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The Chinese Startup that Changed the Definition of a Bank

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The Chinese Startup that Changed the Definition of a Bank

A fintech startup changed Chinese banking, and now it’s using technology to transform ancillary industries globally.

In Shenzhen’s Hi-Tech district, the fifth floor conference room of a non-descript building has plants, a large-screen television, white board, and table with bottled waters on top. The room appears ordinary, but the click of a button makes the white plexi-glass walls turn translucent, revealing WeBank’s hi-tech command center which resembles the Star Trek Starship Enterprise.

Employees pass facial recognition screens when entering the open layout room. If an intruder infiltrates, CCTV cameras recognize the alien face and sound alarms. Walls are plastered with computer monitors displaying real-time graphs and corporate figures including the number of account applicants, credit approval rates, and lending flows. Some five dozen employees are on high alert monitoring any abnormalities in banking operations.

WeBank has no branches or direct sales force, and bots handle 98 percent of customer service inquires. Robots collect applicant data, run credit checks, nudge customers to make payments, and ensure KYC (know your customer) compliance. Customer identities are certified via facial recognition over mobile phones. And according to market research company Forrester, incorporating AI into the loan application process can reduce fraud by 60 percent.

“We’re an IT company with a banking license. Or a bank with a very powerful IT infrastructure,” said WeBank’s head of regional fintech partnerships, Gilbert Yeoh Tan.

WeBank received regulatory approval in 2014, making it the first privately-owned bank and first digital-only bank in China. It is 30 percent owned by Tencent, which developed WeChat. The remaining ownership is held by Baiyeyuan Investment, Li Ye Group, and other minority shareholding enterprises.

WeBank markets SME (small- and medium-sized enterprise) loans, Wechedai auto loans, insurance, and wealth management. The core product is Weilidai consumer micro loans, which average around RMB 8,100 (USD $1,200). Applicants must apply through proprietary apps. They receive a response within five seconds and funding within a minute.

Contrasting conventional banks, WeBank offers around-the-clock services, rapid loan application decisions, and real-time transaction settlement. Additionally, given that micro-lending is low margin, WeBank was built using low-cost open-sourced hardware and software. According to the company, its per account IT operating cost is 3.6 RMB, approximately one-tenth that of Chinese banks and a fraction of international competitors.

“It’s very fast, scalable, and distributed,” Yeoh Tan said. The company plans to open a 1.1 million square foot headquarters in Shenzhen’s Qianhai free-trade zone.

WeBank launched a blockchain consortium in China to promote free, open-sourced ecosystems around supply chains, corporate finance, and real estate. Internally, the company has a blockchain research group and conducted more than 15 million syndicated loan reconciliations using the technology.

“As the economy continues to evolve, the so-called collaborative business model will become more popular,” said, Henry Ma, vice president and chief information officer of WeBank. “Open consortium chain technology will be a very important component to support that.”

WeBank simultaneously launches various marketing campaigns, technology upgrades, app interfaces, and product offerings across sample customer nodes. Technology enables real-time market feedback. Unsuccessful product launches are halted promptly, while initiatives receiving positive customer feedback are introduced company wide.

China’s tech behemoths including Baidu, Alibaba, Tencent, JD.com (the BATJs) see fintech opportunities. “[BATJs] have massive amounts of data,” said Forrester research analyst Meng Liu. “Compared to the rest of the world, they can use many real-world customer data to power their technology testing and technology development. That’s why they’re very aggressive in emerging technologies.”

According to WeBank’s 2018 annual report, the company has more than 100 million active customers. In 2018, WeBank’s total net profit reached RMB 2.47 billion (USD $359 million), a 70.8 percent year-over-year increase. The private enterprise has long-term plans to go public, but not imminently.

Last November, Beijing officials released a plan to promote financial technology, specifically artificial intelligence, big data, mobile internet, internet of things, distributed technologies, blockchain, cryptography, quantum technology, and biometrics. Ma said regulators generally support innovation, but they do require transparency. “Working with regulators for technology is very important,” he said.

WeBank priorities align with regulators’. For example, WeBank believes that digital fiat currencies can increase financial delivery and settlement efficiency, but the bank will continue eschewing cryptocurrencies until national authorities approve. “Digital fiat currencies need to be supplied and regulated by central banks,” Ma said.

Beijing policymakers are also encouraging lending to small- and medium-sized enterprises, which conventional banks have neglected, but WeBank is now targeting. Regulations, however, do pose barriers. Lenders must meet with corporate borrowers in person, which inhibits scaling on the commercial side.

There are other challenges. China has three bank account classifications. Type 1 accounts allow large deposits and withdrawals. WeBank, however, can only manage type 2 and 3 bank accounts, which restrict account holder services, cap transaction and deposit limits, and don’t allow incoming wire transfers.

