Bank Innovation

Varo’s de los Reyes on building inclusive user design

Bank Innovation

To Varo, a digital-only banking startup which has more than 750,000 users, an inclusive user experience is its passport to growth. Varo is looking to other digital-only financial players along with big-tech platforms like Google and Amazon for inspiration.

Digit to focus on automation as it evolves its future plans

Bank Innovation

Digit, a personal finance app that helps users save automatically, raised $27.5 million in Series C funding on Monday. The new financing will help Digit grow its user base; hire new talent in San Francisco; and grow its core product, a spokesperson for the company said.

Affirm rolls out virtual card for checkout loans

Bank Innovation

The point-of-sale loan is evolving to a digital card that feels like a credit card but isn’t nearly as tough on customers’ budgets.

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Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The FDIC-insured savings account is offered through custodian MVB Bank.

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With Wirecard, UnionPay takes aim at Visa, Mastercard

Bank Innovation

China’s UnionPay, the world’s largest card issuer with 57.6% of the world’s payment cards in circulation, has global ambitions.

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Plugging leaks: Bento for Business uses tech to help clients streamline payments

Bank Innovation

As consumer payments go digital, startups and banks now are focusing on digitizing business-to-business payments, an area where small business owners still are reliant on paper checks and a multitude of expense-management tools.

Finastra taps Ripple for real-time payments across borders

Bank Innovation

Banking technology provider Finastra, which works with more than 9,000 clients, is partnering with payment network Ripple to facilitate real time, blockchain-supported payments for its customers.

Why Arvest Bank is focusing on customers’ future credit profiles

Bank Innovation

Fayetteville, Ark.-based based Arvest Bank is using underwriting tools from TransUnion to assess current customers on their suitability for financial products in the future.

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Adyen launches card issuing product to deepen relationships with clients

Bank Innovation

Adyen, the Netherlands-based company that supports back-end payments capabilities for marketplaces like eBay and Etsy, is getting into card issuing.

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Marqeta adds CMO and new tools to help clients expand

Bank Innovation

A company that operates quietly in the background of popular financial apps and platforms is taking steps to become more visible.

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Weekly Wrap: FICO fights fraud with selfies, as tech providers pitch ‘social’ banking

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, November 15, 2019.

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Porn site says PayPal ban will hurt more than 100,000 performers

Bank Innovation

PayPal Inc. is blocking transactions at Pornhub, a move the adult-video site says will halt payments to “over a hundred thousand performers who rely on them for their livelihoods.” PayPal took steps to stop the Pornhub transactions after a review of the situation, the online-payment giant said. “We

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Digital and human: Inside BofA’s small business strategy

Bank Innovation

Digital-only lenders tout the speed and efficiency of their user experiences. However, for Bank of America, a “human-digital” approach is the cornerstone of its small business banking approach. It’s a strategy that’s yielding results for the bank.

Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The FDIC-insured savings account is offered through custodian MVB Bank.

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Gulf Capital, a ‘de novo’ bank, to launch without legacy tech

Bank Innovation

Gulf Capital Bank, Houston’s first new bank to launch since 2009, will open its doors by early next year. It confirmed on Monday that it received conditional approval from the Texas Department of Banking and the Federal Deposit Insurance Corporation.

Point-of-sale financing an untapped opportunity for banks

Bank Innovation

Banks need to embrace new customer acquisition models or risk falling behind, a recent Accenture report argued. The report, titled 5 Big Bets in Retail Payments in North America, examined how banks risk losing payments revenue to technology startups and other non-bank competitors.

RTP network growing 25% every month: The Clearing House

Bank Innovation

The Clearing House reports that its real-time payments (RTP) network is growing more quickly than anticipated.

With EVERFI training partnership, Zelle focuses on Gen Z

Bank Innovation

Early Warning Services, the bank-owned company behind peer-to-peer payments service Zelle, is on a path to position the brand as part of a solution to financial health challenges, particularly among Gen Z users. Its latest move is a partnership with education company EVERFI, announced Thursday.

Inside Kiva’s digital identity solution for banks in Sierra Leone

Bank Innovation

Confirming a customer’s identity is an ongoing pain point for banks and financial institutions around the world. It’s an even bigger challenge for countries that have high underbanked populations like Sierra Leone.

With QuickBooks integration, Tide adds data-driven personalization

Bank Innovation

Tide, a U.K.-based based business banking startup, is integrating with Intuit QuickBooks to save users time and eliminate tedious bookkeeping tasks.

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Temenos is betting on a social banking tool to help small banks compete

Bank Innovation

To Switzerland-based banking tech provider Temenos, a human-centered digital approach will help small institutions compete with large players. Through its acquisition of software-as-a-service provider Kony last August, Temenos added social platform Engage to its toolkit for client banks.

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FICO fights fraud through selfie-based authentication tools

Bank Innovation

The identity verification process for financial institutions just got easier thanks to two new digital identity tools FICO rolled out this month.

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Google partners with Citi to offer customers checking accounts

Bank Innovation

Google has partnered with Citigroup Inc. and a local California credit union to offer consumer checking accounts, a person familiar with the matter said.

