Banking sector overview | Banking today and tomorrow | June 2024

4 June 2024 | Banking today and tomorrow, Knowledge, News

WIBOR more difficult to manipulate than appears

It would be difficult to find more controlled, procedure- and regulation-laden reference rate than WIBOR. However, despite such rigorous oversight, there are still voices in the public space questioning its legitimacy and reliability. Criticism however focuses only on selected aspects, which may result from insufficient awareness or insufficient communication. Or both, writes Weronika Magdziak-Śliwa, advocate, partner in the Disputes of Financial Institutions practice of Kochański & Partners.


Interest-free credit? A new trend in disputes with banks – and it’s not about francs

Law firms, representing both banks and consumers, are noticing a new trend. Once concerning 18 million contracts worth nearly 200 billion PLN. More and more consumers are challenging contracts for cash loans not secured by a mortgage, e.g. for home renovation or a car. If they win, they will gain free credit. So far, only a few banks are reporting such cases, but the Polish Bank Association notes that this is set to become a ‘new gold mine’ for law firms. Do banks have anything to be afraid of?

Source: Business Insider

Consultation launched on draft law implementing EU directive on non-performing loans

‘The amendments introduced by Directive 2021/2167 should contribute to the development of secondary markets for unserviced loans, by removing potential obstacles to the transfer of unserviced loans to buyers, while maintaining a high level of protection of borrowers’ rights,’ – they write.


European Retail Banking Radar: what action should banks take to maintain strong performance?

The 16th Kearney ‘European Retail Banking Radar’ report, shows that retail banks are booming today. In 2023, the high interest rate environment has pushed their results to new record levels. However, as the report’s authors point out, experts are noting that in order to maintain profits at similar levels in the future, banks will have to look for additional sources of revenue or efficiency.


Good practices for credit or loan repayment insurance (CPI) signed

The best practices are the result of cooperation between the Polish Insurance Association and the Polish Bank Association under the auspices of the Polish Financial Supervision Authority (KNF). These are the insurance industry’s response to the EIOPA report Thematic Review on Credit Protection Insurance (CPI) sold via banks and the European Supervisory Authority’s 2022 warning and also complement the revised Recommendation U adopted by the PFSA in June 2023.

Source: Polish Bank Associatcion

Banks will now have to verify PESEL numbers. Changes as from 1 June

On Saturday, 1 June, the obligation to verify that a person’s PESEL number has not been blocked will come into force. Pursuant to the Act on amending laws to mitigate certain consequences of identity theft (i.e. Journal of Laws 2023, item 1394; hereinafter: the Act), in the case of banks, credit institutions and SKOKs, verification shall apply primarily when opening bank accounts, granting loans, credits or leases, as well as cash withdrawals in amounts exceeding three times the minimum wage.

Source: Gazeta Prawna

Close to a record on the housing loan market

In April 2024, nearly 32,400 potential borrowers applied for a mortgage. This represents an increase of 55% compared to the same period YoY, according to data from the Credit Information Bureau (BIK).

Source: TVN24

The battle for customers continues. Banks are gaining the upper hand with AI and no-code

Seven out of ten financial sector institutions in Poland (73%) plan to increase their spending on customer service-related technology development, according to the Digital Business Transformation Monitor 2024. Banks are realising that focusing solely on providing services and products is no longer enough to retain customers. It is becoming necessary to personalise services and tailor offers to specific needs, which is where no-code tools and generative AI, among others, come in handy. The latter will help set up bank accounts, answer customers’ questions and even speed up decisions to grant loans.

Source: Managerplus

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See also

Banking today and tomorrow | An overview of the banking sector | May 2024

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Andrzej Malec, PhD

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