ScoresMatter’s Post

An interesting piece about pending banking reform, the opportunities and the potential pitfalls.

Safe Banking Act update ….

All over the world, we're seeing a major push for #OpenBanking, and it isn't slowing. This article is specifically looking at Canada and Canadian banking, but it holds a lot of relevance for many markets around the world. I'm curious - is this article relevant to your region, is it outdated, or is it irrelevant? Are you ahead of the curve of predictions listed here, or do you think this is an accurate road map for where the financial sector will lead in 2024?

Is banking-as-a-service the key to growth in banking? Perhaps, even amidst the battles happening in the regulatory atmosphere. As Matthew Doffing reports, in a recent panel discussion about the future of BaaS and strategies for compliance, a group of bankers were largely optimistic about the future. The current regulatory focus on the space, they said, represents an opportunity for the industry to develop best practices and open up even more options for the fintech-bank partnerships that could improve banking for everyone.

With regulators upping their expectations for banking as a service this year, bankers are assessing what the future looks like for BaaS. The outlook is not all negative. In fact, those working in banks – especially those in compliance positions – see this phase as a key step forward in the maturation of BaaS banking.

Here is an argument in support of the recent CBE service fee introduction and or increase. 👇

Interesting developments as the Government updated on its plans to ensure proper access to in-person banking and cash. Research has shown that 33 parliamentary constituencies could be left without a local bank branch by the end of 2024. Over 6,000 bank branches have shut down since 2015 due to the rise in online banking. The FCA’s rules on access to cash will come into force on September 18th to ensure this. But the make up of how this is delivered is evolving. No matter how that is done, access to cash must remain a priority for vulnerable members of our communities. Read more below #cashisking #accesstocash https://lnkd.in/e7hKF7rU

The Banking Code of Practice aims to establish consistent industry practice standards and will come into effect on 28 February 2025 after thwarting the efforts by the Australian Banking Association to remove the detailed ‘how to’ requirements regarding complaints handling and instead refer customers to ASIC Regulatory Guide RG 271, which has been part of the code. #PlatinumAccountingAustralia

Last week the US announced its Open Banking rules. The week before a small bank failed. What do these events have to do with Canadian banking? My explanation in the Globe & Mail here: #OpenBanking #Banking #bankfailures #innovation #cdnpoli https://lnkd.in/gY7XYnKs

Interesting read on iMali Quiz and MoyaApp's banking insights in South Africa.