The growing interest in digital banks

Insights on Business

With few exceptions, “banking hours” are becoming 24/7/365, or whenever and wherever a customer wants to do banking. Traditionally, banking was a conservative industry with relatively high barriers to entry. Banking products and services were defined and controlled by the bank.

The Evolution Of Digital Banking Security

PYMNTS

Digital banking customers are looking for an institution that can keep their data safe, with security mishaps creating the possibility that they can move to other apps. 90 percent: The portion of consumers whose top online activity is personal banking. Today In Data Commerce data Digital Banking fraud mobile apps money laundering News payments personal banking Retail Security Smartphones Today in Data

Cuscal On Digital Banking Done Down Under

PYMNTS

In banking and payments architecture, especially in the digital realm, a corollary might be “form and function co-exist, and should be flexible enough to change rather quickly.”. That’s partially due to a trust factor, which is conspicuously lacking in traditional banking.

Citizens Debuts Digital Bank

PYMNTS

Citizens Financial Group announced the launch of its nationwide, direct-to-consumer digital bank. Over the last several years, direct bank deposits have grown six times faster than deposits at traditional banks as consumers have sought innovative new ways to save money,” said John Rosenfeld, president of Citizens Access. “To Citizens Access’ customers can open and fund a new account on a mobile device or computer in fewer than five minutes.

Digital banks are 35+ times more productive than traditional banks

Chris Skinner

I’m launching the new book Digital Human in New York on the evening of April 12. BTW, I’ve also heard a lot of people have been frustrated that Amazon cancelled their pre-orders of the new … The post Digital banks are 35+ times more productive than traditional banks appeared first on Chris Skinner's blog. Blog Index Case Studies Chris Skinner Digital Bank Fintech Future Grid Inclusion Innovation Mobile Numbers Opinion Payments Technology

Today In Data: Digital Banking Cybersecurity

PYMNTS

With new risks come new solutions, and banks are taking this approach to data security: They are adopting technologies such as biometric authentication to protect sensitive information. billion: The projected size of the global banking cybersecurity market by 2026.

Hollywood’s Newest Special Effect, Digital Banking?

PYMNTS

From phone support and mobile apps to ATMs and chatbots — when it comes to customer service, banking automation has come a long way. However, the one missing piece that these automated banking features lack is a real human being to interact with during a transaction.

Conversational AI Firm Kasisto Partners with U.A.E. Digital Bank Liv

Bank Innovation

United Arab Emirates-based digital bank Liv on Wednesday launched its virtual assistant Olivia, which was built by conversational AI company Kasisto. Olivia, a play on the bank’s name Liv, can check balances and give spending insights through text and the bank’s mobile app.

Digital Banking Startup Loot Raises $2.9M Series A

Bank Innovation

Another digital banking startup has raised funding this week, this time to expand a current account offering aimed at students and millennials. Capital Exclusive Mobile capital digital banking mobile app neobanks startups

Look Beyond Technology for Better Digital Banking, Fiserv Says

Bank Innovation

EXCLUSIVE—With mobile banking services offered at the majority of financial institutions, innovating the digital space is becoming more important in the fintech ecosystem, especially for smaller players like regional banks or credit unions.

Chase On Gen Z, Mobile Banking — 10 Years In

PYMNTS

With more consumers than ever interested in fulfilling all their financial needs on mobile, both legacy banks and FinTech firms are focusing on creating digital-only banking services, designed to catch and keep customers using their smartphones to bank.

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U.S. Bank Looks to Expand, But Not with a Digital Bank

Bank Innovation

Digital banks may be sprouting up all over the banking world, but don’t look for one from U.S. The bank is national in terms of […]. Exclusive Features Mobile Online Operations Premium Retail digital banking Finn JPMorgan Chase PNC u.

Citigroup Eyes Creation Of National Digital Bank

PYMNTS

Citigroup is gearing up to launch a digital consumer bank that will be national in scope and will arrive within the next three years. Citing Citigroup Chief Financial Officer (CFO) John Gerspach, Reuters reported the executive said at an investor conference that the financial company is “laying the groundwork for having a national digital bank. Digital Banking Citigroup consumer banking Merchant Innovation News Technology What's Hot

U.K. Digital Bank Monzo Eyes Expansion, Tests SMB Accounts

PYMNTS

Monzo, a digital bank out of London, wants to expand past just mobile-based personal banking customers to small and medium-sized businesses (SMBs). . The bank said it’s going to figure out what it needs to feature and what it needs to prioritize during the test period.

