ABN Amro targets young customers with new neobank
The team behind ABN Amro's Tikkie payments app has developed a full-service neobank designed for young people.
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Launching later this year, Buut has been "developed entirely around the world as young people experience it," claims Dutch bank ABN Amro.
It was built from the ground up in 12 months by the team behind Tikkie, the hugely popular payments app with millions of users.
Annerie Vreugdenhil, chief commercial officer, personal and business banking:, ABN Amro, says Buut is "easy to use, interactive, 100% visually driven and totally at home in the world of the new generation.
"Buut is everything you expect of a bank, but designed to Tikkie a different box."
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The Independent
a day ago
- The Independent
Big banks all pass the Federal Reserve's stress tests, but the tests were less vigorous this year
All the major banks passed the Federal Reserve 's annual 'stress tests" of the financial system, the central bank said Friday, but the test conducted by the central bank was notably less vigorous than it had been in previous years. All 22 banks tested this year would have remained solvent and above the minimum thresholds to continue to operate, the Fed said, despite absorbing roughly $550 billion in theoretical losses. In the Fed's scenario, there would be less of a rise in unemployment, less of a severe economic contraction, less of a drop in commercial real estate prices, less of a drop in housing prices, among other metrics compared to what they tested in 2024. All of these less harmful, but simulated, drops mean there would be less damage to these banks' balance sheets and less risk of these banks of potentially failing. Since the banks passed the 2024 tests, it was expected that the banks would pass the 2025 tests. 'Large banks remain well capitalized and resilient to a range of severe outcomes,' said Michelle Bowman, the bank's vice chair for supervision, in a statement. An appointee of President Trump, Bowman became the Fed's vice chair of supervision earlier this month. It's not clear why the Fed chose to go with a less vigorous test this year. In a statement, the bank said previous tests had shown 'unintended volatility' in the results and it plans to seek public and industry comment to adjust stress tests in future years. The Fed also chose to not test the banks as heavily on their exposure to private equity assets, arguing that private equity assets are typically held for the long term and are not typically sold at times of distress. The Fed also didn't test for any bank exposure to private credit, a $2 trillion asset class that even Fed researchers themselves have observed to be growing alarmingly quickly. The Federal Reserve Bank of Boston recently pointed out that private credit could be a systemic risk to the financial system under a severe adverse scenario, which is exactly what the stress tests are supposed to test for. There was no wording or phrasing in the Fed's press release, reports or methodology about testing or measuring private credit or private debt in this year's test. The Fed's 'stress tests' were created after the 2008 financial crisis as a way to gauge whether the nation's 'too big to fail' banks could withstand another financial crisis like the once that happened nearly 20 years ago. The tests are effectively an academic exercise, where the Fed simulates a scenario in the global economy and measures what that scenario would do to bank balance sheets. The 22 banks that are tested are the biggest names in the business, such as JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley and Goldman Sachs, which hold hundreds of billions of dollars in assets and have wide-ranging businesses that touch every part of the U.S. and global economy. Under this year's hypothetical scenario, a major global recession would have caused a 30% decline in commercial real estate prices and a 33% decline in housing prices. The unemployment rate would rise to 10% and stock prices would fall 50%. In 2024, the hypothetical scenario was a 40% decline in commercial real estate prices, a 55% decline in stock prices and a 36% decline in housing prices. With their passing grades, the major banks will be allowed to issue dividends to shareholders and buy back shares of stock to return proceeds to investors. Those dividend plans will be announced next week.
Reuters
a day ago
- Reuters
Fed says banks resilient in hypothetical downturn, clearing way for capital plans
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The Sun
a day ago
- The Sun
Major bank axing key service at 12 branches within days – is your local affected?