Although confronting obstacles, opportunities exist. Aggregate bank deposits, insurance products, and investments are expected to reach $23.8 trillion this year. And annual fees for managing mutual funds in China are expected to reach $42 billion by 2025, a five-fold increase from today.

Consumers spend more than two-thirds of their mobile bank time on BATJ platforms, according to Forrester. Liu said consumers seamlessly transition from reading the news, chatting with friends, or buying goods online to accessing financial services through these dominant portals. “These platforms are changing and educating the customer’s behavior in China,” Liu said. “They provide very approachable and social financial services.” WeChat alone has more than 1 billion daily active users.

Given regulatory complexity with distributing financial services directly and the higher margins associated with technology offerings, the BATJ fintechs are offering solutions to third-parties. WeBank has partnered with more than five dozen banking partners within China, and is now exploring opportunities with international partners. “We are trying to export our know-how.” Yeoh Tan said.

The most lucrative opportunities, however, may exist outside financial services. Through the cloud, WeBank provides turnkey solutions to other industries. “We really want to work with a lot of other industries, so it’s not just banking. Banking plus retail. Banking plus manufacturing. Banking plus medical. And be able to form these cross-industry collaborative initiatives,” Ma said. WeBank solutions help clients administer loyalty buying programs, corporate finance departments, supply chain financing, and B2B payments.

In 1823, Piào hào (draft banks) were established in Shanxi province. These banks expanded throughout the country by facilitating remittances. Two centuries later, one of China’s most preeminent banks doesn’t have branches and is more of a technology company than financial services provider.

 Joshua Bateman is based in Greater China. He can be reached @joshdbateman.

Banking

ECB plans closer scrutiny of bank boards

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ECB plans closer scrutiny of bank boards 1

FRANKFURT (Reuters) – The European Central Bank plans to increase scrutiny of bank board directors and will take look more closely at diversity within management bodies, ECB supervisor Edouard Fernandez-Bollo said on Friday.

The ECB already examines the suitability of board candidates in a so-called fit and proper assessment, but rules across the 19 euro zone members vary, so the quality of these checks can be inconsistent.

The ECB plans to ask banks to undertake a suitability assessment before making appointments, and they will put greater emphasis on the candidates’ previous positions and the bank’s specific needs, Fernandez-Bollo said in a speech.

The supervisor also plans more detailed rules on how it will reassess board members once new information emerges, particularly in case of breaches related to anti-money laundering and financing of terrorism, Fernandez-Bollo added.

Fernandez-Bollo did not talk about enforcing diversity quotas, but he argued that diversity, including diversity in gender, backgrounds and experiences, improves efficiency and was thus crucial.

“Supervisors will consider furthermore all of the diversity-related aspects that are most relevant to enhancing the individual and collective leadership of boards,” he said.

“Diversity within a management body is therefore crucial … there is a lot of room for improvement in this area in European banks,” he said.

(Reporting by Balazs Koranyi, editing by Larry King)

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Banking

Where are we with Open Banking, and should we be going further?

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Where are we with Open Banking, and should we be going further? 2

By Mitchel Lenson, Non-Executive Chairman, Exizent

Open Banking has the power to revolutionise the way we manage our money, but most (65%) consumers are still not aware of it, while many financial institutions continue to treat it as an obligation rather than an opportunity.

For Open Banking to truly reach its potential, consumers need to have more trust in its benefits. However, this will only happen if banks and other financial institutions start to embrace it, rather than simply accept it.

Covid-19 has proven to banks that digital banking and open finance innovation is not simply a ‘nice to have’. It is vital for their own survival. With so many challenger banks now coming into the market, many of whom have entirely digital models and therefore invest heavily in technology, banks are starting to become aware that if they don’t embrace it, they’ll get left behind.

So, fuelled by a mixture of competition and Covid-19, banks are starting to realise that Open Banking is not about giving away valuable data, but it is about collaborating with third party fintechs to explore the endless opportunities data sharing can bring – to all sides.

By making open finance easier for developers, banks can not only save time and money by improving their own services but help create useful solutions that add real value for their customers.

Open Banking for all?

There is one, yet untapped area of consumer finance that could be immeasurably improved by Open Banking, and that is estate administration.

Mitchel Lenson

Mitchel Lenson

Recent research from Which? found that many executors contend with delays, errors and poor knowledge from their banks during the probate process. Our own research shows that most legal professionals admit the process does not work as it should, and the time it takes to complete probate is unacceptable.

Like the Which? survey, we found that the main issue is the administration involved, with most legal professionals saying that the time it takes for financial institutions to get back to them with the information they need is the main cause of delays.