How Facebook Became Fast Friends with Digital Banks

Bank Innovation

EXCLUSIVE - Before social media platform Facebook became a popular channel for digital banks to offer banking features to its customers, let’s not forget that FB was first and foremost an important advertising tool for banks to reach a younger audience.

Chase On A Decade of Mobile Banking

PYMNTS

Digital Banking AI challenger banks Digital Banking Tracker fraud protection JPMorgan Chase Main Feature mobile banking Mobile Payments Newssup nerds.

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Fidor to Launch Third Digital Bank in Less Than a Year

Bank Innovation

It’s been quite a busy year for Germany’s first digital-only challenger bank Fidor. The bank launched two more digital banks this year, and Fidor Chief Commercial Officer Ge Drossaert told Bank Innovation there is yet another bank in the works.

Consumers Have High Expectations from Their Digital Banking Apps

Bank Innovation

Consumers want banks to do more than just hold their money, they want their banks to help them meet their financial goals. DataBank Exclusive Mobile Online Payments PFM Premium Security Bank of America BBVA Compass Capital One Clarity Money Eno Erica Goldman Sachs Marcus

The 411 On The Digital Banking Evolution

PYMNTS

As the banking shift brought about by the rise of FinTech startups continues to disrupt the traditional brick-and-mortar banking experience to make it seamless, convenient and richer, we’re seeing all sorts of interesting partnerships and technological adoption.

Keeping it personal in a digital banking world

Mobile Payments Today

Digital channels are being widely accepted by today's consumers, but with this adoption comes the increase in impersonal transactions through online and mobile banking, drastically impacting the traditional model of building relationships

NEW REPORT: Wells Fargo On Leveling Up Its Digital Banking Game

PYMNTS

Online and mobile banking interfaces have become must-have features for financial institutions in the digital age. Fifty-five percent of Americans have a full-service banking app on their phone, and 16 percent check these apps at least once per day. Customers think of these digital offerings as crucial to their banking decisions. More than 50 percent reportedly believe it’s important for banks to provide mobile deposits, P2P services and account openings.

Turning To AI To Reduce Digital Banking Risks

PYMNTS

Banks of all sizes are now looking to reduce the risks they face when doing business, increasingly turning to new and emerging technologies like artificial intelligence (AI) and machine learning (ML) to reduce risk and combat fraudsters. According to a survey conducted last year by the Global Association of Risk Professionals (GARP), 88 percent of bank executives believe AI and ML adoption could provide “a foundational change” for risk management.

What's Missing in Digital Banking? Empathy

American Banker

Increasingly, our conversations about digital banking are only about technology. We must expand our dialogue to include ways to make digital banking empathetic. digital-banking mobile bank-technology

Building A Digital Bank — From Scratch

PYMNTS

“The real ‘move the needle’ opportunity in banking is to build a bank from scratch.”. That’s according to financial services vet and Varo Money CEO and Cofounder Colin Walsh, who told Karen Webster recently that the future of banking, for millennials in particular, lies not in branches but in bots who become money coaches. Millennials, Walsh went on to say, get very, very little, if any, advice at all from their bank about what to do with their money.

For Challenger Digital Banks, It’s Game On

PYMNTS

New players on the digital banking scene are hoping to change the game by looking to industries that are categorically unlike banks for inspiration. The digital-first approach appears to be resonating well with consumers. Gaming The Banking System.

Most U.K. Customers Would Not Choose a Digital Bank Over a Traditional One

Bank Innovation

Long before PSD2 arrived ( the European regulation that requires banks to open their platforms to fintechs), the U.K. had already established itself as a hub in Europe for digital banks like Revolut, Monzo etc.

Digital Bank or FinTech? You’re not a digital bank…

Banking 4 Tomorrow

If you listen to the Breaking Banks AM Radio Show today (also available via stream and podcast) you’ll hear a spirited rematch of the Great Digital Banking Debate that Michal Panowicz and I had on Twitter a few weeks ago. Mobile Banking Payments Retail Banking Strategy Technology Innovation Twitter Bruce Lee chris skinner digital bank Financial Brand Jim Marous mBank Michal Panowicz Moven

Is Stand-Alone The Future Of Digital Banking?

PYMNTS

As the world goes increasingly digital, banks are struggling to decide how they should package their digital service offerings. They don’t make any sense to a customer – they’re just bank constructs.”. . What’s a traditional bank to do?

