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<br /><ul><li><strong>The Reserve Bank of India went public on 19 October with its disagreement regarding a proposal from the central government to establish an independent regulator to oversee all <keyword id="6359540" type="PERSON" weightage="20" keywordseo="payments">payments</keyword> systems.<br /></strong></li><li><strong>The proposal was put forth last month by an inter-ministerial committee as an amendment to the the Payment &amp; Settlement Systems Act of 2007.<br /></strong></li><li><strong>The <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> explained that since payments systems come under the umbrella of currency, it made sense for them to be overseen by the central bank since it was a currency regulator and monetary authority.<br /></strong></li></ul><br />In a rare move, the Reserve Bank of India went public on 19 October about its disagreement with a proposal from the central government to establish an independent regulator to oversee all payments systems in the country. The move comes a few days after the central bank’s 15 October deadline for payment companies to demonstrate their compliance with local data storage norms expired.<br /><br />The <a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=45287">“dissent note”</a>, as it was termed by the central bank, comprised a list of reasons why it was against the government’s decision to take the regulation of payments outside its current scope of responsibilities. The proposal was put forth last month by an inter-ministerial committee as an amendment to the the Payment &amp; Settlement Systems Act of 2007.<br /><br />The RBI explained that since payments systems came under the umbrella of currency and all issues related to currency, it made sense for their regulation to be overseen by the central bank since it was a currency regulator and monetary authority. Furthermore, as the settlement of payment transactions involves entries in the books of banking entities, it negates the need for dual regulators. <br /><br />Payments systems are currently dominated by banks. The RBI has moved to make it easier for non-banking financial institutions and mobile wallet instruments from participating in the payments industry. Infact, last week it released <a href="https://www.businessinsider.in/the-rbis-new-guidelines-will-allow-you-to-transfer-funds-between-different-mobile-wallets/articleshow/66256349.cms">guidelines </a>for the transfer of funds between different “pre-paid instruments”. <br /><br />The central bank emphasised that since the banking system and payment system are two sides of the same coin it will be easier for the same regulator to oversee both, instead of creating another body - which would lead to greater costs and a potential overlap of responsibilities between different regulators. <br /><br />The RBI has regulated payments for several years. After drawing attention to the international model under which most central banks are payments regulators, the RBI concluded by saying that the current system was “well-functioning” and there wasn’t any need to change it at the moment.<br /><br />As a compromise, the RBI said that an payments regulator committee should be established which should be headed by the governor of the central bank and made up of three nominees each put forth by the RBI and central government. <br />

The RBI is butting heads with the central government over a proposal to establish an independent payments regulator

The guidelines issued by the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) for prepaid payment instrument (PPI) licence holders are not going well with the mobile wallet companies.<br /><br />Reportedly, the <keyword id="6368227" type="UNKNOWN" weightage="20" keywordseo="Mobile-wallets">mobile wallets</keyword> have raised several concerns over RBI’s proposed guidelines. One of the issues that these companies have is of the know your customer (KYC) norms.<br /><br />"Some clarifications were sought on certain clauses, while PPIs discussed issues around KYC, especially since it could be an overkill for small transactions," one of those at the meeting told ET.<br /><br />The <keyword id="4128581" type="UNKNOWN" weightage="20" keywordseo="payment-council-of-india">Payment Council of India</keyword> and the Internet and <keyword id="592650" type="ORGANIZATION" weightage="20" keywordseo="Mobile-Association-of-India">Mobile Association of India</keyword> (IAMAI) had organised a meeting in which they gave out feedback on the proposed norms.<br /><br />As per RBI’s draft guidelines, the PPIs will have to move to full KYC details within 60 days of the PPI licence being issued. Presently, e-wallets and other such prepaid payment instruments can only hold up to Rs 20,000 per user with minimum KYC. <br /><br />"In the feedback given to RBI, the main request is that minimum KYC be retained or that the deadline for implementing full KYC be extended to 18-24 months, since by then telecom companies would have done Aadhaar linking of mobile numbers. That will help mobile wallets do full KYC for all customers," one industry member told ET, adding “The other ask is that RBI should publish the interoperability guidelines for wallets.”<br /><br />Some of these concerns, especially full KYC compliance, were raised at the meeting, according to those present.<br /><br />PPIs are currently seeing monthly transactions of Rs 6,000 crore, of which about Rs 4,000 crore is from money transfers while corporate solutions such as smart cards for expense management constitute about Rs 500 crore, ET quoted people with knowledge of the matter. <br /><br />

