Bank Innovation

Will COVID-19 burst fintech’s funding bubble? 

Bank Innovation

Fintechs will likely have a tough time securing funding as the coronavirus pandemic continues to shake up the U.S. economy, prompting investors to tighten purse strings.

SoFi acquires Galileo for $1.2B to broaden reach 

Bank Innovation

In a year of major fintech acquisitions, SoFi today announced a $1.2 billion deal to acquire Galileo, a financial services API and payments platform that powers big names like Chime and Robinhood.

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Banks retool customer service in the scramble for PPP loans 

Bank Innovation

Banks are feeling the pressure of small businesses nationwide applying for Paycheck Protection Program loans.

Better.com profits from low interest rates and recent layoffs

Bank Innovation

Laid-off hospitality workers can start new careers as loan officers with Better.com. The digital mortgage lender plans to hire 1,000 new employees this year and is targeting hospitality workers who have lost their jobs due to the COVID-19 crisis.?

SBA loan platforms could be fintech’s ‘big moment’  

Bank Innovation

A handful of fintech providers are bringing SBA Paycheck Protection Program loan platforms to market, a move that could be the industry’s moment to shine. The real opportunity here is going to be the administration of loans,” said CB Insights senior research analyst Arieh Levi. “If

Chase virtual sessions up 5x since COVID-19 outbreak 

Bank Innovation

JPMorgan Chase has executed almost 150,000 concurrent virtual sessions in the past few weeks which, according to CEO Jamie Dimon, is nearly five times the usual number of such sessions as before the COVID-19 crisis. “We

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Banking app Dave ‘on the hunt’ for remote work opportunities

Bank Innovation

Banking platform Dave is increasing its integrations with remote work employers as the coronavirus pandemic keeps consumers home, resulting in a hard-hit gig economy and freelance workforce.

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Fintechs launch SBA PPP platforms amid stimulus scramble

Bank Innovation

As banks scramble to stand up digital interfaces and participate in the SBA Paycheck Protection Program (PPP) that launched today, fintech providers are rolling out different technology platforms to help lenders process the flood of small business loan applications.

Fintechs, lacking guidance, pivot to SBA loans 

Bank Innovation

Treasury Secretary Steve Mnuchin last weekend confirmed “any fintech lender” will be authorized to make small business loans as part of the Coronavirus Aid, Relieve and Economic Security (CARES) Act.

VC firms, startups face headwinds with SBA loans 

Bank Innovation

As small businesses race to apply for Paycheck Protection Program loans from the Small Business Administration, many venture capital firms and startups are figuring out how they can participate, if at all. “We

Plaid pulls Excel into fintech services 

Bank Innovation

Microsoft Excel’s budgeting features received a major overhaul this week to become a full-service personal finance management tool through data aggregator Plaid, which connects banks with third parties to deliver financial information on behalf of consumers.

Ant, Vanguard target 900 million users with robo adviser

Bank Innovation

Vanguard Group and Ant Financial’s joint venture is rolling out a new robo adviser to target the Chinese fintech giant’s 900 million users, a first step in winning a slice of the nation’s fast growing asset management business.

Virtualize, secure and deploy high performance financial desktops at scale

Bank Innovation

When you combine a fully remote workforce with an all-digital customer base, IT complexity and systemic risk ramp dramatically.

As pandemic spending shifts, Brex keeps up with rewards  

Bank Innovation

Brex, a corporate card and financial product startup, is shifting the rewards points on its credit cards to better accommodate clients’ needs during the coronavirus pandemic.? “We

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Challenger bank HMBradley sees opportunity in pandemic

Bank Innovation

Challenger bank HMBradley launched this week in the face of global uncertainty, with the backing of PayPal founder Max Levchin, and already has about 25,000 waitlisted sign-ups, according to CEO Zach Bruhnke. “We

SMB lender Kabbage furloughs employees 

Bank Innovation

Small business lender Kabbage is furloughing a significant number of its U.S. employees, according to a company spokesperson. The company also said it is closing its Bangalore office, while the executive team is taking a considerable pay cut.?

NJ-based Provident Bank upgrades digital channels amid pandemic 

Bank Innovation

For one community bank in New Jersey, its digital overhaul came at a crucial time, and Provident Bank has been pushing its digital capabilities to customers during the novel coronavirus pandemic since revamping its online banking earlier this month.

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Survey results: Coronavirus and the state of banking innovation

Bank Innovation

Given the significant challenges we’re facing with the ongoing coronavirus pandemic, INV Fintech and Bank Innovation conducted a brief survey from March 18 to 25, to gauge industry sentiment and understand practices going forward.

