Financial Services (105)
The Russian post office has launched a new financial product for consumers. They can get a microcredit loan (between $100-200 USD) in any post office branch simply by presenting a piece of identification.
Why it matters
Microcredit is something that has really taken off in underdeveloped countries and is usually associated with business development. Will this niche offering attract local customers considering the small amounts loaned?
The US bank Citibank has developed a smartphone app which enables clients to block their credit card with their smartphone in case of loss. They can also unblock their card if it turns out not to be lost.
To understand the growing Gen Y segment, DBS bank in Singapore decided to ask them what they wanted from their banking experience by creating the ‘I designed a bank’ competition. The winning designs included cutting-edge 24-hr banking services and a dynamic space that transforms from a day banking lounge into a youth hangout at night. DBS will be incorporating elements from the various design submissions into a special youth branch, set to open in 2011.