Bank Innovation

Banks Finding More Entry Points to Real Estate Tech

Bank Innovation

Two real estate tech players, Compass and OpenDoor, each rather quietly raised $400 million from SoftBank in 2018, a year that included announcements like Credit Karma’s $500 million investment from Silver Lake and Plaid's $250 million raise that made it a unicorn.

BI Ignite 2019: What Makes a Bank a Good Fintech Partner? [Video]

Bank Innovation

Rapid prototyping and an innovation-oriented mindset are two characteristics that make a bank a good fintech partner, according to panelists at the Bank Innovation Ignite 2019 conference in Seattle last week.

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Tencent Sees Payments Growth Driven by Merchant Adoption

Bank Innovation

Chinese conglomerate Tencent missed the mark overall in the fourth quarter of 2018, but its WeChat Pay showed significant growth, particularly as the number of merchants actively transacting on the platform was up 80% year-over-year. WeChat and its local version, Weixin, reached about 1.1

Study Shows Strong Relationship Between Credit Score Review and Credit Score Increase

Bank Innovation

Can regularly checking your credit score actually help improve your results? We wanted to know the answer to that critical question, so Credit Sesame partnered with Megan Hunter Antill and Jessica Yu, Ph.D., candidates in Quantitative Marketing at Stanford Graduate School of Business, to find out.

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Citi Ventures Leads $28 Million Round for Client Management Startup HoneyBook

Bank Innovation

Citi Ventures led a $28 million Series C equity round for client management platform HoneyBook, the company announced today.

Bill Pay Network Doxo Adds Apple Pay as Payment Method

Bank Innovation

Apple Pay is now available as a payment method for more than 2.5 million consumers and 45,000 U.S. billers on doxo, the bill payment network announced today.

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Bank Boardrooms Are Increasingly Accepting of Technological Change

Bank Innovation

"Flexibility" is a commonly used term when it comes to innovation in banking and finance, but the typical bank boardroom hardly evokes the image of openness to technological change.

Is Subscription Management the Bridge between Insight and Action?

Bank Innovation

It’s time to move beyond merely presenting data and toward helping customers take informed action on their finances with that data, according to Jonas Karles, co-founder and COO of Minna Technologies, a PFM provider for subscription and recurring payment management.

BI Ignite 2019: What Does the Bank of the Future Look Like to Startup Founders? [Video]

Bank Innovation

To conceptualize tomorrow's bank, a fundamental question needs to be asked: What is the value the bank brings to the table? Answer that question and the bank of the future will materialize -- a specialized, consumer-centric, data-driven, networked financial entity.

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ZestFinance Launches AI-powered Tool to Reduce Bias in Lending Models

Bank Innovation

Alternative underwriting software provider ZestFinance today launched an AI-based tool it claims will dramatically reduce bias in lending.

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Capital One Trains Virtual Assistant Eno To Be Proactive with New Tax Feature

Bank Innovation

Most virtual assistants are reactive, but Capital One is training its virtual assistant, Eno, to be proactive, according to Ken Dodelin, VP of conversational AI products at the bank. Most [virtual assistants] are chasing reactive customer questions,” Dodelin told Bank Innovation. “We

Rapyd Launches Local Payments Solution Rapyd Checkout

Bank Innovation

Fintech-as-a-service platform Rapyd today launched Rapyd Checkout, a hyper-local payments solution allowing merchants to accept over 500 local payment types including cash, bank transfers, local cards, and e-wallets, in 100-plus countries.

BI Ignite 2019: The Future of Payments is Realtime

Bank Innovation

The need for speed is here to stay. Customer demand is driving FIs to move to a realtime payments system, and quickly, according to panelists at the Bank Innovation Ignite 2019 conference in Seattle this week.

Fears of a Fintech Slowdown? How to Pivot Your Brand for a New Era

Bank Innovation

For most of the past decade, the fintech sector seemed to have nothing but blue skies ahead. But over the last 12 months, warnings that first signaled in 2016 have been flashing brighter. CEO scandals, pulled IPOs and sinking stock prices, have taken the luster off previously high-flying brands.

In Rush to Be Uber of Finance, This Mobile Bank Tests the Limits

Bank Innovation

Racing to build what he calls the Uber of financial services, Nikolay Storonsky believes in keeping his foot on the accelerator. And watchdogs are starting to notice.

