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BANKING TECHNOLOGY, RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: Bank customers reject robo-advisors; British town starts its own lender

Deutsche Bank is fined $41m and Wells Fargo makes personnel changes.

From Reuters: The vast majority of bank customers in Europe would not let a computer program make and act upon financial decisions on their behalf, a survey showed on Wednesday, in a sign of caution over the rising so-called robo-advice industry. Robots ranked below financial advisers, friends or even using the internet as a means of making investment decisions, according to the fifth annual International Survey Mobile Banking conducted by Dutch bank ING Groep

From Bloomberg: You smell Warrington before you see it -- thanks to the huge Unilever NV plant that cranks out scented laundry detergent by the ton. And if you blink, you may not even see it at all. But there’s a reason to pay attention. This commuter town midway between Liverpool and Manchester is conducting an experiment in banking that may provide a post-Brexit road map for cities struggling with twin declines in lending to small businesses and funding from the national government.

From CNBC: The Federal Reserve has fined Germany's largest bank $41 million for failure to maintain controls against money laundering in its U.S. operations. The U.S. regulators announced the penalty against Deutsche Bank, citing "unsafe and unsound practices." The global bank also agreed to an order requiring it to improve oversight by senior management in complying with anti-money-laundering laws in the U.S. operations.

From Reuters: Wells Fargo & Co has made more executive changes in its retail banking unit as it tries to recover from a sales scandal that harmed its once-enviable reputation. Mary Mack, head of the retail business, announced new roles for four executives who will report directly to her.

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