Digital banks, payments startups face first major test in virus

Bank Innovation

Fintech startups looking to upend how Americans do their banking are facing their first major test as interest rates fall and fearful consumers seek safety at traditional banks. mobile payments companies founded after the 2008 financial crisis, and digital banks including Chime Inc.

Jack Ma’s Ant Financial joins Singapore digital banking race

Bank Innovation

Billionaire Jack Ma’s Ant Financial has applied for a digital banking license in Singapore, as China’s largest online financial platform steps up efforts to expand outside the mainland. Bloomberg Carousel Corporate Banking Innovation Strategy Ant Financial Services China Singapore

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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. “Digital and do-it-yourself (DIY) are the basic […].

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Fintech Unfiltered: Inside HSBC Bank USA’s Lofty Innovation Strategy for 2018 [Podcast]

Bank Innovation

As a part of its retail transformation strategy, HSBC Bank USA spent over $130 million on innovation projects in one year on its U.S. The bank […]. Artificial Intelligence Daily Post 1 Exclusive Features Fintech Unfiltered Mobile Online Open Fintech Operations Payments PFM Premium Retail digital banking HSBC HSBC Bank USA Marstone Samsung Softbank

Singapore sees ‘strong interest’ in digital bank licenses

Bank Innovation

Singapore has received “strong interest” in its effort to open up the banking industry to fresh competition after 21 groups made bids for digital licenses, the financial regulator said. Bloomberg Compliance & Regulation Innovation Strategy Retail Banking bank licenses Singapore

COVID-19 Accelerates Urgency For Digital Banking Transformation

The Financial Brand

Banks and credit unions increasingly must leverage data, innovation and a platform business model to deliver digital banking solutions. The post COVID-19 Accelerates Urgency For Digital Banking Transformation appeared first on The Financial Brand.

COVID-19 Accelerates Urgency For Digital Banking Transformation

The Financial Brand

Banks and credit unions will need to increasingly leverage data, innovation and a platform business model to deliver digital banking solutions. The post COVID-19 Accelerates Urgency For Digital Banking Transformation appeared first on The Financial Brand.

Facing pressure, HSBC rethinks US strategy

Bank Innovation

HSBC, a global bank with $2.7 The top-10 global bank reported Tuesday that in 2019, net profit fell 53% to $6 billion, while pre-tax profits fell 33% to $13.3 […]. Carousel Innovation Strategy Payments Retail Banking digital banking HSBC

No one-trick pony: How Ally got to $100b in deposits

Bank Innovation

With the rise of digital-only challenger banks, it’s easy to overlook Ally Bank. Carousel Customer Experience Innovation Strategy Payments Retail Banking Ally Ally Bank Ally Financial challenger banks digital banking

New Competitors Forcing Banks to Reevaluate Innovation Strategies

The Financial Brand

Banking providers are investing in innovation, changing business models and partnering with fintech firms to respond to digital consumer expectations. Innovation Strategies analytics big data digital banking fintech

Moven closes consumer-facing business, pushes customers to Varo 

Bank Innovation

As Moven begins shutting down its consumer-facing businesses, the digital banking platform is funneling its customers to Varo Money.? Moven has been a pioneer in the digital banking space and a longtime inspiration.

OnDeck’s Noah Breslow on building a community business bank

Bank Innovation

Through its application for a bank charter, the company wants to become a full-service digital bank for small businesses it says are overlooked by traditional banks. Small business lending company OnDeck is expanding its ecosystem of products.

Northwestern Mutual: LearnVest’s legacy lives on

Bank Innovation

For Northwestern Mutual, digitization imperatives have forced it to think more like a tech company. In particular, the path to developing more online tools included the acquisition of digital financial planning company LearnVest in 2015 for $250 million.

Midwest BankCentre incorporates new tech with success of digital offshoot

Bank Innovation

Rising Bank, the digital offshoot of St. With the success of the stand-alone digital bank, which launched in January 2019, Midwest BankCentre is now incorporating new technologies into its traditional online banking.

Varo crosses 1 million customers, with plans to become a bank by 2020

Bank Innovation

Digital banking brand Varo has 1 million customers, and is pushing ahead with plans to become a nationally-chartered bank early next year, CEO Colin Walsh told Bank Innovation Tuesday.

How Rising Bank hit $150M in deposits in one year

Bank Innovation

The inability to reach someone outside of business hours is a source of friction for some digital bank customers, but Rising Bank wants to set itself apart through one-on-one attention.

TD Bank: Digital growth drives results

Bank Innovation

TD Bank’s digital strategy is showing results. The bank said it’s investing heavily in digital channels, making it the largest digital bank in Canada. TD noted that, according to App Annie data, the bank is ranked No.

Varo’s bank charter process a test for consumer banking startups

Bank Innovation

This week, digital banking startup Varo received approval from the Federal Deposit Insurance Corporation, a significant milestone in the company’s three-year quest to become a bank.

