Banks have started to use their customers as product developers as the look to make the banking experience more personalized;...
Here are the most read news stories from our daily newsletter today: OCC chief expects SWIFT-like bank-to-blockchain connections in 3...
This week, we look at Betterment launching a bank account and payments feature. They are not the first, but they could be the best! Still, it feels like the world has moved on. Barriers to entry around digital finance have collapsed, and shifted industry goal posts. Hundreds of companies are integrating API-based solutions that connect to banking and investment entities. Amazon, Google, and Apple are there already. And let's not forget the incredible pressure from the COVID recession: 20MM+ unemployed, $100 billion decrease in global remittances, 1 in 8 banks being unprofitable. Is it time for incremental improvement, or a sea change?
UK based Digital Bank Monzo is planning a crowdfunding round to give customers a greater share of ownership; the round will look to raise between $13mn and $40mn; while they will use the round for hiring it is meant to provide customers “a genuine sense of ownership”; the crowdfunding round follows the recent $94mn private equity backed fundraising. Source.
According to a new study by consultancy firm A.T. Kearney the combination of digital only banks and the fact that...
Monzo now had 4 million customers in the UK which equates to just over 1 in every 16 people in...
Though Monzo has seen a share of issues and outages recently the company says the third party marketplace is core to their vision; they also explained it was a key part of their revenue drive and will help to drive down costs per customers in the near future; Monzo have plans to expand product offerings, potentially launch in the US and build out partnerships in the near and mid term future. Source.
Santander announced recently that it will spend €20 billion ($22 billion) on digital transformation through 2022; JPMorgan Chase has said...
Open Banking is set to launch in Europe next month. As banks and fintech firms rush to ensure compliance we...
It has been fascinating to watch both the banks and fintechs react to the coronavirus; many fintechs have created side...