Mobile wallets are not happy with RBI’s latest draft guidelines. Here’s why

<ul><li>WhatsApp finally received the approval to operate <keyword id="3679109" type="PERSON" weightage="20" keywordseo="UPI-payments">UPI payments</keyword> from the National Payments Council of India.</li><li>WhatsApp’s payments feature has been rolled out in ten Indian regional language versions of WhatsApp. </li><li><keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword>’s entry in payments also comes with a major blow to two of its biggest competitors – <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> and <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword> as NPCI has doled out a 30% cap for third party payment operators.</li><li>Amidst all of this, a beneficiary from WhatsApp Pay’s entry would be Mukesh Ambani’s JioMart.</li></ul>After a long wait, WhatsApp finally received the approval to operate the Unified Payments Interface (UPI) payments from the National Payments Council of India (NPCI). With this, WhatsApp Pay is set to roll out initially with a cap of 20 million users, to make payments ‘as easy as sending a message’. <br /><br />A day after securing the approval, WhatsApp is launching the payments feature in ten Indian regional languages. WhatsApp’s UPI entry begins with a partnership with five banks – ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. <br /><br />“With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. India is the first country to do anything like this. I’m glad we were able to support this effort and work together to help achieve a more digital India,” said Facebook CEO Mark Zuckerberg in a statement.<br /><br />But WhatsApp Pay’s entry in payments that was touted to be a <a href="https://www.businessinsider.in/business/news/google-pay-has-a-solid-lead-over-phonepe-paytm-and-amazon-pay-in-india-but-its-biggest-challenge-is-yet-to-come/articleshow/76542701.cms">death card</a> for many others has been accompanied by a major blow to two of its biggest competitors – Google Pay and Walmart-owned PhonePe. <br /><br /><strong>NPCI setback for Google Pay, Phone Pe<br /></strong><br />According to the NPCI’s official statement, <keyword id="4052276" type="PERSON" weightage="20" keywordseo="UPI-transactions">UPI transactions</keyword> on third party payment apps cannot exceed 30% of the overall volume of transactions processed in UPI during the preceding three months. <br /><br />Both Google Pay and PhonePe which are third-party apps will be hit as they currently together hold 40% market share in the UPI segment which has recently crossed the 2 billion transaction count. <br /><br /><div type="image" title="UPI transactions final." msid="79076877" hostid="261"></div><br />" Digital payments in India is still in its infancy and any interventions at this point should be made with a view to accelerate consumer choice and innovation. A choice based and open model is key to drive this momentum. This announcement has come as a surprise and has implications for hundreds of millions of users who use UPI for their daily payments and could impact the further adoption of UPI and the end goal of financial inclusion," said Sajith Sivanandan, Business Head, Google Pay and Next Billion User initiatives, India on the NPCI cap issue.<br /><br />UPI transactions on PhonePe and Google Pay in October 2020<br /><table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PhonePe<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">835 million<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Google Pay<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">820 million<br /><br /></td></tr></tbody></table><em>Source: </em><a href="https://economictimes.indiatimes.com/tech/technology/whatsapp-pay-gets-green-light-to-go-live-on-upi/articleshow/79066734.cms"><em>media reports</em></a><br /><br />While the cap will be effective from January 1, 2021, existing third party operators like Google Pay and PhonePe have been given until 2022 to comply with the new rules. <br /><br />UPI’s growth in India and its interoperability has left behind other players who focussed on mobile payments alone. “PPI’s (pre-paid instruments like mobile wallets) which were once expected to scale up rapidly in the retail digital payments industry have clearly not achieved the success that they were expected to achieve. While there could be several explanations for this, one of the main reasons we believe is due to strong competition from UPI,” said a report by JM Financial from September 2020. <br /><br />However, players like Paytm which isn’t a big shareholder in UPI, won’t be affected by the new capping as it is a PSP (Payment service provider). <br /><br /><strong>WhatsApp Pay’s potential<br /></strong><br />India is the first country where Facebook had begun its tryst with payments back in 2018 when WhatsApp began beta testing payments in the country. Since then, the