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Franklin Templeton grooms startups to address pain points

Bank Innovation

Franklin Templeton is taking a hands-on approach to cultivating startup talent. The San Mateo, Calif.-based

Paytm nears $2 billion from backers including SoftBank, Ant

Bank Innovation

Indian fintech giant Paytm is close to scoring $2 billion of new financing from investors including Jack Ma’s Ant Financial and Japan’s SoftBank Group Corp. to fend off an influx of new rivals, a person familiar with the matter said.

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With TransferWise, Novo extends its marketplace banking approach

Bank Innovation

New York City-based business banking startup Novo is growing its partnership model to attract and retain customers. This week, digital-only Novo integrated with money transfer service TransferWise to allow its clients to send money across borders through Novo’s mobile banking platform.

Inside OTP Labs, Eastern Europe’s most adventurous bank innovation experiment

Bank Innovation

It might have $55 billion in assets and 10.5 million customers in 10 countries, but OTP Bank, one of the largest financial institutions in Central and Eastern Europe, might be one of the most unorthodox banks on the Continent.

For startups to bridge banks’ fintech gap, innovation execution needs a reality check

Bank Innovation

This is the second article in a two-part series on bank-fintech collaborations based on the 2019 State of Banking Innovation Survey, a study conducted by Bank Innovation and INV Fintech.

Cross River CEO: ‘High-profile fintech folks’ interested in its real-time payments rollout

Bank Innovation

Cross River Bank, the partner bank for large fintech startups like Stripe and Affirm, is using The Clearing House’s real-time payments (RTP) network to enhance service to clients and boost its value proposition to future ones.

Kabbage continues e-commerce client push with GoDaddy integration

Bank Innovation

Small business lender Kabbage is growing its reach with e-commerce buyers and sellers, including a partnership with GoDaddy that puts the Kabbage platform in front of GoDaddy’s 19 million entrepreneurs.

OCC’s Otting: Fintech charter will see the light of day

Bank Innovation

Despite a recent legal challenge, Comptroller of the Currency Joseph Otting said the regulator will continue to advocate for passage of the OCC’s special purpose fintech charter.

Toronto-based Vouchr is helping banks make payments more social

Bank Innovation

Banks may tout the simplicity and speed of peer-to-peer payments service Zelle, but compared to PayPal-owned Venmo, the experience can seem impersonal. The Venmo social feed, with its ubiquitous beer and pizza emojis, is promoted as a customer loyalty driver and an outreach tool for brands.

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Apple Card’s gender-bias claims look familiar to old-school banks

Bank Innovation

Apple Inc. pitches its new card as a model of simplicity and transparency, upending everything consumers think about credit cards. But for the card’s overseers at Goldman Sachs Group Inc., it’s creating the same headaches that have bedeviled an industry the companies had hoped to disrupt.

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US Bank’s White: Digital banking is now more than DIY

Bank Innovation

As digital banking goes mainstream, banks are recognizing that a mobile app that lets customers carry out day-to-day tasks isn’t enough. It’s a reality for which U.S.

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Banks push for more fintech startup collaborations, despite failures

Bank Innovation

When it comes to bank-fintech collaborations, banks are finding more failure than success. That’s according to a study by Bank Innovation and INV Fintech, a startup accelerator, released today. Carousel Innovation Strategy INV Fintech Startups

Chase commits $25m to inclusion-focused startups

Bank Innovation

JPMorgan Chase this week announced a $25 million commitment to tech tools that help underserved consumers.

With IBM, Bank of China takes aim at super apps

Bank Innovation

The advent of social payment platforms like Alipay and WeChat are causing ripple effects within China’s banking sector.

Square is growing its platform into a one-stop shop for retailers

Bank Innovation

Square, which is best known for its physical and digital payment solutions, is building out its product ecosystem to manage nearly all of the operational needs of retailers.

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Scotiabank, Fifth Third, SunTrust: Amazon, Apple inspiring UX

Bank Innovation

The popularity of Amazon Prime and Apple is forcing bankers to rethink user experiences, industry practitioners said at Bank Innovation Build.

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US Bank’s Venturo: Hackathons can reveal banks’ shortcomings

Bank Innovation

According to Dominc Venturo, chief innovation officer at U.S. Bank, any new idea incubated within the bank should have a measurable effect on customer experience.

In response to challengers, Green Dot is growing its platform business

Bank Innovation

With digital-only banks picking up millions of customers, Green Dot is focusing on the diversification of its offerings to clients.

Viral tweet about Apple Card leads to Goldman Sachs probe

Bank Innovation

A Wall Street regulator is opening a probe into Goldman Sachs Group Inc.’s s credit card practices after a viral tweet from a tech entrepreneur alleged gender discrimination in the new Apple Card’s algorithms when determining credit limits.

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How TD wants to bridge the confidence gap with AI-based tools

Bank Innovation

Canadians may accept that AI is a part of their lives, but many express concerns about the potential risks that the application of the technology presents, including biases. That’s according to a recent TD Bank survey of 1,200 Canadian adults carried out by Environics Research.

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