life sciences and retail. SAS
• Major retail banks in Singapore have enhanced their security measures to protect customers from malware scams and will progressively introduce refinements or new measures to keep pace with changes in the threat landscape. Herbert Smith Freehills
• Retail banks at highest risk - 82% experienced a third-party breach in the last year, and 8% suffered from a breach in their own domain. Help Net Security

Last updated: 18 April 2024