company had met with several regulatory hurdles relating to data localisation, which was followed by a promise of storing data locally and WhatsApp Pay submitting revised data localization compliance this year. <br /><br />However, even while it hadn’t officially rolled out, experts have been betting on its popularity because of its existing 400 million user base in India. Analysts at Bernstein (from a June 2020 report) expected WhatsApp Pay’s penetration to increase to 30% (from the current 10%) by FY25. <br /><br />Abhijit Bose, WhatsApp India head, had also shared plans for the company’s foray into financial services in India in July 2020. WhatsApp will soon be driving its financial inclusion push in India with its foray into lending, micro-insurance, and micro-pension products. WhatsApp is currently running pilot programs for the same. “Based on the results, we will co-invest and scale. Even a small conversion of the demand will translate into an infusion of significant savings into the financial system,” <a href="https://techcrunch.com/2020/07/22/whatsapp-to-pilot-projects-to-deliver-credit-insurance-and-pension-to-users-in-india/">said Bose</a> then. <br /><br /><strong>JioMart – the silent winner<br /></strong><br />Amidst all of this, a beneficiary from WhatsApp Pay’s entry would be India’s richest man’s e-commerce bet – Mukesh Ambani’s JioMart. “Payments remains the missing link, the tie up could be a potential game changer with WhatsApp Pay integration with JioMart,” said the report by Bernstein. <br /><br />WhatsApp Pay’s UPI approval and potential tie-up with JioMart after Facebook pumped $5.7 billion in Reliance earlier this year, will see JioMart gain by offering easy ordering and payment facility to its users through WhatsApp. “RIL’s foray into the space leveraging its large ofﬂine distribution capabilities, and integration of ability to order groceries through WhatsApp, a platform with &gt;400 mn MAUs in India,” said a Goldman Sachs report.<br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/finance/news/whatsapp-pay-upi-services-gets-the-green-signal-from-npci-but-rollout-will-be-in-a-graded-manner/articleshow/79068908.cms">WhatsApp Pay UPI services gets the green signal from NPCI, but rollout will be in a 'graded' manner</a><br /></strong><br />

WhatsApp Pay UPI is now live while Google Pay, PhonePe have already got the first sting

<ul class="summary-list"><li><keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">Inflation</keyword> (rising prices) lowers the value of cash savings and fixed-income investments.</li><li>Investing for inflation involves picking assets that appreciate, are tangible, or pay variable interest.</li><li>Good inflation-hedging investments include stocks, TIPS, and tangibles like gold or real estate.</li></ul><p>If your money isn't moving forward, it's falling back. <br /><br />That's due to <a href="https://www.businessinsider.com/what-is-inflation">inflation</a>, which is almost always with us. Inflation is the term used to describe the steady rise of prices for goods and services that affects all areas of the economy. <br /><br />Over time, inflation can erode the purchasing power of your dollar, and also chip away at your investment returns. But with some foresight and planning, it's possible to protect your money. <br /><br />The solution is investing for inflation - choosing investments that will give you a return greater than the current rate of inflation - or at least keep up with it. Here's how investors can protect themselves from rising prices, and which investments make the best <keyword id="927781" type="PERSON" weightage="60" keywordseo="inflation-hedge">inflation hedge</keyword>.</p><h2>Understanding inflation</h2><p>Inflation refers to rising prices on goods and services across an economy over a period of time.</p><p>We measure inflation with the "inflation rate," calculated as a percentage of change of a price index (a representative sampling of goods and services) from one year to the next. In the US, the most commonly used price index is the consumer price index (CPI), but sometimes economists will also use the producers price index (PPI) and personal consumption expenditures (PCE) price index. </p><p>Inflation below 2.3% is considered low. It's considered mild between 2.3% and 3.3% and high between 3.3% and 4.9%. Inflation above 4.9% is considered to be very high. </p><p>Inflation isn't all bad. Economists like to see a low, steady rise in prices, because it means a healthy economy: Companies are producing, consumers are buying, business and employment and wages are all up. Currently, the US Federal Reserve targets an <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-inflation-strategy-boost-stocks-cut-risks-goldman-strategists-2020-9-1029627686#:~:text=The%20Federal%20Reserve's%20new%20target,revenue%20growth%2C%20the%20team%20said.aid." target="_blank" rel="noopener">average annual inflation rate of 2%.