Edition 40| Neo Banking Newsbeat | Your Weekly Neo Banking Updates

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3RD WEEK OF MAY 2024

Greetings from Neo Banking, where financial innovation knows no bounds! Welcome to our weekly newsletter: Neo Banking Newsbeat the ultimate destination for staying ahead in digital finance.

Research Summary

32% Surge In Mobile Banking Malware: Are You Safe On Your Smartphone?

Guess what's making a splash in the world of cyber mischief? You guessed it—mobile banking malware is on the rise! According to the latest report from Kaspersky, those sneaky little trojans were up by a whopping 32% in 2023. Looks like even your phone isn't safe from cyber shenanigans anymore! Leading the pack is the notorious Bian. h, taking the crown as the most prevalent banking trojan out there.

And where are these digital bandits hitting the hardest? Afghanistan, Turkmenistan, and Tajikistan are leading the charge, with Turkey taking the cake for mobile banking malware attacks. The one blowing the whistle on this digital racket is Igor Golovin, the security guru at Kaspersky, and thus it is time to guard up our devices.?

While mobile mayhem is rising, the PC stronghold is standing firm, with a solid 11% drop in financial PC malware. At the same time, we must sharpen our wits to avoid getting lured into a digital heist saga!

HSBC Adds Savings Tool To Mobile App

HSBC has introduced a 'Savings Goal' tool in its UK mobile app to help users manage their saving objectives like travel, a new car, or business ventures. Users can set targets, and due dates, and automate transfers to track their progress.

An HSBC survey reveals 23% of Brits save part of their wages immediately, with Gen Z leading in savings habits. Popular goals include travel, emergency funds, and home deposits. Despite saving diligently, under-24s frequently withdraw savings for daily expenses or debt, causing stress about the adequacy of their savings.

French Payments App Lydia Launches Mobile Bank

French payments app Lydia has launched a new challenger bank, investing €100 million and planning to hire 400 people over three years. Lydia, now an e-money institution, serves over eight million users. The payments app will focus on P2P transfers, while the new bank, Sumeria, will offer current accounts, savings, credit,

investments, and Visa debit cards. This strategic split aims to cater to users preferring simple payments without bundled banking services. Sumeria targets five million customers within three years and will open a Paris branch for personalized support.

Bunq Makes The GenAI Assistant Fully Conversational

Dutch Neo Bank bunq has enhanced its GenAI assistant, Finn, making it fully conversational. Finn now answers user questions more interactively and provides detailed financial insights twice as fast. Since its launch, Finn has handled over 100,000 queries, resolving up to 40% independently.

Additionally, bunq introduced a travel insurance product in collaboration with Qover, offering automatic worldwide coverage for Easy Bank Pro XL users. This feature simplifies insurance for frequent travelers, who can file claims directly through the app.

Indonesian Digital Lender Aims To Tap Into $314 Billion Gig Economy

Indonesia's BRI Agro, a subsidiary of Bank Rakyat Indonesia, will transform into a digital bank in 2024 to target the $314 billion gig economy. The bank is revamping its services to cater to freelancers and social media influencers, aiming to attract three million gig workers within three years.

As part of its rebranding, BRI Agro will unveil a new name in September. BRI Agro and its parent are currently the only banks in Indonesia licensed for full online banking services. The bank plans to leverage partnerships with fintech firms and may seek a new strategic partner this year.

ADQ-Backed Digital Bank Gets UAE Central Bank Approval For Launch

The Central Bank of the UAE has granted in-principle approval for the launch of a new digital bank, Wio, backed by ADQ and Alpha Dhabi, which will hold a combined 65% stake. Other shareholders include Etilasat with 25% and First Abu Dhabi Bank with 10%.

Wio, with a total investment of 2.3 billion dirhams ($626.26 million), will initially target small and medium-sized businesses. This follows the launch of other digital banking platforms in the UAE, like Dubai-based YAP, Emirates NBD's LIV, and Mashreq Bank's Neo.

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