State Bank of India (SBI), the country’s biggest lender, plans to overhaul its transaction banking business, which will include involving trade finance and IT platform-based services for liquidity management according to local reports.
It will hire a strategic advisor for restructuring the business, which covers products and services for the government, mid-sized and major corporates.
An SBI official said that the bank plans to respond to the growth of electronic transfers for payments by revamping its processes and product offerings to retain its edge, especially in the highly competitive business segment where private and international banks also have significant presence.
The report came as Indian bank employees, working largely for the country’s dominant state-owned lenders, called off a planned four-day strike after agreeing a 15% wage increase.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.