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Some Credit Unions Turn to Blockchain to Improve Customer Experience

Bank Innovation

Eight large U.S. credit unions are testing a blockchain-based digital credential system in different pilots ranging from mobile banking to voice banking and even call centers to improve customer experience, Bank Innovation has learned. This blockchain-based digital credential system is called MyCUID.

JPMorgan Looks to Court Fast-Growing Startups As Brex Goes Upmarket

Bank Innovation

JPMorgan Chase & Co. plans to merge its middle-market technology and emerging growth commercial banking teams to better serve fast-growing startups, Reuters reported last week.

3 Notable Fintech Funding Rounds in March

Bank Innovation

Fintech funding is significantly on the rise. CB Insights' 2018 Q4 report showed a $21 billion, or 120% total increase in fintech funding from 2017 to 2018. And already this year, there have been several notable funding rounds.

BI Ignite 19: People Want People, and AI-enabled Functionality

Bank Innovation

Customers increasingly expect banks and other financial institutions to meet them where they are with full functionality, said panelists at Bank Innovation Ignite 2019 in Seattle on Tuesday.

These 12 Startups Are Competing in the Demo Contest at Bank Innovation Ignite

Bank Innovation

The 12 startups demoing to try to win the “best in show” award at Bank Innovation Ignite have been unveiled. The startups are:[link] Avocado Payments, Budgit Inc., Community Capital Technologies, Denizen Financial, Diro Inc., Exagens Corp.,

Advent and Bain Score Payouts After Sparking Payments Deals

Bank Innovation

Advent International and Bain Capital have made quite a team in payments industry deals. For almost a decade, the two firms have paired up to take over companies in the industry. On Monday, their Italian payments firm Nexi said that it plans to list shares on the Milan exchange.

BI Ignite 2019: ID Verification Startup Diro Wins DEMOvation Challenge

Bank Innovation

Identity proofing and verification startup Diro Labs won the DEMOvation Challenge today at Bank Innovation Ignite 2019 in Seattle. In addition to bragging rights, the company will receive admission to the INV Fintech Accelerator and an advertising package on Bank Innovation.

Using Data Meaningfully on the To-Do Lists of Banks and Fintechs Alike

Bank Innovation

Lisa Frazier, Head of Innovation at Wells Fargo, says the bank wants to use artificial intelligence not just to make their customers' experience smoother and more delightful, but to help them make better financial decisions as well. “It’s

The Best Online Banks Right Now

Bank Innovation

Keeping your money in a bank is common sense at this point, but online banking is – unfortunately – not something many people have grown accustomed to, yet.

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Instagram Gets Into E-Commerce Business With Checkout Tool

Bank Innovation

After years of ogling beautiful images of food, fashion and design on Instagram, people will now be able to buy things they see and like directly through the app -- providing instant gratification for the trend-obsessed and a new source of income for parent Facebook Inc.

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Fintech Partnerships Excel in Improving Customer Experience for FIs, BI Poll Finds

Bank Innovation

Fintech partnerships provide the greatest value in creating a better customer experience, according to 30% Bank Innovation's February poll takers. Of the 90 poll-takers, 27 people responded with this answer.

How Banks Can Leverage Superior Enterprise Products Over Fintechs

Bank Innovation

Lisa Shields, founder and CEO of FI.SPAN, a cloud-based API services management platform, says banks don’t necessarily need to cede ground to fintechs to stay ahead of the curve, particularly in business banking.

Credit Agricole-Backed Fintech Startup in Insolvency Filing

Bank Innovation

SETL, a London-based blockchain startup with a former Bank of France governor on its board and Credit Agricole SA among its investors, appointed administrators to reorganize the business.

U.K. Fintech Lender OakNorth Makes Way to the U.S.

Bank Innovation

Fresh off a $400 million funding led by SoftBank, fintech lender OakNorth is close to establishing its first bank partnership in the U.S., which will also serve as its entry into the country, Bank Innovation has learned. Based in London, OakNorth is part challenger bank, part vendor.