</a> </p><p><strong>In the news: </strong><a href="https://www.businessinsider.com/inflation-consumer-price-index-april-cpi-economic-reopening-price-growth-2021-5" target="_blank" rel="noopener">The CPI rose 4.2% year-over-year in April 2020</a>, marking the strongest inflation since September 2008. </p><h2>How inflation reduces the buying power of your money </h2><p>Low inflation may be good for the economy, but it's bad for your wallet. "If annual inflation rates hit 5%, a dollar will only be worth $0.95 cents the following year," says <a href="https://www.bu.edu/questrom/executive-education/our-faculty/mark-williams/" target="_blank" rel="noopener">Mark Williams</a>, master lecturer in finance at Boston University's Questrom School of Business. </p><p>And it's not just cash that loses value. </p><p>Williams notes that those with low-interest bank accounts effectively lose money during periods of inflation because the interest they pay is eaten up by the decline in value. Indeed, any investment that generates a <a href="https://www.businessinsider.com/what-is-fixed-income-investing" target="_blank" rel="noopener">fixed rate of return</a> or interest will see diminished returns in real dollars during inflation.</p><p>So while inflation impacts all investors, it's especially tough on <a href="https://www.businessinsider.com/investment-income-assets" target="_blank" rel="noopener">income-oriented investors</a>. </p><h2>What types of assets are good for beating inflation?</h2><p>Several asset classes in particular lend themselves to inflation-oriented investing. </p><ul><li><strong>Appreciation-oriented assets: </strong>Go for investments that offer growth, or appreciation - not simply income. Company stock is a prime example. </li><li><strong>Real assets: </strong>Inflation devalues nominal assets, like <a href="https://www.businessinsider.com/personal-finance/what-is-a-cd-certificate-of-deposit" target="_blank" rel="noopener">CDs</a> and traditional <a href="https://www.businessinsider.com/what-is-a-corporate-bond" target="_blank" rel="noopener">bonds</a>, because they're priced based on the fixed interest they pay, which will lose value when inflation is increasing. In contrast, real assets are tangible things with fundamental value. So their worth floats up together with inflation.</li><li><strong>Variable interest-rate assets: </strong>If something pays a fixed rate, you'll lose money in an inflationary environment. Assets with fluctuating interest rates give your money more of a fighting chance, as they'll also rise with inflation.</li></ul><h2>Which investments make good inflation hedges?  </h2><p>Certain specific investments do well when inflation is climbing. Choosing among these assets should reflect your own goals, and also how severe the inflationary climate is.  </p><h3>1. Stocks</h3><p>In general, returns on <a href="https://www.businessinsider.com/what-is-stock">stocks</a> beat inflation. Rising prices can mean more profit for companies, which in turn boosts share prices. No guarantees, of course, but over the long term, the stock market has historically provided returns that beat inflation. <br /><br /><a href="https://www.businessinsider.com/passive-investing">Passive index investing</a> is the easiest way into stocks, and doesn't rely on an aptitude for stock-picking. <a href="https://www.businessinsider.com/how-to-invest-in-tech-stocks">Technology</a> and other <a href="https://www.businessinsider.com/what-is-a-growth-stock">growth stocks</a>, which outperform the overall market, make the most solid hedges against inflation. Consumer goods companies and others in the defensive sector, which produce basics people need, also do well.</p><h3>2. <keyword id="35149" type="PERSON" weightage="60" keywordseo="commodities">Commodities</keyword></h3><p>"<a href="https://www.businessinsider.com/what-are-commodities">Commodities</a> tend to have outsized returns during times of high inflation," says <a href="https://www.thedebtreliefcompany.com/">Adem Selita</a>, CEO of the Debt Relief Company. Commodities are a type of real asset, things like crops, raw materials, or natural resources. Their prices go up those of other goods or services that use those goods.  <br /><br />In particular, precious metals like <a href="https://www.businessinsider.com/how-to-invest-in-gold">gold</a> and <a href="https://www.businessinsider.com/is-silver-a-good-investment">silver</a> have long been considered an inflation hedge. As physical assets, both gold and silver have intrinsic worth, unlike the dollar or other currencies. Other inflation hedges include energy commodities, like oil and gas.</p><h3>3. Real estate</h3><p>Real estate is both a real asset and an appreciation-oriented one. Like commodities, land and property values tend to rise alongside inflation. If you're not ready to buy actual property, you can still invest in real estate through a <a href="https://www.businessinsider.com/what-is-a-reit" target="_blank" rel="noopener">real estate investment trust (REIT)</a>. These are publicly traded portfolios of properties; although technically securities, they are influenced by real estate trends.