As Digital Banking Advances, Denmark Sees 60% Jump in Card Fraud

Bank Innovation

As online banking becomes more popular, countries are grappling with cybersecurity. In Denmark, the advent of digital banking also saw almost a 60% jump in card fraud, Bloomberg reported yesterday.

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Finding Value In The Digital Banking Lifestyle

PYMNTS

Consumers have come to expect the ability to bank digitally, but is there a way to make the experience more than just a transaction? PYMNTS: What’s the biggest impact mobile is having on payments and commerce that you’ve experienced?

Tencent Invests In Argentinian Mobile Banking Startup

PYMNTS

Chinese technology conglomerate Tencent has invested in Argentinian mobile banking startup Uala, according to a report from Reuters. Point72 Ventures and George Soros have also invested in the mobile payment company.

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Paytm Launches New Mobile Banking App

PYMNTS

Paytm, the India-based eCommerce and digital wallet company, has announced a new mobile banking app called Payments Bank, according to reports. ” Paytm Payments Bank was launched in India in May of 2017.

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An Inside Look At Chase’s Mobile Banking Approach

PYMNTS

After the June 2007 announcement of Apple’s first-ever iPhone and the ensuing buzz around iOS apps, financial institutions (FIs) began developing offerings to ease digital banking. It made the app quite simple in that [those features] were all people wanted to do on a mobile phone.

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Why Legacy Banks Have Mobile App Advantages

PYMNTS

A consumer’s sense of security and trust can be a funny, even unpredictable thing, especially when it comes to payments, banking and commerce. Consumers, too, play a role in the wider mobile banking security picture. What are banks to do to overcome all that?

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Digital Banking Transformation: Where Should I Start?

The Financial Brand

To become a stronger digital bank, organizations need to take small steps that have a large impact on revenue, costs and customer satisfaction. The post Digital Banking Transformation: Where Should I Start?

Barclays on quest to gamify digital banking

BankNXT

Collaboration between fintech specialists and banks is set to become the primary engine of innovation (and gamification), says Daoud Fakhri. Barclays on quest to gamify digital banking on BankNXT.

Bank of America aims to be ‘mission control’ for digital banking customers

BankThink

David Tyrie, the bank’s new head of digital banking, discusses plans to offer customers constant course corrections and its new Life Plan product, and the latest on the virtual assistant Erica. Digital Banking 2019 Mobile banking Mobile technology Online banking Artificial intelligence Virtual assistants Digital banking Consumer banking PFM Bank of America

Fintechs, digital banks reach out to workers impacted by government shutdown

Mobile Payments Today

Fintech companies, mobile banks and others are granting waivers, extended payments and other services to help workers impacted by the government shutdown

In Digital Banking Age, Personal Touch Still Matters

PYMNTS

Technology has brought transparency and speed to financial interactions, including those between banks and their customers. But must everything be at arm’s length, a technology-enabled hit-and-run where banking is ruled by apps and apps alone? Human interaction still matters and, for some smaller players in the banking realm, can make all the difference in providing a positive experience that will keep customers in the fold.

Paytm Says On Track To Be World’s Biggest Digital Bank

PYMNTS

India-based Paytm Payments Bank not only wants to become the world’s largest digital bank , but also to evolve into a financial services company providing a slew of services like wealth management and trading. 28), Paytm founder Vijay Shekhar Sharma said the company is aiming to have 500 million bank accounts. “We Digital payments was our entry point, we want to become a vertically-integrated financial services company.”.

How digital banking is changing customer behavior

BankThink

Here are some major ways that mobile banking, P-to-P payments and fintech are changing banking. Mobile banking Mobile payments Mobile wallets Digital banking Millennials Generation Z Bank technology

Mobile Devices Take On SMB FinTech Functionality, Usability

PYMNTS

As the financial services space focuses on digitizing offerings for their small business customers, much of these efforts are targeting online banking portals accessed via desktop. Open Banking Opens Doors for Mobile.

The New Face of Digital Banking

Celent Banking

I’m just back from a very interesting week in London at the Marketforce-sponsored “The Future of Digital Banking” forum. The theme of the conference was that customer-centricity and innovation need to be the guideposts to a bank’s transformation from a bricks-and-mortar operation into a digital enterprise. It was also announced that FIS was selected as Atom Bank’s IT outsourcing partner. Banking Retail Banking