Bank Innovation

Startup Branch wants to build a money services platform for hourly workers

Bank Innovation

With the growth of digital finance tools, a group of startups is looking to reach those who may be left behind, namely hourly workers.

Chase launches digital investment solution to compete with robo-advisers

Bank Innovation

JPMorgan Chase has rolled out a digital investment product that will help grow its relationships with the 60 million-plus U.S. households it counts as customers. You Invest Portfolios, which launched this week, is a mix of J.P. Morgan ETFs that balance risk and returns based on customer preferences.

US 161

No hoodies or garages: Huddl’s Corliss on his move from big finance to startup

Bank Innovation

At first glance, Stephen Corliss, whose resume includes senior roles at Blackrock and UBS, seems an unlikely candidate to lead a startup. But Corliss, 50, wants to use his experience from the world of big finance to help solve problems for customers of more modest means.

VibePay wants to build a safer version of Venmo and Zelle for UK customers

Bank Innovation

Vibepay, a peer-to-peer payments app that recently received regulatory approval to operate in the U.K., wants to build a more secure version of popular P2P apps like Venmo and Zelle through additional checks. The app is slated to launch in September. Unlike popular U.S.

Mobile adoption jumps at Citi

Bank Innovation

Citibank is reporting strong mobile user growth. In a second-quarter earnings call today, the bank reported active mobile users grew 12 percent year-over-year for North America customers (11.4 million users) and 39 percent for its international customers (8.9 million users).

Mobile 137

Amazon uses Prime Day to promote Amazon Pay on third-party sites

Bank Innovation

Amazon is using Prime Day to nudge more customers to use its own digital payment method on partner retailers’ websites, and it’s using juicy incentives of up to 30% cash back to do so.

Retail 137

Fintech CEOs bullish on blockchain tech, give thumbs down on applications

Bank Innovation

Fintech executives sounded off on blockchain at CB Insights’ Future of Fintech conference this week. According to Henrique Dubugras, CEO and co-founder of Brex, blockchain is overhyped but cryptocurrencies are underrated.

How KeyPoint uses location-based alerts to target inactive app users

Bank Innovation

Silicon Valley-based KeyPoint Credit Union is seeing a lift in user numbers resulting from targeted push notifications. The push notifications target members who haven’t used the app in three weeks, alerting them to the app’s features.

Guaranty Bank uses account-switching tool to promote new branches

Bank Innovation

Guaranty Bank and Trust is using new technology to make it easier for potential new customers to switch bank accounts as it expands its branch network. The Mount Pleasant, Texas-based bank has added eight new locations over the past year in locations like Fort Worth and Dallas.

Tools 206

Japanese payment app PayPay targets rural areas where cash is king

Bank Innovation

Japanese mobile payment app PayPay is embedding itself in rural areas to gain market share in a country where cash is still dominant. Indeed, cashless payments reportedly account for just 20% of transactions, compared to 50% in the U.S.

Mobile 207

Brazilian challenger banQi is working with a mass retailer to lock in customers

Bank Innovation

Airfox, a three-year old Brazilian financial startup that has raised more than $16 million, wants to enhance consumers' confidence in digital-only banking through its challenger brand banQi.

Retail 151

Open Bank Project’s Chaib: Open APIs will benefit banks and startups

Bank Innovation

Good news for fintech startups: In the future, every bank will have an API. That’s according to Ismail Chaib, chief operating officer at Open Bank Project, a Berlin-based open source API platform for banks.

Trends 151

Beyond bots: real conversations that humanize customer experience [Sponsored]

Bank Innovation

Survey after survey tells us that customers continue to value their experience at the branch. Perhaps it is because humans reassure them. A handshake, a frank conversation about the future, the eye contact, a personal story – these are exchanges that build trust and relationships.

Anthemis’ Williams: Fintechs in a race to become customers’ primary financial provider

Bank Innovation

The road to growth for consumer fintech companies is taking a platform-based route, with single-offering companies increasingly taking on a family of additional services to lock in customers.