</p><h3>4. Alternative investments</h3><p>Williams notes that some other tangible assets, such as fine art, vintage cars, and other <a href="https://www.businessinsider.com/steve-cohen-collectors-universe-collectables-dan-sundehim-nat-turner-2020-12" target="_blank" rel="noopener">collectibles</a>, also tend to work well as a hedge against inflation. Again, these are real assets that have intrinsic value to collectors. Although their prices can be hard to predict, the value of these items is expected to appreciate over time, providing returns greater than the inflation rate. </p><p><strong>Quick tip:</strong> <a href="https://www.businessinsider.com/what-is-cryptocurrency" target="_blank" rel="noopener">Cryptocurrencies</a>, like <a href="https://www.businessinsider.com/what-is-bitcoin" target="_blank" rel="noopener">Bitcoin</a> and Ethereum, may also protect against inflation because there is a cap on their supply. But since cryptocurrencies are so new, dating back to 2010, it's not clear how they'll perform during times of high inflation - they haven't been around in that sort of environment.</p><h3>5. <strong>US Treasury Inflation-Protected Securities (</strong>TIPS) </h3><p>Most bonds are <em>not</em> good choices to hedge against inflation. The reason is that these investments pay a fixed rate of interest throughout their years- or decades-long lifespans. Their prices on the secondary market might change, but the interest rate they pay is typically not adjusted. </p><p>But some bonds, like US <a href="http://treasurydirect.gov/indiv/products" target="_blank" rel="noopener">Treasury Inflation-Protected Securities (TIPS)</a>, have interest rates that <em>are</em> indexed to inflation. That means that their interest payments go up with the inflation rate - and down with deflation - ensuring the payments' worth isn't too badly eroded. </p><p>Because they're backed by the US government, TIPs are highly safe, and a good choice for conservative investors.</p><h2>You can also use debt to deal with inflation</h2><p>Debt may seem like the opposite of an investment. But incurring it can also be a good financial move when inflation is rampant. </p><p>Selita notes that inflation makes it cheaper to service - that is, pay - some types of debt, as long as it has a fixed interest rate. In the same way that inflation eats away at the value of your cash, it also eats away at the value of your loan. This benefits individuals that have acquired loans or mortgages in the past, before the period of inflation set in.</p><p>For example, $1 in 1990 is equivalent to about $2 today, so a $1,000 mortgage payment 30 years ago would be worth about $2,000 now. But after all that time, you'd still be paying $1,000 per month. So the value of what you need to pay is reduced by about half. Effectively, you're paying half as much each month to service the debt.</p><p>If you can refinance, try changing your loan or mortgage to a fixed rate rather than a variable rate. That will leverage inflation to your advantage.</p><h2>The financial takeaway</h2><p>Investing for inflation is essential for protecting your wealth.</p><p>Inflation can erode your savings. So, while keeping some cash handy is great for financial security, it's best not to keep too much. If you do, you may find that it just doesn't buy as much as it used to.</p><p>Instead, plan for inflation by making your money earn. Choose an investment strategy that's likely to give you a return that at least keeps up with the inflation rate. Look for assets that appreciate, that have a fundamental value of their own, or that pay interest at a fluctuating rate. </p><p>By keeping up with inflation, you can maintain the value of your money. And maybe even grow it. </p><h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><p><strong><a href="https://www.businessinsider.com/how-to-invest-in-gold" target="_blank" rel="noopener">Beginner's guide to investing in gold: The major ways to buy and trade gold, and the benefits and drawbacks of each</a></strong></p><p><strong><a href="https://www.businessinsider.com/what-are-commodities" target="_blank" rel="noopener">What are commodities? Tangible, everyday goods you can invest in, to hedge against inflation or sinking stock prices</a></strong></p><p><strong><a href="https://www.businessinsider.com/investment-income-definition" target="_blank" rel="noopener">Investment income is money earned by your financial assets or accounts, and understanding how it works can help maximize your profits</a></strong></p><p><strong><a href="https://www.businessinsider.com/what-are-liquid-assets" target="_blank" rel="noopener">What are liquid assets? A guide to the investments that are easiest to cash in, and why they're important</a></strong></p><p><strong><a href="https://www.businessinsider.com/growth-investing-definition-strategies" target="_blank" rel="noopener">What is growth investing? A strategy that focuses on high-growth companies in hopes for significant investment returns</a></strong></p>

How to hedge against inflation with investments that keep pace with rising prices

