Search results
Results from the WOW.Com Content Network
Digital banking continues to grow, with most Americans having used digital banking services in the past year. This trend coincides with a decline in traditional banking, with over 2,500 branches ...
A digital bank represents a virtual process that includes online banking, mobile banking, and beyond. As an end-to-end platform, digital banking must encompass the front end that consumers see, the back end that bankers see through their servers and admin control panels, and the middleware that connects these nodes.
Digital transformation (DT) is the process of adoption and implementation of digital technology [1] [2] [3] by an organization in order to create new or modify existing products, services and operations by the means of translating business processes into a digital format.
Since 2014, China's central bank has been working on a project called DCEP (Digital Currency Electronic Payment) or digital renminbi, [8] often also referred to as the "digital yuan" as it would be backed by the yuan. [9] At the end of 2017, the China's central bank organized a number of banks and institutions to jointly develop the DCEP system.
They include the Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT), the Central Bank of the United Arab Emirates (CBUAE), the Digital Currency Research Institute of the People's Bank of China (PBC DCI), and the BIS Innovation Hub Hong Kong Centre (BISIH Hong Kong Centre). [1] The Saudi Central Bank joined in June 2024. [2]
The concept was first explored in 2003 as part of the open innovation movement that was promoted by Henry Chesbrough. [4] [5] The advent of internet banking and development of online technology in the early 2000s led to interest in access to the data, which was first seen in account aggregation attempts by technology companies.
The UK, having initially implemented open banking under the GDPR and PSD2, is now developing its open finance framework under the Data Protection and Digital Information Billl. [34] This bill will provide the legal basis for government and regulators to establish smart data schemes across various sectors, including financial services.
Wells Fargo senior economist Tim Quinlan wrote in a note to clients that Tuesday's data points to a "decent" holiday season for retailers. But there are some warning signs that consumer spending ...