The Twin Peaks Of Uk Banking Reform

Hector Sants, Chief Executive of the UK banking regulator the Financial Services Authority (FSA), has announced what he describes as a ‘Twin Peaks’ approach to the future of banking regulation in the UK. Speaking at a briefing to the British Bankers’ Association in London on February 6th, he gave an update on the progress of reform in the British financial supervision system.

Don’t get too excited. Mr. Sants didn’t have much to say on the subject of David Lynch’s cult TV drama of the 1980s. There was no mention of Agent Cooper, Diane, the Log Lady, Laura Palmer or even about a damn fine cup of coffee and a slice of cherry pie. It was all about the restructuring of bank regulation in the UK and the replacement of the FSA by two new regulatory bodies: hence “Twin Peaks”.

As the British Government set out in its White Paper of June 2011, by early 2013: “the FSA will be abolished, and replaced by two new organisations called the Financial Conduct Authority, or FCA, and the Prudential Regulation Authority, or PRA, a subsidiary of the Bank of England”.

These two bodies will create a ‘Twin Peaks’ style regulatory model similar to those already in force in the Netherlands and Australia.

The FSA and The Bank of England are jointly responsible for implementing the government’s plan for reform, but their timetable is based on the assumption that The Financial Services Bill goes through the lengthy British legislative procedure without a hitch.

Although the FSA will no longer exist in its current form, the current staffing level of 4000 will be maintained and the FSA IT system will also be retained.

The Twin Peaks model divides financial supervision into two separate entities responsible for prudential regulation (the PRA) and conduct regulation (the FCA). Nevertheless, regulatory data will only be collected once, and a common data infrastructure will be retained, Mr. Sants assured his audience. Between the two new bodies there will be a system of “independent but coordinated” decision making.

The PRA will concentrate on providing effective resolution mechanisms, and the FCA will focus on consumer protection.

In his concluding remarks Mr. Sants stressed the importance of behavioral and cultural change by both regulators and financial firms in a “new world of judgement-based regulation” which must be embraced by all concerned. I don’t know if Agent Cooper would approve, but I’m off now for a damn fine cup of coffee and a slice of cherry pie. Let’s hope there are no fish in the percolator…

Smartphone Mobile Apps The Success Story in Banking

While online banking through a desktop computer is more convenient than going to the bank and physically depositing a check, todays banking customers demand facilities even while they are on the move. Smartphone mobile apps for banking are becoming a huge trend because they are so convenient and easy to use. After all, who would not want the convenience of being able to deposit checks or review their account balances on the move? Developers are cashing in on this need by coming up with a variety of smartphone applications.

Among banking customers, mobile apps download is becoming quickly catching on due to their convenience and ease of access. Users can even deposit checks with the press of a button such as an Android app developed by JP Morgan for its Android users.
Geo-location facilities that are available on most smartphones allow users to track where they are, and locate particular branches of the bank. Popular mobile banking activities include:

Viewing account balance and transaction history
Payment of bills
Transferring funds between accounts
Making third-party payments
Locate branches of the bank and ATM counters

Timely access to information is also a big reason why these smartphone mobile apps are so popular. If a user is away from their desktop computer, it could get difficult to know when an important transaction or bill payment date is due. This is where mobile banking could be of great use. The bank can send the user a timely Short Text Message (SMS) message warning them of the due date of any of their payments. The user can make the payment simply by downloading an application on their phone that allows them to make payments on the go.

As Apples iPhone, Googles Android, and Research in Motions Blackberry race to grab a chunk of the apps market, several major banks are playing it safe by recruiting mobile application development companies to design apps for their different sets of users. Thus Royal Bank of Canada has apps for their Blackberry and iPhone users. Often, apps are designed specifically for a bank and the users model of smartphone. Chase Manhattan Bank has an app that allows users to take photos of a check using their camera phones before depositing it.

Quick Response (QR) codes allow customers to scan barcodes and use digital coupons for their transactions with the bank. The best part of this technology is that it gives people the ability to do their banking activities on the move, a very convenient facility during transit or in-between meetings. Responding to the growing need for mobility, banks are also coming up with various QR-based applications, which are expected to become more popular in the years to come.
Research estimates say that by 2015, mobile banking will reach 1.1 billion people and apps will come packed with more innovative technologies. Taking advantage of this trend, smartphone mobile apps developers are coming up with innovative products to help banks have better, timely communication with their customers.

What Does Mobile Banking Mean For Retail Customers In India

Mobile banking is a new and exciting way to bank for the customers in India. It not only has the multiple banking operations but also has quite a few support functions. Yet, it hasnt reached across India, as anticipated -RBI suggested. However, the growth in mobile banking in India is extremely encouraging. Here are few facts that will surprise you.

There is more than 7% month-on-month growth in the number of mobile transactions in India. This is based on the monthly transactions by August 2013.
By September 2013, the users have exchanged around Rs. 1565 Cr though the mobile transactions.