<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Financial <a href="http://uk.businessinsider.com/fca-investment-and-corporate-bank-competition-investigation-2015-2">scandals</a> wiped out 60% of </span><span style="line-height: 1.5em;">Britain's biggest five banks' </span><span style="line-height: 1.5em;">profits since 2011.</span></p><p>According to the accountancy giant KPMG's latest report, entitled "<a href="http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/NewsReleases/Pages/UK-bank-profits-up-62-but-must-urgently-tackle-low-return-on-equity-says-KPMG-report.aspx">A Paradox of Forces</a>," the Royal Bank of Scotland<span>, Lloyds Banking Group, HSBC, Barclays and Standard Chartered forked out £38.7 billion ($57.6 billion) in customer remediation, conduct failings and fines since 2011.</span></p><p>KPMG warned that while conduct costs fell by 8% last year to £9.9bn, banking scandals "continue to be a major issue."</p><p>It said that half of the costs related to financial scandal remediation went towards the compensating victims of the mis-selling of<span style="line-height: 1.5em;"> <a href="http://uk.businessinsider.com/lloyds-2014-results-show-profit-surge-and-bumper-banker-bonuses-and-pay-and-dividends-2015-2">Payment Protection Insurance (PPI)</a> and <a href="http://uk.businessinsider.com/gutobebb-on-missellingderivatives-irsas-by-rbs-barclays-hsbc-and-lloyds-2015-3">interest rate hedging products</a>.</span></p><p><span style="line-height: 1.5em;">Meanwhile, KPMG said that the impact of conduct costs is exacerbating the banks' need to cut spending and restructure their units to cover its cost of capital. None of the banks surveyed achieved a return on equity of more than 8%, compared with an average 11.6% in 2009.</span></p><p><span style="line-height: 1.5em;">This is despite combined pre-tax profits reached £20.6 billion in 2014, up 62% from the previous year.</span></p><p>"Banks are undergoing a once-in-a-lifetime change, as they face evolving regulation, technology and society's expectations," said Bill Michael, head of financial services at KPMG in the report.</p><p>Here's Michael:</p><p style="padding-left: 30px;">"At the same time, competition is increasing as <a href="http://uk.businessinsider.com/aldermore-challenger-bank-ipo-march-2015-2015-2#ixzz3TxzzhRhz">new challenger banks</a> and peer-to-peer platforms offer customers new ways to borrow and deposit and technology-led services such as PayPal and e-wallets change the way money is transferred and goods and services paid for.</p><p style="padding-left: 30px;">"Domestically focused banking arms are focused on restructuring their business. Those with active investment banking arms face significant challenges around ring-fencing their retail and investment banking activities, which will become mandatory in 2019. The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> as a financial centre has largely been built on non-retail banking. If further regulation creates too many strictures on non-retail banking, the industry risks losing its global relevance.</p><p style="padding-left: 30px;">"Some banks will follow a path of gradual evolution, others will opt for more radical strategic change. In the near-term, banks will continue to focus on cost control and invest in technology to improve services. <span>While it is important to put customers first, embed cultural change and embrace technology, it will be the banks that have a clear and sustainable business model that stand the best chance of success in the future."</span></p><p><span style="line-height: 1.5em;">KPMG added that the report "paints a picture of divergent performance across the banks as they begin to reshape their business plans. For example, profitability at the two state-backed banks continued to rise whereas it fell at the three global banks."</span></p><p>For example, <span style="line-height: 1.5em;"><a href="http://uk.businessinsider.com/lloyds-2014-results-show-profit-surge-and-bumper-banker-bonuses-and-pay-and-dividends-2015-2#ixzz3WhkBvW00">Lloyds, which is 23.9% owned by the government, reported a 2014 underlying profit increase of 26% to £7.8 billion</a>. Pre-tax profits rocketed by 325% to £1.8 billion.</span></p><p><span style="line-height: 1.5em;">However, Lloyds paid</span><span style="line-height: 1.5em;"> £2.2 billion in PPI-related compensation and administration charges and £900 million for other litigation-related issues.</span></p><p><span style="line-height: 1.5em;">Meanwhile, RBS, which is 81% owned by the state, <a href="http://uk.businessinsider.com/rbs-ceo-ross-mcewan-on-2014-results-2015-2#ixzz3WhmSVuq8">booked a £3.5 billion loss in 2014 and spent £2.2 billion on litigation and conduct provisions</a>.</span></p><p>This included an additional provision of £650 million for PPI redress, £720 million spent related to investigations into the foreign exchange market and £185 million in mis-sold interest rate hedging product compensation.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/intense-circuit-workout-plank-army-crawlers-push-ups-2015-3">Here's an easy fat-burning circuit workout you can do using only a line</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="doNHRsczoq6XDEgpNk0k37IbtfpAiDui" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

British banking scandals have wiped out 60% of profits since 2011