OnDeck wants to become ‘mom and pop’ bank of the future

Bank Innovation

The company, which has been outspoken about its pursuit of a bank charter, is trying to move beyond loans and become a digital bank for small businesses. Carousel Corporate Banking Customer Experience Innovation Strategy Lending BlueVine Capital One CIT Discover Kabbage OnDeck

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Weekly Wrap: Banner week for fintech acquisitions

Bank Innovation

In this episode, editors discuss the following news developments: Implications from LendingClub’s acquisition of Radius Bank; How Ally’s acquisition of the non-prime lender CardWorks boosts the bank’s long-term plans; and The launch of digital banking startup Level […].

How Rising Bank hit $150M in deposits in one year

Bank Innovation

The inability to reach someone outside of business hours is a source of friction for some digital bank customers, but Rising Bank wants to set itself apart through one-on-one attention.

TD Bank: Digital growth drives results

Bank Innovation

TD Bank’s digital strategy is showing results. The bank said it’s investing heavily in digital channels, making it the largest digital bank in Canada. TD noted that, according to App Annie data, the bank is ranked No.

S&P: US banks relying less on big-box stores to house branch locations

Bank Innovation

The growth of mobile and digital banking is driving in-store branch numbers down. In-store branches are satellite bank branches located inside large retail spaces, such as supermarkets or chains like Walmart and Safeway.

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With Mastercard, Revolut aims for US market

Bank Innovation

Digital banking and stock trading app Revolut, which boasts 8 million customers, is in the midst of a global expansion effort. Carousel Innovation Strategy Payments Product Design Retail Banking challenger bank Chime revolut

Grasshopper Bank CEO Erwin to speak at Bank Innovation Build

Bank Innovation

New York City-based Grasshopper Bank is building a digital banking product ecosystem for the startup community. Bank Innovation Build Carousel Innovation Strategy Startups Grasshopper Bank

Lloyds’ tech dollars flow as challenger banks claim more deposits

Bank Innovation

Lloyds Banking Group is feeling the heat from the growth of challenger banks. billion digital transformation plan, the London-based institution said it’s ahead of schedule in turning itself into a simplified digital bank residing on the cloud.

OakNorth names ex-Google exec as CEO

Bank Innovation

On the heels of an international expansion push, digital bank OakNorth‘s platform-as-a-service business has named a new CEO. Carousel Corporate Banking Innovation Strategy Lending Startups commercial lending OakNorth

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Oregon Community Credit Union launches digital platform

Bank Innovation

Oregon Community Credit Union (OCCU) has launched phase one of its digital platform, a move meant to “set the foundation” for the credit union’s new focus toward automation, Chris Whittaker, vice president of consumer lending, told sister publication Auto Finance News on Monday.

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Forrester: Pandemic to impact tech spend more than 2008 crisis 

BankInovation

Carousel Daily Post 1 Daily Post 4 Daily Post 5 Innovation Strategy Investing Premium Retail Banking CB Insights COVID-19 digital banking e-commerce Forrester Research tech spending

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Study Proves Being a Digital Banking Leader Boosts Financial Returns

The Financial Brand

There was a time when banks and credit unions could rely on being digital 'fast followers.' The post Study Proves Being a Digital Banking Leader Boosts Financial Returns appeared first on The Financial Brand. Featured Content Innovation Strategies

Monzo: A Guide to Building the Digital Bank of the Future

The Financial Brand

Monzo is a licensed digital-only bank that has developed advanced digital banking apps and functionality that can be a guide for traditional banks. The post Monzo: A Guide to Building the Digital Bank of the Future appeared first on The Financial Brand.

Marcus by Goldman Sachs: Perfectly Positioned Post Pandemic

The Financial Brand

Marcus by Goldman Sachs continues to grow by providing high value digital banking products that are simple to use and easy to understand. Banking Transformed Digital Banking Strategies Innovation Strategies Spotlight Technology Strategies banking transformed digital banking Marcus

Citi tweaks digital channels to handle COVID-19 volume spike 

BankInovation

As consumers are flocking to digital banking channels during the COVID-19 pandemic, banks are rethinking how they handle customer interactions.

Pandemic Gives Traditional Banks a Rare Chance to Catch Up Digitally

The Financial Brand

Forced to move quickly to meet the spike in digital banking use, more banks and credit unions are closing the gap with fintechs. The post Pandemic Gives Traditional Banks a Rare Chance to Catch Up Digitally appeared first on The Financial Brand.

At CIBC, Digital Banking Innovation Is Non-Stop

The Financial Brand

CIBC continues to introduce digital innovations like a way to open accounts on a mobile device, a mobile mortgage app. and voice banking. Digital Banking Strategies Innovation Strategies Mobile Channel digital account opening mobile account opening mortgages voice banking