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Agency Banking as a Product in Banks Should be Largely Considered for #Deposit Mobilization, Not a #Revenue Line 📈💰 As the financial landscape continues to evolve, banks are constantly looking for innovative ways to expand their reach and increase deposits. One strategy that has gained significant traction in recent years is #agency banking 🤝. While #agency banking can generate revenue through transaction fees, I strongly believe that its primary focus should be on deposit mobilization, rather than it being considered as a revenue line 📊. Why #Deposit Mobilization? ■Increased Financial Inclusion: Agency banking allows banks to reach underserved communities, promoting financial inclusion and increasing access to banking services ■Low-Cost Distribution: Agent networks can significantly reduce operational costs compared to traditional set up of brick-and-mortar branches 🏢. ■ #Deposit Growth: By providing convenient, accessible banking services, agency banking can attract new customers and increase deposit growth . Benefits of Focusing on #Deposit #Mobilization $●Stable Funding: Deposits provide a stable source of funding for banks, enabling them to lend ,invest in the economy or even do forex trading by the treasury department and earn from foreign exchange. $● Long-Term Relationships: By focusing on deposit mobilization, banks can build long-term relationships with customers, increasing loyalty and retention 👥. $●Cross-Selling Opportunities: A strong deposit base provides opportunities for cross-selling other banking products and services. In conclusion; Agency banking is a powerful tool for banks to expand their reach and increase deposits. By focusing on deposit mobilization, banks can promote financial inclusion, reduce costs, and build stable, long-term relationships with customers. Let's discuss and get thoughts from some industry leaders: Simon peter Katongole Msc IT,Digital Finance Specialist ,IVAN SERUGUNDA Nuwagaba Michael ,Julius Musiime JOHN LUBAKWIDHA ,👇👇👇👇 How #agency banking can be leveraged to drive deposit growth and promote financial inclusion 💬. #AgencyBanking #DepositMobilization #FinancialInclusion #BankingInnovation #FinancialServices

The next chapter of Canadian banking is about to begin. 🔍 Why Open Banking Matters for Canada — and Why It’s the Right Time The 2025 Federal Budget has finally set the stage for Canada’s long-awaited Open Banking (Consumer-Driven Banking) framework. While the term sounds technical, the goal is simple: to give Canadians more control, choice, and security over their own financial data. Today, many Canadians unknowingly share their online banking credentials with third-party apps to view balances or use budgeting tools — a process known as screen-scraping. It’s risky, unregulated, and outdated. Open Banking will change that. It will allow customers to securely share only the data they choose, with trusted apps and financial service providers through regulated APIs. Here’s why this shift is so important 👇 1️⃣ Empowering Canadians and Small Businesses Open Banking creates a more transparent and inclusive financial system. • For individuals: it means viewing all accounts in one place, faster loan approvals, and smarter tools for budgeting and investing. • For small businesses: it streamlines data-sharing with lenders, accountants, and fintechs — enabling quicker access to working capital and reducing paperwork fatigue. 2️⃣ Innovation Meets Accountability A structured data-sharing framework levels the playing field for fintechs and smaller institutions, promoting innovation while maintaining strong security and compliance standards. As financial professionals, this will push us to balance innovation with robust AML and data-governance practices, ensuring transparency never comes at the cost of safety. 3️⃣ Strengthening Trust in the System At its heart, Open Banking is about trust. Canadians deserve to know how their data is used and who has access to it. With proper regulation, it can improve financial literacy, simplify KYC/AML processes through verified data, and reduce fraud exposure by minimizing manual data transfers. 4️⃣ Driving the Future of Banking in Canada Countries like the U.K. and Australia are already years ahead. For Canada, this is a chance to modernize our financial infrastructure — aligning innovation, privacy, and compliance under one national framework. As someone working closely with Canadian small businesses, I see Open Banking not just as a regulatory change — but as a transformation in how we build trust, empower clients, and shape a more connected financial future. #OpenBanking #ConsumerDrivenBanking #CanadaBudget #FinancialInnovation #AML #Compliance #FinTech #SmallBusiness #DigitalBanking #EQBank

Edward Jones Expands Banking Solutions Through U.S. Bank Partnership: Edward Jones announced that it has reached significant milestones in advancing its banking strategy to provide clients with more comprehensive financial tools. The firm’s progress includes the nationwide rollout of its Edward Jones Everyday Solutions suite in partnership with U.S. Bank, along with continued steps toward establishing the proposed Edward Jones Bank. The post Edward Jones Expands Banking Solutions Through U.S. Bank Partnership appeared first on Pulse 2.0.