<p><em>The </em><a href="http://www.businessinsider.com/insiderpicks"><span><em>Insider Picks</em></span></a><em> team writes about stuff we think you'll like. Business Insider has affiliate partnerships, so we get a share of the revenue from your purchase.</em></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Hollis Johnson/Business Insider</span></p></div><p></p></div></div></p><ul class="summary-list"><li>The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> ($880) is a sleek, powerful smartphone that offers many ways to streamline your life with Google.</li><li>Most impressive is its 12.2 megapixel camera, which will help you capture clear and beautiful photos. </li><li>The 6.3-inch display's crystal-clear resolution, durable construction, and longer battery life (compared to the Pixel 3) of the Pixel 3 XL are qualities any new user will appreciate. </li><li>Despite a couple drawbacks like a singular USB-C port, we highly recommend this user-friendly smartphone. </li></ul><p>Camera quality is one of the top factors people consider when shopping for a new smartphone, and I get it. If I'm not messaging people, checking my social apps, or listening to music, you can bet I'm using my phone to take pictures.</p><p>Though my <a href="https://amzn.to/2EaUm9t" target="_blank" rel="noopener">Samsung Galaxy S9</a> has impressed both me and countless friends with its strong camera, my recent spin with the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> has me even more convinced of the photographic prowess and potential of smartphones today.</p><p>The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Pixel 3 XL</a> is perfect for photo and Google enthusiasts who like the size, display, and feel of a larger phone. It has its drawbacks and it won't come cheap, but you'll love its sleek design, ease of use, and healthy offering of customizable features. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener"></a><p class="source"><span>Hollis Johnson/Business Insider</span></p></div><p></p></div></div></p><h2>The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> at a glance: large, light, and sleek </h2><p>The phone has a 6.3-inch display and an impressively light, slim body that feels comfortable in your hand. The 2960 x 1440 resolution and 523 ppi display is clear and crisp (great for video streaming), while the glass back, made with Corning Gorilla Glass 5, not only looks attractive but also resists scratches. The phone is also water- and dust-resistant, with an IP 68 rating. </p><p>The on-screen notch at the top of the phone is the subject of complaints from many other tech reviewers, but it personally didn't bother me too much. On the back is a responsive fingerprint sensor located as just the right position. Despite the nice look of the rest of the matte back, I'd still recommend getting a case because it can quickly collect fingerprint smudges. </p><h2>Getting to know the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> (emphasis on Google): </h2><p>The phone runs on Android 9.0 Pie, so as a long-time Android user, I was able to get accustomed to the operating system quickly. But even if you're jumping ship from iOS, the user experience is intuitive and easy to grasp. To access the main menu of apps, you swipe up from the bottom. You can toggle between in-session apps by swiping left and right, then up to close it.</p><p>Since it is a Google phone after all, integration with your Google account(s) is a key component of the experience. Photos, Pay, and Drive are a few apps you'll probably use often, as they all make life a little easier. Your photos and files are backed up in the cloud, and it's okay if you leave or forget your wallet at home. Google Home is also pre-installed if you own a Google smart speaker and want a place to control all your connected devices. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener"></a><p class="source"><span>Hollis Johnson/Business Insider</span></p><p class="caption">The Google Lens in action.</p></div><p></p></div></div></p><p>Google Assistant will be your personal voice assistant, accessed by saying "Hey Google" or squeezing your phone, and you can create automatic "subscriptions" such as weather and stock market alerts to streamline your daily routine. Google Lens is also a cool feature. Like a visual Shazam, it makes use of the camera to help you look up products, books, places (landmarks, notable buildings), barcodes, and more.  </p><h2><span style="color: #000000;">The indisputable star of the </span><a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> is<span style="color: #000000;"> the camera: </span></h2><p><span style="color: #000000;">The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Pixel 3 XL</a> (like the Pixel 3) has a 12.2 megapixel rear-facing camera and an 8 megapixel front-facing camera. For those front-facing selfies, there's a wide-angle feature that lets you zoom out and squeeze more people into the frame. </span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://click.linksynergy.com/deeplink?id=EHFxW6yx8Uo&amp;mid=38606&amp;murl=https%3A%2F%2Fwww.bestbuy.com%2Fsite%2Fgoogle-pixel-3-xl-128gb-just-black-verizon%2F6303039.p%3FskuId%3D6303039" target="_blank" rel="noopener"></a><p class="source"><span>Connie Chen/Business Insider</span></p><p class="caption">Unedited photos taken with the Auto camera function on the Samsung Galaxy S9 (left) vs. the Google Pixel 3 XL (right). Though the differences are subtle, the Google Pixel 3 XL's image is more crisp and saturated.