Consumer spending is heating up in the UK, posting the strongest quarter for consumer spending in five years. Spending rose +1.4% on an annual basis in June, rounding off the strongest quarter for household spending since Q2 2010. Underlying growth momentum remained strong looking forward.
The credit performance of Russian consumers reached a seven-year low last month, according to data from FICO, the predictive analytics and decision management software company, and the National Bureau of Credit Histories (NBKI), Russia’s leading credit bureau.
UK-based Monitise reported an adjusted loss after tax of £38.5 million for the second half of 2014, compared to a loss of £16.4 million for the first half. The Company is currently considering strategic alternatives.
Consumer debt in the UK hit a seven-year high during the fourth quarter topping £1.25 billion. Borrowing on credit cards, loans and overdrafts by Brits is now growing at an annual rate of 6.9%.
Overall customer satisfaction grew by 0.4% in the third quarter in the UK. Customer satisfaction with credit cards is up 3% to 79, highest among financial services.
Despite the Republican rantings, via Roger Ailes’ Fox News, that the country is on the wrong course, a new poll shows half of American’s predict that their financial situation will be better at this time next year and well beyond their personal status at the end of 2008.
Nearly eight out of ten respondents in a recent poll expect holiday sales to be better than or the same as last year, supporting the National Retail Federation’s forecasting that holiday sales will increase by 4.1% this year. Hiring seasonal employees is another indicator of a positive outlook for the holidays.
Over the past year bank-issued credit card limits have soared by 43.5% to $12.68 billion. Retail-issued credit card limits also rose by16.2% to $6.87 billion.
Heartland Payments Systems expands into the parking services industry with a major SP+ deal. Heartland is now the largest third party payment network provider in the parking industry. SP+ manages more than 4,200 parking facilities containing approximately 2.1 million parking spaces in hundreds of cities across the U.S. and Canada.
GE Capital Retail Bank announced a long-term extension of its agreement with American Eagle Outfitters to continue providing private label credit card programs for online, mobile app, and store purchases made at any of the 856 American Eagle Outfitter and 115 Aerie locations across the U.S. As part of the seven-year agreement, GE Capital’s Retail Finance business will continue to manage the American Eagle Outfitters credit card program, which began in 1996. Customers can use their American Eagle Outfitters® and Aerie® credit cards at 856 American Eagle Outfitter and 115 Aerie stores in the U.S. Cardholders can earn a 15% new account discount, $10 Extra Savings coupons, and access to four exclusive cardholder events a year. In addition, cardholders can also earn AERewards program discounts.
NCR announced the National Australia Bank (NAB) will deploy NCR Predictive Services, a unique monitoring solution that predicts ATM hardware failures before they occur in order to maximize ATM uptime and provide a better customer experience. The technology increases ATM uptime by warning of the imminent failure of individual components, enabling repairs or replacements to be made before they put the machine out of service. NAB’s sister bank, Bank of New Zealand, was the world’s first bank to deploy the solution and has enjoyed significant improvements in the performance of its ATM network, including greater availability and lower operational costs. NCR Predictive Services provides detailed error information so that engineers with the right skillsets are dispatched with the right parts, increasing the proportion of faults that are fixed first time. At BNZ, NCR’s predictive technology raised ATM availability to 99 percent.
FIS entered into a seven-year agreement with FirstBank Puerto Rico for on-site operational responsibility for the bank’s IT operations and staff. FIS will assume operational control of FirstBank Puerto Rico’s IT operations including hardware and software upgrades, application management, skilled operations personnel, help desk and desktop services. The resulting environment will enable the bank to realize lower operating costs, greater operational efficiencies and full regulatory compliance. The bank will also have access to FIS’ portfolio of industry-leading solutions which will provide top-tier system functionality and assist the bank’s growth strategy as it launches new products and services.