Survey 153

4 business challenges of COVID-19 and solutions to fight them  

Bank Innovation

While financial services companies large and small scramble to cope with the economic fallout of the coronavirus pandemic, there may be a silver lining to the gloom, according to Delos Advisors.

Weekly Wrap: Coronavirus dislocation continues to rock fintech

Bank Innovation

In a week that saw the coronavirus pandemic amplify in the United States, the fintech sector continued to weather economic dislocation and uncertainty.

Startups are scrambling for access to $349 billion in relief loans

Bank Innovation

Representatives for venture-backed startups are pushing for the companies to get access to $349 billion in small business loans authorized by Congress as part of its economic relief plan for Covid-19. So far it appears that many such businesses won’t qualify.

Can banks emerge stronger from the pandemic?

Bank Innovation

The Coronavirus pandemic is posing significant challenges to the banking sector, forcing financial services providers into contingency mode and already driving cost-cutting initiatives and branch closures. What damage will the coronavirus crisis create in banking?

Digital dollars gain credence despite stimulus bill cut

Bank Innovation

While the proposal to distribute digital dollars was struck from the new $2.2 trillion stimulus bill designed to buoy the economy, the proposal alone could accelerate a more widespread adoption of a cryptocurrency. When Maxine Waters (D-Calif.),

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Bank Innovation

Dear Reader, For 25 years, Royal Media, Bank Innovation’s publisher, has dedicated itself to serving its business communities with professionalism and integrity. Today, the coronavirus pandemic has created significantly more complexity and uncertainty in our daily lives.

Financial ecosystem fears long-term pandemic effects

Bank Innovation

Financial institutions are rushing to reinforce digital channels and ramp up cybersecurity measures as people increasingly work and bank from home, and fears about the longstanding effects the coronavirus on the U.S.

Robinhood accused of offering snafu credits to squelch suit

Bank Innovation

Robinhood Financial Inc., facing lawsuits over crashes on its trading platform amid violent stock market swings, is now being accused of offering a “$75 goodwill credit” to dupe customers into waiving their legal rights.

Weekly Wrap: PPP ramp up dominates the credit industry

Bank Innovation

The Small Business Administration’s Paycheck Protection Program went live today, and confusion reigned. Despite shelter-in-place mandates for better than 80% of Americans, some banks urged prospective borrowers to come into branches to fill out an application.

LSB’s McCrary: Speed, not fund access, challenges banks now

Bank Innovation

Despite market strains caused by the novel coronavirus, providing funds for communities shouldn’t be a major issue for banks, according to Mike McCrary, first vice president of LSBX, Lincoln Savings Bank’s innovation lab.? “The

Ally Invest trade volume spikes 300% with market volatility

Bank Innovation

As the coronavirus pandemic continues to rock the U.S. economy, the volume of trade on the Ally Invest platform has skyrocketed 300% year over year in March to record levels, Senior Director Frank Lietke told Bank Innovation.

BMO’s Ben Schack on what’s next for bank-fintech collaborations

Bank Innovation

BMO Harris partners with fintech startups through the BMO Harris Bank 1871 Innnovation Program. The bank usually works with five to seven firms each year and announced its third cohort of startups last October.

How digital-only First Internet Bank strives to keep Indiana talent

Bank Innovation

As banks and startups on both coasts compete for new graduates, Fishers, Ind.-based based First Internet Bank is using an internship program to keep talent in the Midwest. The program, which lasts a few months, sources talent from local universities.

Stripe partners with CRM provider to aid SMB

Bank Innovation

Payments infrastructure giant Stripe has integrated with Keap, a customer relations management platform designed for small businesses, in a partnership that will likely prop up cash flow for one of the industries hit hardest by the coronavirus pandemic, according to Rajesh Bhatia, Keap’s chief technology officer.

Join our ‘Fintech in the Age of Coronavirus’ Zoom meeting (Subscribers Only) 

Bank Innovation

How will banking and fintech business models be impacted by this unprecedented coronavirus pandemic? What is the role of innovation in response to these rapidly unfolding events? How will banks and startups work together?

Financial app Qapital hacks the psychology of spending

Bank Innovation

At first glance, New York-based Qapital, a digital banking, investing and budgeting platform, might look like a challenger bank. But CEO and co-founder George Friedman says Qapital’s offerings are more than just a collection of financial products. To Qapital, which launched in the U.S.

Visa, Mastercard, AmEx win easier access to China market

Bank Innovation

The biggest U.S. card companies just moved a step closer to gaining access to China’s $27 trillion payments market. China said it won’t take longer than 90 days to consider applications from providers of electronic-payments services such as Mastercard, Visa and American Express Co.,