The U.S. banking industry is significantly bifurcated, marked by the overwhelming concentration of deposits among the largest financial institutions. According to the Federal Deposit Insurance Corp. (FDIC), as of June 30, the top five institutions hold an astonishing $6.5 trillion in deposits.
Close Brothers Group, a UK-based merchant bank, has recently signed an agreement to sell its wealth management division, Close Brothers Asset Management (CBAM), to funds managed by Oaktree Capital Management. The transaction is valued up to £200 million and signifies a notable strategic shift for
The financial industry has been reshaped by the advent of FinTech, which merges financial services with sophisticated modern technology, offering a new landscape for managing assets and conducting transactions. With these technological advancements, there's an ongoing evolution not only in
Wells Fargo, one of the largest banks in the United States, has faced a series of regulatory scandals and compliance failures over the last several years. Since the 2016 fake accounts scandal, the bank has been under intense scrutiny from regulators and has struggled to rebuild its reputation and
Bank-fintech partnerships have ushered in a new era of innovation within the financial sector, creating groundbreaking services that were unimaginable a decade ago. However, as these collaborations become more widespread, both the U.S. and the EU have increased regulatory oversight, raising
Digital payments have become the standard, making secure and seamless authentication a top priority for banks. Customers expect not just protection but also convenience. To meet these expectations, banks must adapt and ensure that their authentication processes are both secure and user-friendly. In
The resurgence of investment banking has significantly bolstered bank earnings in 2024, following a turbulent period fraught with challenges such as geopolitical conflicts, market volatility, supply-chain bottlenecks, rising inflation, higher interest rates, and evolving financial regulations.
The Financial Ombudsman Service (FOS) has reported a significant surge in fraud and scam complaints, reaching levels not seen in the past six years. Between April 1 and June 30, consumers lodged 8,734 cases, marking an astonishing 43% increase compared to the same period in 2023. This surge is the
Retail core banking systems have become the backbone of modern banking, underpinning virtually every transaction and customer interaction. As we look towards 2030, these systems are set to undergo significant transformations driven by technological advancements, evolving customer expectations, and
In today's fast-paced world, managing personal finances can often feel like an overwhelming task. Financial planning software provides a solution to this problem, offering numerous tools and features to help individuals keep track of their financial health. From budgeting and expense tracking