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Movers and Shakers: Notable March Hires in Fintech and Digital Banking

Bank Innovation

Growth is the name of the game for this month's notable hires in digital banking and fintech. On one hand, a major FI like Spanish bank Santander hired a former Google executive to create new products, while smaller fintechs are opening up shop in new markets to drive growth.

Accenture, nCino Make Global Push to Get More FIs in the Cloud

Bank Innovation

Consulting giant Accenture and cloud banking firm nCino are expanding the scope of their partnership beyond North America to get more financial institutions in the Asia-Pacific and EMEA markets up and running in the cloud.

BI Ignite 2019: HSBC Bank USA’s Innovation Head Prefers Fintech Partners to Building In-house

Bank Innovation

When it comes to innovation, banks in 2019 should look to partner first, buy second and lastly build, Jeremy Balkin, head of innovation at HSBC Bank USA said at BI Ignite 2019 in Seattle earlier this week. It makes more sense for banks to make a strategic investment in fintech companies than to try and build […]. Artificial Intelligence Bank Innovation Ignite 2019 Capital Daily Post 2 Exclusive Open Banking Payments Premium Retail Avant BI Ignite HSBC Bank USA Marstone Remitly Samsung

To Lure Tech Talent, Fintechs Relocate, Pull Out Wallets and Dangle Cultural Perks

Bank Innovation

Established fintechs, startups, banks and tech giants alike are pulling out all the stops to attract and retain the same pool of tech talent.

Bank Innovation’s Top 3 Posts in February

Bank Innovation

With big-money deals, product rollouts, and a busy earnings season to boot, it is perhaps no surprise that a merger to potentially create the sixth-largest bank in the U.S. got the most attention from readers in February.

BofA’s Erica Surpasses 6 Million Users, Aims to be ‘More Proactive’

Bank Innovation

Bank of America's virtual assistant Erica has crossed 6 million users, representing growth of over 29% in the past three months. Considering BofA's 26.4 million active mobile users, the number of customers using Erica's might seem small, as only 22% of mobile customers use Erica. But this should not be seen as representative of customer […]. Artificial Intelligence Exclusive Experience & Design? Payments Premium Bank of America Capital One Erica virtual assistants

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Temenos Sees Cloud Going Mainstream, But Barriers Remain

Bank Innovation

Cloud has taken a really long time to go mainstream, but it's finally getting there, said Emily Steele, President of North America for banking software provider Temenos.

How To Market And Build Brand Loyalty Around Digital-only Offerings

Bank Innovation

Before Citizens Financial Group launched its digital-only banking unit, Citizens Access, last July, a team of bankers spent months intensely analyzing how customers might interact with a digital bank with no physical presence versus a traditional bank with a large network of branches.

Fintechs Cater to E-Commerce Businesses with New Products, Services

Bank Innovation

Two fintechs announced new products and services this week geared toward e-commerce sellers, pointing to gaps in offerings from banks and legacy card companies to provide seamless, affordable solutions for online-based businesses looking to scale up quickly or stock up for busier seasons.

U.S. Banks Adopt Open Banking Concepts Without Regulatory Nudge, But Why?

Bank Innovation

The U.S. is making a more organic shift toward open banking concepts than what is seen in Europe, where the Revised Payment Service Directive, or PSD2, is outright requiring it. Innovation, collaboration, and competition are rapidly shaping the open banking ecosystem in the U.S.,

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Fintech Funding Surged 120% in 2018

Bank Innovation

The year 2018 was a great year for fintech funding across the globe. This is true not only because the total funding was high, but also because there were more investors in fintech than in years before.

Naspers Said to Eye Fintech Deals in $1 Billion India Push

Bank Innovation

Naspers Ltd. wants to spend about $1 billion in India this year as it scours the globe for investments that can replicate its blockbuster bet on China’s Tencent Holdings Ltd., a person familiar with the matter said.

Gen X and Boomers, Not Millennials, Drive P2P Adoption

Bank Innovation

Generation X and baby boomers, not millennials, are driving adoption of P2P services like Zelle, according to a survey conducted by Early Warning Services, the network operator of the P2P service.

BI Ignite 2019: What Customer Experience Will Look Like 10 Years From Now

Bank Innovation

The customer experience in banking will change drastically over the next 10 years said panelists at the Bank Innovation Ignite 2019 in Seattle on Tuesday.