Though, the year-on-year growth is phenomenal, it cannot be considered well received when only a small fraction of the Indian banking customers are using it. When you realize the number of functionalities available, it is surprising that more numbers of people are not using it. The banking and allied functionalists available via mobile banking application are:
Locate the nearest branch of the bank via Google maps
Order a new cheque book
Check the status of new cheque book
Transfer funds
Check the balance available in the account
Take the mini-statement of the account
Pay utilities bills, credit card bills, insurance premiums, etc.
Make donations
Top up mobile recharge
The demat account services such as purchasing mutual funds, cancelling transactions, check NAVs, etc.

Arguably, all these services are not available in all the mobile banking apps released by all the banks. There is no sufficient response to the already-launched apps either. The research indicates that the primary reasons for this low-responsive state are:
Compatibility: The existing apps are not compatible with the various types of smartphones available in the market. Though, the smartphone market in India is expanding at the extraordinary rates, it is challenging to identify and release as many versions of the banking applications in the respective app stores. So, all interested customers dont get the app for mobile banking.
Awareness: All the bank customers are not aware of these apps. In spite of the promotions, this information hasnt penetrated down to all the social strata.

With few changes, the growth of smartphone banking in India can go in the high gear. It will become a routine concept. However, there are considerable infrastructure challenges. We still need to overcome them. With the right marketing and information strategy in place, interest and participation in the phone banking operations will reach sky high.

Banking Calories Eat Less Now To Pig Out Later

Suppose youre on a diet and you have a banquet or a holiday party coming up. Youre expecting a big meal to be served for dinner, and there will be open bar with lots and lots of party snacks. Youre not sure if there will be any healthy food there, but you are sure that youre going to be in a festive, partying mood! What should you do? Should you cut back on your food earlier in the day to make room for the big feast?

What Ive just described is commonly known as “banking calories,” which is analogous to saving calories like money because you’re going to consume more later, and its a very common practice among dieters. If youre really serious about your diet and fitness goals however, then the answer is no, you should NOT bank calories! Here’s why and here’s what you should do instead:

First of all, if you’re being really honest with yourself, you have to agree that there’s almost always something healthy to eat at any gathering. You know those tables you see at holiday parties that are covered with yards of chips, dips, pretzels, cookies, salami, candies, cheese, punch, liquor, and a seemingly endless assortment of other goodies? Well, did you also notice that there’s usually a tray full of carrot sticks, cauliflower, celery, fruit, turkey breast and other healthy snacks too?

No matter where you are, you always have options, so make the best choice you can based on whatever your options are. If nothing else, you can choose to eat a small portion of “party foods” rather than a huge portion.

If you skip meals or eat less earlier in the day to bank calories for a big feast at night, you are thinking only in terms of calories, but yore depriving yourself of the valuable nutrition you need all day long in terms of protein (amino acids), carbohydrates, essential fats, vitamins, minerals and other nutrients that come from healthy food, as well as the small frequent meals required to stoke the furnace of your metabolism.

Not only that, but eating less early in the day in anticipation for overeating later is more likely to increase your appetite, causing you to binge or eat much more than you thought you would at night when the banquet does arrive.

Eating healthy food earlier in the day is likely to fill you up and you’ll be less likely to overeat in the evening. High fiber foods, healthy fats and especially lean protein, tend to suppress your appetite the most.

I dont like the concept of “banking calories.” Your body just doesn’t work that way – it tends to seek equilibrium by adjusting your appetite to the point where you consume the same total amount of calories in the end anyway.

Even if it worked the way you wanted it to, why would you eat less (starve) in an attempt to burn more fat, then overeat (binge) and put the fat right back on? Why allow yourself to put on fat in the first place?

A starving and bingeing pattern will almost certainly cause more damage than an occasional oversize meal. Some dieticians might even say that this kind of behavior borders on disordered eating.

Banking with Hanmi Bank

The Hanmi Bank was founded in 1982 to better serve the Korean- American community. Their philosophy is to meet their customers’ needs and growth with them as time progresses.

This bank has many services including Bank Rates that are available online. Among these service is their regular checking account that gives the account holder 1% cash back from their net transactions on their debt card. This account requires a minimum $100 to open a minimum balance of $500 to earn the cash back per statement cycle.

As far as their online banking services go they offer a wide selection that is also available at your local branch office. This includes the checking of your balances and transactional history. The online statements are also available for your convenience in a safe and secure manner.

The Hanmi bank offers CDs with terms from 7 days to 3 years with a minimum deposit of $1,000. The interest is accredited to each account on a monthly basis.

The highest earning checking account is the Mega Checking account that requires a minimum deposit of $10,000 which must be maintained to earn the interest on the balance. There is a limit of 100 transactions with this account pre billing cycle.

This is a full service financial institution that offers their customers not only deposit accounts but also auto loans, mortgages and credit cards. They also handle insurance, investments and retirement plans to help serve the needs of their growing customer base in Southern California.

For reasons of security and safety of your information only a limited amount will be collected. The employees at the Hanmi bank will also be limited to who can access this information and none of it will ever be sold to any third party.

This is what you can expect from Hanmi Bank of Southern California.

We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution.

For additional resources involving financial help, please view PNC Online Banking, best bank savings rates, Westpac Online Banking and Online Banks at http://www.onlinebanksblog.com/union-online-banking