How SAFE Credit Union is using location-based alerts to engage customers

Bank Innovation

SAFE Credit Union, through a partnership with NCR Digital Banking, is using geofencing technology as a trigger for push alerts to its customers.

Tools 207

Digital-only First Internet Bank retains 90% of its original customers

Bank Innovation

As upstart digital-only banks face increasing pressure to acquire and retain customers, a 20-year-old online-only bank has managed to hold on to most of its original customer base.

Canada-based Manulife Bank is betting on conversational AI to hook customers

Bank Innovation

The Canadian banking ecosystem, a walled fortress comprised of a handful of major institutions that own most customer relationships, recently added a new digital-only, mobile participant.

Savings app Digit is focusing its growth strategy on Gen Z

Bank Innovation

Savings app Digit is pinning its hopes on millennial and Gen Z customers who are storing up funds for a rainy day.

N26 takes ‘pure-play’ approach to US market with checking account, debit card

Bank Innovation

German challenger bank N26 has partnered with San Diego-based Axos Bank to offer an FDIC-insured checking account and Visa debit card for U.S. customers. The products, announced on Thursday, are now available to about 100,000 customers who were on the waitlist for the U.S. version of the app.

Generation Z is the new battleground for challenger banks

Bank Innovation

A new breed of banking startups wants to lock in customers while they’re in high school and college. As the ecosystem of millennial-focused challenger banks gets crowded, a growing number of startups are focusing on Gen Z customers, or those who were born in the mid-1990s onwards. The objective is to become the customer’s primary […]. Exclusive Retail Banking Startups bank startups challenger bank current Generation Z Kard startups

Despite Growth, Questions Remain with Challenger Bank Numbers

Bank Innovation

With hefty injections of cash and ballooning customer numbers, challenger banks are gunning for a greater share of incumbent banks' customers.

Backed by MUFG, payments app Kyash wants to get into consumers’ mobile wallets

Bank Innovation

Japanese mobile payments app Kyash is making a play for consumer wallets with a Venmo-style digital and physical debit card that handles merchant payments and peer-to-peer money transfers.

Mobile 151

Inside Capital One’s efforts to build a personality for digital assistant Eno

Bank Innovation

Capital One is determined to turn its digital assistant Eno into an affable, personal finance watchdog to build loyalty between the brand and its customers.

GoCardless partners with DocuSign as it grows its US payments business

Bank Innovation

GoCardless, a U.K.-based based startup that works with 40,000 businesses worldwide and processes $10 billion of payments each year, is adding DocuSign to its list of U.S. partners as it expands its North American business.

US 144

HSBC launches virtual accounts for corporate clients

Bank Innovation

Corporate and institutional clients of HSBC now can consolidate hundreds of bank accounts into a single platform for each currency that they use, the bank announced on Monday.

Five questions with Duane Freeman, BofA’s svp of consumer vehicle lending

Bank Innovation

At Bank of America’s auto division, preserving a personal touch is key to engaging with both consumers, according to Duane Freeman, the bank’s senior vice president of consumer vehicle lending and national sales executive. “In

Huddl, a social network for investors, to launch in August

Bank Innovation

Huddl, a digital investment platform headed up by former Blackrock COO Stephen Corliss and former employees of Mastercard, Deloitte and Freddie Mac, is launching in the U.S. in August.

US 169

The paradox of data: can financial services avoid a Cambridge Analytica?

Bank Innovation

For the financial services industry, Facebook’s new cryptocurrency, Libra, is yet another warning that digital technology is chipping away at the foundation of traditional business models. If bankers were reading the wires on June 18, they might have choked on the Libra news.

HSBC to focus on tech in U.S. branch expansion plans

Bank Innovation

HSBC, a top global bank with $2.6 trillion in assets, is making technology a core component of U.S. branch expansion plans. The bank today announced the opening a new location in Cupertino, California, along with 50 planned new branches in the U.S. to be constructed over the next four years.