SBS launches Open Banking capabilities for UK building societies and banks The global financial technology company, which supports more than 1,500 financial institutions worldwide, said the new release would help lenders deliver faster, more seamless experiences for members.

SBS Introduces Open Banking Capabilities to UK Building Societies and Banks Read more: https://lnkd.in/dC8Pd-Hq #SBS #OpenBanking #BuildingSocieties #Banks #UKFinance #DigitalTransformation #Fintech #BankingInnovation

"Commercial banking is not transactional. In reality, it's highly relationship-based. The best outcomes happen when clients engage early and often with their banking team," shared Alicia Iskhakova during a recent interview with Vistage CEO Mark Taylor. https://bit.ly/43lW4A9

SBS Introduces Open Banking Capabilities to UK Building Societies and Banks “We’re continuing to empower building societies and banks to bring digital innovation into their branch and deliver seamless, personalized experiences that exceed customers’ expectations with this new release of Core MSS,” said Paul Walton, General Manager, UK Lending, SBS. “We’re blending human connection with smart technology to help these institutions evolve and align them with technology that is as agile and member-focused as themselves.” https://lnkd.in/ehE7p9Qd Cassandra Pravata Dani McNabb Richard Broadbent Olga Bagaeva Mita Chugh Newbury Building Society Darren Garner Phillippa Cardno Emma Gentry #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

The Canadian government's budget announcement earlier this week has significantly moved the needle for open banking in the country. The federal budget, released on Nov 4, marks a major milestone for consumer-driven banking, the name given to open banking here in Canada. This budget announcement has been hotly anticipated by the local open banking community, who expected it to reignite momentum after the previous government's efforts were paused - and it did exactly that. Here are three key takeaways: Legislative Foundation: The government is introducing legislation to complete the Consumer-Driven Banking Act and provide a data-mobility right in the privacy act, PIPEDA. This creates a strong legislative backbone that could enable data sharing across the entire economy – not just banking. Write Access by 2027: The government will accelerate the next phase of consumer-driven banking, starting with details on data sharing (ie. "read access") in 2026, followed by legislating the ability to direct actions, such as switching accounts or making bill payments ("write access") by mid-2027, aligning closely with the roleout of the real-time payment rail. Streamlined Governance: Oversight will be transferred from the FCAC to the Bank of Canada, which will retain up to $19.3 million over two years to support implementation. Since the BoC already manages the PSP registry and accreditation process, this create a clear pathway from account access (read) to payment initiation (write), signaling a more focused and efficient approach. Although there is still no formal timeline or details on the technical standard, these are expected to follow in the coming weeks and months. In the meantime, there is no question this announcement has reinvigorated interested in consumer-driven banking across the Canadian financial community. The team and I have published an article over at Ozone API that provides a high-level summary of the recent budget announcement and what it will mean for Canada. See link below. In short, it certainly feels like a win. Let’s see what happens next. Complete Budget: https://lnkd.in/ggEzukAk Full article: https://lnkd.in/gpWVe39V #openbanking #openfinance #consumerdrivenbanking #canada

US Commercial Banking Market to Reach USD 915.45 Billion by 2030, Driven by Digital Channels and Corporate Lending: US Commercial Banking Market Mordor Intelligence has published a new report on the US Commercial Banking Market, offering a comprehensive analysis of trends, growth drivers, and future projections. US Commercial Banking Market Outlook According to Mordor Intelligence, the US commercial … Continue reading → #FinancialMarket

Canada's open banking timeline just got REAL. 🚀 Canada's new federal budget, which was shared on Tuesday, delivered the concrete details the market was waiting for on Consumer-Driven Banking (CDB). Eyal Sivan, Ozone API's GM for North America has said: "Moving oversight to the BoC is a smart move, since they already rolled out the PSP registry and accreditation process. This also creates a clear line-of-sight to payment initiation and write access, committed to by 2027, demonstrating a strong commitment to Consumer-Driven banking overall. Creating a legislative underpinning by adding data mobility rights to PIPEDA is perhaps the most significant step of all, opening the door to broad data sharing across the entire economy. And the more general commitment to increasing competition in banking is a breath of fresh air for Canadians. Overall, the announcement felt like a strong step in the right direction” More details on this headline here: https://ow.ly/U2q550XnIbv