Given that the system is not working for consumers, something clearly needs to be done. The good news is that the technology and data is already available – we just need to harness it to create a better system.

That is why we are developing the first ever platform to connect executors, legal professionals, and financial institutions to create a better, quicker, and more secure probate experience for everyone.

Our first release of the platform – a bespoke cloud-based solution to enable legal services firms to integrate directly with financial institutions making information gathering and processing more straightforward – was released in 2020. We are now building on that foundation to accelerate our development work with financial institutions to deliver additional value for all sides.

We also see huge potential in working with banks to utilise the digital financial infrastructure, powered by Open Banking, to improve things even further. But there is one, fairly sizeable issue – currently, Open Banking consent ceases at the point of death.

Is it time for legislative change?

Open Banking is not as open as is should be for those who can give consent, so we are certainly some way off from Open Banking for the deceased.  However, the more that banks acknowledge Open Banking and its potential and are prepared to collaborate with third party fintechs to develop better experiences for consumers, the more likely we are to get to a point where we can tap into that potential to improve things for the bereaved.

Many of the problems – highlighted by Which? – that consumers face when managing someone’s estate could be reduced significantly if open finance continued to apply to the deceased.

Open Banking provides a huge opportunity to speed-up and reduce friction for loved ones faced at some of the hardest moments of their lives, and there is a strong argument here for the current position to be reviewed to enable better access to a deceased person’s assets.

With our current platform, we are showing how technology is playing an incredibly significant role in dealing with the complex, tangled process that is probate and the potential of open finance in radically enhancing what we are already doing cannot be understated.

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Banking

What will become of our banks and their channels in 2021?  

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From distrust to love/hate – are fintechs and banks starting to get along?

By Mark Aldred, banking specialist at Auriga

As we embark on the new year, 2020 will hopefully become distant but sobering memories, it is time to step back and consider the lessons learnt and look to the trends likely to emerge in the banking sector in the year ahead. To stay relevant and to differentiate themselves in the current digital age, banks need to demonstrate a solid understanding of the current landscape and stay aligned with customers’ changing habits and expectations. COVID-19 may have accelerated trends that were already in play but whether they continue at the same pace is yet to be decided.  It will be those that evolve rapidly that will get ahead and stay ahead. More than ever, it is not only about competitive advantage but, for some, it may be about survival.

Sharing ATM infrastructure

ATM infrastructure sharing is an active trend in markets such as the Netherlands, Belgium, Sweden, Finland, and Indonesia. In Belgium, an initiative known as Batopin, means that a network of bank-neutral ATMs, previously managed by its four biggest banks will from 2021 run on a single software platform. In the Netherlands, a similar exercise started two years earlier. There the major banks have merged their ATMs under the ‘Geldmaat’ label. These bank-neutral ATM estates are one of the responses to challenges of owning ATM and branch estates in a world where banking is more accessible and competitive than ever. This is one way banks can guarantee continuous access to cash to their customers without the cost burden of running channels, which their new competitors do not even offer. Through pooling, the industry landscape is changing, and banks’ costs are reducing.

Other technology-led approaches are delivering value, including increasing adoption of cloud-based technologies, removing the need to rely on massive on-premise infrastructure, skills, and services.  The pooled ATM business model provides many benefits and as discussions progress in different markets, banks, and ATM deployers will certainly be watching with interest the progress made in Indonesia and Belgium, when considering next steps. There needs to be more use cases that prove this model can indeed reduce costs while maintaining access and improving customer experience.

Cashback for all?

Loss of access to cash when ATMs disappear has the potential to be a national scandal and an embarrassment to ATM deployers. Offering cashback at retailers of all sizes is one way of softening the blow. In Germany cashback limits and the requirement to make a purchase have long been lifted. Whilst in the UK new schemes to address this are on their way as we move into 2021, the government revealed that consumers received £3.8 billion of cashback when paying for items last year – making it the second most used method for withdrawing cash in the UK behind ATMs. This suggests that properly implemented cashback, with support from retail, could help reverse the unwelcome reductions in the accessibility of cash in remote and rural communities in particular.

That said, it is important not to fall into the trap of shifting the burden onto small businesses. They are already under their own pressure because of changing consumer behaviours and, of course, the pandemic. The benefits to the retailer should be more footfall and lower costs of cash handling. Small stores full of consumers only wanting access to cash for which the retailer cannot charge is an outcome that will not help revive communities.

Community-led initiatives

Bank branch closure rates and ATM losses keep on accelerating but we have not reached peak yet. It is predicted that there will be a continued decline in the penetration of UK branches over the next four years.

