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THE MONTH IN NUMBERS
The month in numbers… 0.7%... Microsoft has announced a big update to
its mobile wallet app, giving consumers the chance to use their Windows 10 Mobile devices for purchases, starting in the US with the Lumia 950, 950 XL and 65.
This is being made available to Windows Insiders with a wider launch coming later this summer. It can be used at over a million retail locations in the US, anywhere contactless payments are accepted, and supports MasterCard and Visa from eight major banks and credit unions. No word yet on availability in other countries.
The move puts Microsoft Wallet on a par with Apple Pay, Samsung Pay and Android Pay, although poor market share figures are a major obstacle. According to Gartner, Windows Phone captured only 0.7% of the global smartphone market during the last quarter.
3,000…Deutsche Bank is shuttering around a
quarter of its branches in Germany and cutting 3,000 jobs. As part of a restructuring programme announced last year, it will consolidate 723 branches into 535 larger sites in 2017 and open seven advisory centres.
Between now and 2020, the bank intends to invest around Euro 750 million in digital products and advisory services. “Our customers want a modern, customer-friendly Deutsche Bank. In addition, we are responding to the challenges created by the low interest rate environment, increased regulations and, above all, a change in customer behaviour. If we are to continue to meet the needs of our customers in future, we will have to apply the right business measures,” says Christian Sewing, the member of Deutsche Bank’s Management Board who oversees private, wealth and commercial clients.
Digital services are becoming increasingly popular, particularly with people under 30, and only around half of its customers now visit a branch just once a year. Nonetheless, bricks and mortar still has a role to play, for instance as the place for confidential discussions and intensive consulting assistance. The plan is to invest in a digital infrastructure for its branch network, adding the likes of advice via a video link.
$1 BILLION…FS firms and technology providers will spend more than $1 billion in 2016 as they look to
bring blockchain to capital markets. That’s according to a new report from Greenwich Associates, which takes in the views of 134 market participants working on distributed ledger technology.
Although companies have only recently begun to experiment in this area, significant resources are being spent on the development and adoption of the technology. Banks, brokers, exchanges, and central counterparties (CCPs) are taking the lead, while many asset managers take a more wait-and-see approach. Among firms stating their organisations have some blockchain initiatives underway, 32% have an annual budget in excess of $5 million per year, and a further 15% have budgets of $2 million-plus.
www.ibsintelligence.com © IBS Intelligence 2016
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