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Chime, Challenger Banks And The Challenges Of (Lofty) Valuations

PYMNTS

News about Chime ’s latest funding round might give pause when comparing the tech-savvy upstart’s valuation against some traditional banking players. This week, Chime, focused on banking via mobile apps, held a $485 million series F funding round that valued the company at $14.5 billion, as CNBC reported.

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Chime, Challenger Banks And The Challenges Of (Lofty) Valuations

PYMNTS

News about Chime ’s latest funding round might give pause when comparing the tech-savvy upstart’s valuation against some traditional banking players. This week, Chime, focused on banking via mobile apps, held a $485 million series F funding round that valued the company at $14.5 billion, as CNBC reported.

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Shoring Up FIs ‘Deteriorating Advantage’ Over Big Tech

PYMNTS

Conventional wisdom seems to hold that challenger banks will eat traditional financial institutions’ collective lunch in the race for deposits, for checking, even for credit cards. In that mindset, banks, laden with entrenched legacy systems, with disparate platforms — call it big infrastructure! — Trust in Digital Banking. “It’s

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Banks On Notice: Fintechs Are Coming For Checking Accounts & Debit Cards

CB Insights

One of the biggest trends in fintech today is the rise of digital banking products like mobile checking accounts and new debit cards. From Square to Paypal, a host of fintechs are creating products that let consumers spend money directly out of digital accounts using a physical card. mobile-first bank accounts.

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Mobile UX: A First Look at “Second Look” Transaction Alerts from Capital One

Fintech Labs Insights

One of the paradoxes of the early digital banking era (1995 to 2007) was why Capital One was a laggard? The new company (spun out from Signet Bank in 1994) was widely revered as a data analytics and marketing master. As recently as 2010 they were the last major bank to launch a native mobile banking app.

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The Small Businesses (SMB) Love/Hate Relationship with their Bank

Fintech Labs Insights

Financial services, primarily credit card processing and insurance, are the biggest ongoing expense items by far (not counting labor). Do an annual UX audit with real customers; then communicate about shortcomings and fixes : Find out what the irritation points are in your digital banking. Related: Top 12 U.S.

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The Great Filter for Digital Challengers

Celent Banking

In late 2014, a systems upgrade lead to a number of glitches , including bill payment going down, online banking being inaccessible, and the safe-to-spend feature showing incorrect balances. Challenger institutions have been an important part of the banking ecosystem. Some accounts were locked for more than 24 hours.

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