A MAJOR banking chain is axing a key service at 12 high street branches within days. Santander is getting rid of counters in these branches and switching them to a "counter-free" format. 1 This means customers will no longer be able to deposit or withdraw coins or large amounts of cash at these locations. Instead of speaking to staff at a counter, customers will be directed by floor staff to use ATMs and payment machines, making most transactions digital. Santander has already removed counters from six of its branches this year, but another 12 are set to lose the service in the coming weeks. Branches in Bromsgrove, Northwich, Sittingbourne, and Streatham will stop offering counter services on Monday, June 30. Customers in Bracknell will see counters removed on July 7, while Hartlepool and Nuneaton will follow on July 14. Gravesend and Liverpool's Allerton Road branch will lose counters on August 4. Camberley, Orpington, and Rotherham branches will make the switch to a counter-free format on August 11. Customers needing to deposit or withdraw coins will have to visit another full-service Santander branch or use one of the 11,684 Post Offices. Withdrawals over £500 a day will also need to be made elsewhere. This is because cash withdrawals will now be handled through in-branch ATMs rather than in person at a counter. Inside the hubs restoring high street banking and reversing the tide of mass branch closures Customers can use their debit card to withdraw more cash at the Post Office, with a limit of £10,000, depending on the funds available at the branch. For withdrawals over £5,000, there is a £10 flat fee. Withdrawals over £2,000 incur a charge of 50p per £100, while amounts above £5,000 are charged at 35p per £100. A spokesperson for Santander UK, said: "As customer behaviour changes, we are ensuring that our branches remain fit for the future. "Our new combination of full-service branches, alongside Work Cafés, counter-free branches and reduced hours branches, aims to provide the right balance between digital banking and face-to-face money management and guidance. "As a business, we must move with customers and balance our investment across all the places where we interact with customers, to deliver the very best for them now and in the future." Which branches are already counter-free? Abingdon - 23 Bury Street, Abingdon, Oxfordshire, OX14 3QT Accrington - 29-31 Union Street, Accrington, Lancashire, BB5 1PL Stirling - 49-51 Port Street, Stirling, Stirlingshire, FK8 2EW Eastleigh - 58 Market Street, Eastleigh, Hampshire, SO50 5RU Edgware - 115 Station Road, Edgware, Middlesex, HA8 7JG Neath - 20 Green Street, Neath, West Glamorgan, SA11 1EA What else is happening at Santander? Santander is cutting the opening hours of dozens of its branches from June 30. This move comes as part of a broader restructuring, which also includes the closure of 95 branches and the conversion of 18 to "counter-free" service desks. Currently, most branches are open Monday to Friday from 9:30am to 3:00pm, with many also open on Saturday mornings from 9:30am to 12:30pm. Under the new plan, these branches will only open three days a week. Twenty-one branches will operate on a Tuesday, Thursday, and Saturday schedule, while 14 others will open on Monday, Wednesday, and Friday from 9:30am to 3:00pm. One branch will see its hours reduced even further, opening only on Tuesdays and Thursdays. The bank, which serves over 14million UK customers, announced in March that it plans to close 95 branches across the UK. Following the shake-up, just 349 branches will remain on the high street. What you can do if your local bank is set to close There are still a number of ways people can access basic banking services without having to venture to another town with a branch. You can use one of the Post Office's 11,684 branches to perform basic banking tasks — but not to open new bank accounts or take personal loans and mortgages. You can find your nearest Post Office branch by visiting Meanwhile, many banks offer a mobile banking service - where they bring a bus to your area offering services you can usually get at a physical branch. Other banks use buildings such as village halls or libraries to offer mobile banking services. It's worth contacting your bank to see what mobile services they have available, and when they might next be in your area. New super ATMs are being rolled out across the UK where branch closures have left residents unable to access essential banking services. These ATMs will allow customers to withdraw funds, access their balance, change PIN numbers and deposit cash. Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank are already signed up to allow deposits, at the super ATMs. Banking hubs are also being opened across the UK with 250 set to be available by the end of 2025. These sites typically feature a counter service operated by the Post Office as standard, enabling customers to conduct routine banking transactions conveniently. Each hub also has a private area where customers can consult with staff representing their banks for more complex matters. What services do banking hubs offer? BANKING hubs offer a range of services to bridge the gap left by the closure of local branches. Operated by the Post Office, these hubs allow customers to perform routine transactions such as deposits, withdrawals, and balance enquiries. Each hub also features private booths where customers can discuss more complex banking matters with staff from their respective banks. Staff from different banks are available on a rotational basis, ensuring that customers have access to a wide range of banking services throughout the week. Additionally, customers can receive advice and support on various financial products and services, including loans, mortgages, and savings accounts.
