European Association of Co-operative Banks’ Post

Following ING's withdrawal from the retail banking market in Luxembourg, the ABBL is calling for a significant simplification of the Know Your Customer (KYC) and Know Your Transaction (KYT) processes. Our aim is to reduce the administrative burden on banks and improve the overall customer experience. 𝗪𝗵𝘆 𝘀𝗶𝗺𝗽𝗹𝗶𝗳𝘆? Jerry Grbic, CEO of the ABBL, sees this as a crucial opportunity to address long-standing challenges in the banking sector. Working with the CSSF, we aim to ensure compliance with European regulations while improving efficiency. ✔️ Streamlined procedures: Improving efficiency for banks and customers. ✔️ Collaboration : Partnering with the Ministry of Finance and the CSSF to ensure smooth transitions for affected customers. ✔️ Technological innovation : Leveraging advances to simplify processes while maintaining stringent controls. The ABBL is dedicated to turning today's challenges into opportunities for positive change. 💫 By simplifying regulatory processes and fostering cooperation between banks, we aim to create a more efficient and user-friendly banking landscape in Luxembourg. 🏛️ 🇱🇺 Join us in driving positive change in the banking sector! #Banking #KYC #KYT #CustomerExperience #ABBL #JerryGrbic

Last month, the Euro Banking Association (EBA) gathered in Lisbon for its annual conference, #EBAday. Our Account Manager, Arthur Instone, was there to take part in the critical dialogue on the future of payments. Here, he discusses the key takeaways from the event and how we can expect the transaction banking space to evolve over the next 12 months: https://lnkd.in/e_8BWkKq

The European Banking Authority (EBA) published early this week a Report on its mystery shopping exercise into personal loans and payment accounts. This exercise carried-out in 2023 involved five national competent authorities, which took part as direct participants or observers. 37 financial institutions across the participating Member States were mystery shopped on 340 occasions, of which 250 were carried out on-site and 90 online. The mystery shopping exercise focused on the pre-contractual phase. 🕵️♂️ 📈📊 It delivers first-hand information about, and insight into, the conduct of financial Institutions towards consumers visiting a branch or using a digital channel. For example, within the small sample of financial institutions covered by the mystery shopping exercise, the EBA found that the conduct of some of them is inadequate and needs to improve. The exercise confirmed that mystery shopping is a tool that adds great value to the supervision of national competent authorities and is complementary to other more conventional tools or approaches To read this report in greater detail, click in the link below! https://lnkd.in/ekJtbYEg #EBA #PAD #CCD #paymentaccounts #consumercredit #mysteryshopping #consumerprotection

This #IWD, we’d like to focus on our own Harriet Coverley and her research, which she will be presenting at this year’s #cashincanada! Her session will focus on sustainability and the link between cash optimisation and carbon. As an ESG-positive agenda becomes of increasing priority for banks and large-scale organisations, Harriet will analyse the sustainability impact of cash operations. Through data and research, she will discuss how the benefits of optimising banking and retail cash networks aren't limited to financial and operational gains. https://lnkd.in/dbhXF6G #cashincanada #IWD2024 #cashmanagement #womeninstem #banking

I remember what happened when I tried to open a corporate bank account for Nordic GEM branch in Denmark a while ago... It was clear that opening with a traditional Danish bank is super difficult for a foreign owned business (even if the parent company is in Sweden). It's even harder if the entity in question is a branch. While we were searching for a good fit, a representative from a UK based fintech offered to discuss opening Danish IBAN accounts for us. We are talking about a pretty large fintech with global presence etc, etc.* *I'm not dropping their name because I promised them I wouldn't out of sheer professionalism. We decided to give it a go and went through a harrowing KYC/AML process (the initial promise of a carefree on boarding was broken already at this stage). Midway through this ordeal, the initial rep left the fintech and we got a new rep which didn't know a thing about us since the previous guy didn't do a good hand over to her. As we passed all the KYC/AML hoops (this took about 3 weeks of back and forth) we were finally at the very end where the fintech would give final approval. What happened now was that they started asking about turnover, FX, transactions etc, all over again, and when they received year 1-3 estimates (again) - they turned us down due to "general risk appetite". In plane language this means that they suddenly realized they wouldn't be making enough money. This particular fintechs fees are a completely different matter - let's just say - they weren't cheap. And all this happens despite them reaching out to us - not vice versa. In the end, we found a way better and cost-efficient solution, so I'm super happy that they turned us down. Even better, we can now help you avoid situations as above, and save you a lot of time and effort. Check out the Nordic Bank Account Opening Services by Nordic GEM. https://lnkd.in/dpteJAut Cheers! #bankaccountopening #nordics #founders #startup

I cannot wait to see the folks at EQ Bank | Equitable Bank and the rest of the #OpenBanking ecosystem at Open Banking Expo 🇨🇦 on June 11 at the MTCC in Toronto. #OpenBanking not only opens the doors for a pantheon of financial services but also can help us reach #climate and #sustainability goals. Hoping to hear a lot more about this there! Join me to hear from high-profile industry thought leaders, regulators and practitioners on red-hot topics across three stages. #OpenBanking #OpenFinance #Payments #OBExpo

Cross-border payments: Unveiling the real value of industry initiatives At #EBAday 2024, Simon McConnell, Board Member, Euro Banking Association (EBA), and Annick Moes, Assistant Director, Euro Banking Association (EBA), provide a sneak peek into an EBA survey on #crossborderpayments. While there is a clear roadmap for enhancing these payments, the multitude of industry initiatives makes it difficult for payment service providers to determine how to best get there. This mesmerising conundrum can only be resolved by cutting through the marketing speak, taking stock of the different initiatives and unveiling their value for solving the identified challenges. https://lnkd.in/eM7-4C-e #fintech #FinextraTV #finance #economy #money #future #trends #banking #financialinstitutions #digitaltransformation #EBA

We're thrilled to announce that we have been shortlisted for the Innovation Award Category at the Credit Services Association Awards This nomination recognises our vision of leveraging our Pay by Bank solution to redefine the landscape of lending collections in the UK. We are driving this change by: ✅ Unlocking a customer-centric strategy with open banking 🚀 Empowering financial wellbeing and improved service for customers 🌍 Improving transaction approval for lenders #CreditSector #OnlinePayments #Payments #PayByBank #A2APayments #OpenBanking

The digital age is transforming the landscape of financial services, compelling Canadian financial institutions to reassess their strategies for maintaining customer loyalty. A recent survey by Abacus Data, conducted with 3,550 Canadians, shows the evolving relationship between Canadians and their financial service providers. With the imminent implementation of open banking legislation, this article looks at the current state of financial institution loyalty in Canada, offering insights into consumer behavior, preferences, and potential industry shifts. Click on the bellow to learn more now! https://lnkd.in/d-UN8MT7 #DigitalTransformation #FinancialServices #CustomerLoyalty #OpenBanking #ConsumerInsights #IndustryShifts #CanadianFinance