</p></div><p></p></div></div></p><p><span style="color: #000000;">Just on Auto mode, photos turn out crisp and vibrant, but you can also adjust for brightness and lighting conditions, plus make use of Panorama, Portrait, Motion (live photos) and Slow Motion modes. Meanwhile, the special Night Sight mode makes the usually tricky task of shooting in low light a relative walk in the park. </span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://click.linksynergy.com/deeplink?id=EHFxW6yx8Uo&amp;mid=38606&amp;murl=https%3A%2F%2Fwww.bestbuy.com%2Fsite%2Fgoogle-pixel-3-xl-128gb-just-black-verizon%2F6303039.p%3FskuId%3D6303039" target="_blank" rel="noopener"></a><p class="source"><span>Connie Chen/Business Insider</span></p><p class="caption">A portrait mode to rival the iPhone's and excellent night/low light shooting features are even more reason to love the Pixel 3 XL's camera.</p></div><p></p></div></div></p><h2>Other notable features of the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a>:</h2><p>The phone has dual front-firing stereo speakers and three mics, so calls came through clearly and video sound was well-rounded. It comes with Pixel USB-C earbuds, which have good sound quality, but aren't very comfortable. I preferred using <a href="https://www.businessinsider.com/jaybird-tarah-pro-wireless-earbuds-review-2019-1" target="_blank" rel="noopener">wireless Bluetooth earbuds</a> or my wired Samsung ones. </p><p>To help you learn about your phone usage and cut down on unnecessary screen time, the Digital Wellbeing feature breaks down how you're using your phone, even telling you how many times you've unlocked your phone today. I didn't initially love being confronted with the realities of my phone usage, but it ultimately helped me put my phone away when I didn't really need it. </p><p>Another thing I've always appreciated about Android is how you can make the phone your own with all the different customizable settings and preferences, from widget arrangements to "Night Light" scheduling that makes it easier to look at your screen in dim light. At the same time, the Pixel 3 XL's custom options weren't so vast that they become overwhelming. </p><p>Since you use your phone a lot throughout the day, you're probably curious about battery life. The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Pixel 3 XL</a> has a <span>3430 mAh battery (compared to the Pixel 3's </span>2915 mAh battery) and charges quickly. Depending on your usage, it can last nearly two days. It charges with a USB-C charger.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener"></a><p class="source"><span>Hollis Johnson/Business Insider</span></p><p class="caption">Accessories include a USB-C to USB-C cable, USB-C 18W Power adapter, Pixel USB-C earbuds, USB-C to 3.5mm headphone adapter, and a SIM tool.</p></div><p></p></div></div></p><h2>Drawbacks of the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a>:</h2><p>The phone's singular USB-C port is one of my biggest gripes since it means you must use the included Pixel USB-C earbuds if not for a wireless pair. You could also attempt to find another brand's pair, but there aren't as many high-quality USB-C earbuds currently in the market. Luckily, Google stays practical and understanding of this inconvenience - it includes a USB-C to 3.5 mm headphone adapter in the package. </p><p>My other gripe is that the lock and volume buttons are located directly under each other, instead of on opposite sides. Even after some time using this phone, I couldn't seem to recalibrate and remember this arrangement. The reliable alternative, however, is the fingerprint sensor, and that always resolved my lock-button woes. </p><h2><span style="color: #000000;">The bottom line: </span><span style="color: #000000;"></span></h2><p><span style="color: #000000;">If you want a larger phone, plan on taking lots of pictures, and hate charging your phone often, the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> is the smartphone to buy. It's powerful but simple and intuitive to use, and it has all the features to make you a Google power user. While large, it's also light and slim, so you won't feel saddled down by it. </span></p><h3><a href="https://click.linksynergy.com/deeplink?id=EHFxW6yx8Uo&amp;mid=38606&amp;murl=https%3A%2F%2Fwww.bestbuy.com%2Fsite%2Fgoogle-pixel-3-xl-128gb-just-black-verizon%2F6303039.p%3FskuId%3D6303039" target="_blank" rel="noopener">Shop the Google Pixel 3 XL (Verizon), available in 3 colors, for $550 ($22.91/month for 24 months) at Best Buy here</a></h3><h3><span style="color: #000000;"><a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Shop the Google Pixel 3 XL (Unlocked), available in 3 colors, for $880 at Amazon here</a> </span><span style="color: #000000;"></span></h3><p class="tagline"><a href="http://e.businessinsider.com/join/ci/insider-picks">Subscribe to our newsletter.</a><br><br>Find all the best offers at our <a href="https://coupons.businessinsider.com/">Coupons page</a>.<br><br>Disclosure: This post is brought to you by the <a href="http://www.businessinsider.com/insiderpicks">Insider Picks</a> team. We highlight products and services you might find interesting. If you buy them, we get a small share of the revenue from the sale from our commerce partners. We frequently receive products free of charge from manufacturers to test. This does not drive our decision as to whether or not a product is featured or recommended. We operate independently from our advertising sales team. We welcome your feedback. Email us at insiderpicks@businessinsider.com.</br></br></br></br></p>

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