US 173

FIs Pushing for More Cross-Sell of Wealth, Commercial Banking Products

Bank Innovation

Having spent a lot of time attending to retail customers, banks are now trying to digitally transform their wealth management and commercial lending businesses. In the process, banks hope retail customers will buy these non-retail products.

Fintech and Blockchain: Where Silicon Alley Meets Hyperconverged Infrastructure

Bank Innovation

You may not have heard of the term “Silicon Alley,” but I am sure you are aware of the game-changing financial technology that is emanating from it. Silicon Alley” was initially coined in the mid-1990s as a way to group media startups housed around the Flatiron neighborhood of Manhattan.

Fintech incubator and co-working space launches in Redwood City

Bank Innovation

A fintech incubator called Silicon Fintech Bay is launching in Redwood City, California. CEO Rick Frisbie declined to say what areas the incubator will focus on, but he told Bank Innovation that selected companies will get to work with the program’s partners on problems they’ve identified. “We

Cross River Bank acquires business-banking platform Seed

Bank Innovation

Fort Lee, N.J.-based based Cross River Bank, a partner of large fintech companies like Affirm, Coinbase, Stripe and Transferwise, today acquired Seed, a startup that offers banking solutions for small businesses and sells its technology to banks. Terms of the deal were not disclosed.

NJ 161

BMO adds personal loan assessment tool to its mobile app

Bank Innovation

The Bank of Montreal has launched a mobile loan application tool for its Canadian customers. Brett Pitts, BMO's chief digital officer, told Bank Innovation the product rollout was a response to customer demand.

Tools 144

Scenic Advisement’s Leung: Banks aren’t meeting private tech’s needs

Bank Innovation

The growth of capital in play in the private market is changing how private companies, particularly tech startups, find liquidity in the race to go public. Exits of firms like Uber, Lyft and Slack have made 2019 something of a banner year for initial public offerings.

Morningstar sees a risk to money transfer services from Libra

Bank Innovation

While Facebook‘s cryptocurrency Libra faces regulatory challenges, its potential to upend some legacy payment providers merits consideration, according to a recent report from Morningstar.

Personal finance app Tally raises $50m to grow its platform business

Bank Innovation

Tally, a consumer finance app that consolidates and pays down customers’ debts, raised $50 million this week to add new services.

Goldman Sachs Explores Creating a Digital Coin Like JPMorgan’s

Bank Innovation

David Solomon may take a leaf out of Jamie Dimon’s book by exploring a digital coin for payments. Goldman Sachs Group Inc.’s

Groups 151

Banks navigate UX hurdles in the march to create “super apps”

Bank Innovation

As mobile banking encompasses an ever-increasing number of features, banks are navigating how not to lose the customer in the process.

UX 144

OakNorth expands consumer reach with Moneybox savings partnership

Bank Innovation

British banking startup OakNorth is growing its consumer deposits base through a partnership with robo-adviser Moneybox in an effort to offer a savings account geared at millennials.

Temenos to Offer Up to 15 New AI Algorithms Before Yearend

Bank Innovation

AMSTERDAM -- The algorithms are starting to add up at Temenos. The Geneva, Switzerland-based banking technology company will add up to 15 algorithms for artificial intelligence before yearend. This goes with the 20 or so AI algorithms the company already has available for its clients.

Capital One’s commercial cards strategy zeros in on real-time capabilities

Bank Innovation

Capital One is contemplating how it can use data management technology, the cloud, APIs and artificial intelligence to meet the needs of middle-market businesses that increasingly are turning away from paper checks toward digital payments.

With debit card expansion, TransferWise moves closer to challenger bank

Bank Innovation

Money-transfer startup TransferWise is expanding the reach of its multi-currency debit card and, in doing so, wading into bank territory. The company's borderless account initially was made available to European customers in early 2018. Now, U.S.

Cards 151