To compensate for the loss of ATMs, LINK (UK’s national switch, owned by the ATM deployers themselves) has founded a delivery fund to enable all communities to request help with accessing cash. Any member of the public can get in touch directly with LINK or via their MP or local council to argue the case for an ATM to be sited (or re-sited) in their area. This is bringing out the best in some communities and several have already successfully argued that they need an ATM.

Equally, there are regional and national initiatives aimed at re-banking areas where legacy banks cannot profitably operate a branch (or even an ATM). Many of these are attracting interest and investment but the road is long, and the re-opening of branches or ATMs in many remote communities will be made to wait while some of these bodies build their alternative banks. The barriers to entry are vast, not least the requirement for a banking licence, which means the model favoured by many cannot be expected to be live much before 2024.

So, while bank branch closures continue, and alternate providers build their propositions, the only way to mitigate and manage this is to consider new, lean, and agile models. The next generation bank branch must be cheaper to run, smarter, smaller, automated, full-service, and available 24/7 to pay its way in the community.

A great example of how this could look is the way Millennium BCP in Portugal has deployed new model branches built around their MTM devices (Millennium Teller Machine).  As part of its long-term plan to modernise its business and balance the books, Millennium recognised that many branches built on the legacy model could not support themselves. They recognised that consumer behaviours and habits meant that new sites should be considered for their new branch models. So, it created a new kind of customer-centric branch format for the future – a 24/7 branch supported by remote banking overnight. This resulted in greater footfall and, before COVID-19, the new style branches delivered productivity gains and increased deposits. As transactions were managed by personnel by day and remote teller assistant by night, the branch was cheaper to run – this model is now deployed around cities in Portugal to improve customer loyalty and retention score.  As we emerge from the pandemic, further development of this model to accommodate new behaviours are expected to achieve great results for Millennium and its customers, who rate in the best for customer service in Portugal.

If banks do not produce lean, smart, remote, around the clock branches somebody else will – whether it be community-based or even independent ATM deployers – the principle of white labels is absolutely part of this new future.  If this model is adopted, then in future it is also possible that we will see branch sharing.

In the UK there are already Business Banking Hubs set-up, a shared space providing business and corporate customers more flexibility to manage their day-to-day finances. In shared branches the user experience can “follow the customer”. Sharing the space with a third party commercial or community enterprise should lead to an upswell in community hunger for this.

AI continues to thrive

Artificial intelligence will continue to be a key business investment as financial institutions seek out amplifications of the technology. In 2021, expect the continuing slow adoption of AI to do repeatable and predictable processes.  Already AI is deployed to provide cash predictions to forecast when and where cash is needed. Predictive tools are time and cost-effective, they can also be used for preemptive equipment maintenance. This facilitates the scheduling of engineering calls before a failure, improving availability, and reducing costs. We may also begin to see AI being used to monitor the mood of customers using facial recognition. This could allow banks to determine how to address the customer, what services they should promote, and when.

What next for tele-banking?

As has always been the case, the customer journey cannot be neglected. Banks need to have a good channel mix; a digital platform is not enough as they are susceptible to IT disruptions and failures. Tele-banking has always proven to be an important lifeline and back-up. Without it, customers could become disenfranchised.

Over the years, the banking experience has changed through the adoption of technologies designed to reduce costs and increase efficiencies.  In fact, the unintended consequence has been that they have become more and more impersonal. Over 50 years ago, ATMs took us outside the branch. Tele-banking provided customers with remote interaction. Most recently, internet and then mobile banking mean that some demographics never engage in person with their bank and the distance between the supplier and customer even during engagement can literally be thousands of miles. This lack of human touch has reduced customer loyalty.

On the topic of channels, like many others, a first in and first out policy is seldom the right one. Banks need to evaluate each channel and see its value to customers and provide choice. Older channels, such as tele-banking, should not be the first to disappear, and in fact it could see a revival alongside video-banking in the new 24-hour branch model.

In fact, as online banking gives way to a mobile banking one could argue the case that this is the channel that might start to disappear sooner. Channel choice will differ by generation, demographic, and other factor but it remains key that choice is available and that there is always a reliable alternative available.

Branch and ATM, marriage, or divorce

Legacy ATM infrastructure needs an upgrade. Without it, the channel will not be able to modernise and play a role in the next generation of delivery channels. ATMs and assisted service devices offering a full range of banking services, not just cash, need to be in the mix. Automating all teller functions using self-service technologies, supported by video- and tele-banking, is likely to accelerate.

2021 is all about making consumers’ lives easier as they decide for themselves how they want to engage safely with their banks. Each customer journey should be able to become bespoke. Access to cash is an on-going issue but the stakeholders will need to work harder than ever to find viable solutions given the impact of COVID-19 across all industries.

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