Tagged: banking

A Natural Next Step: Google Moves More Into Fintech with Redesigned Pay App & Digital Bank Plex

Google, part of Alphabet (NASDAQ:GOOG) is pushing deeper into Fintech with a redesigned Google Pay App in a natural step for one of the largest tech firms in the world. Caesar Sengupta, General Manager & VP, Payments and Next Billion Users for Google, said in… Read More

Credorax Adds Google Pay & Apple Pay to Payment Methods Offering

Credorax, a fintech bank and smart payments provider, announced on Tuesday it has added Google Pay and Apple Pay to its payment method offering. Credorax reported that both methods may now be added to merchants’ accounts as payment options for their shoppers alongside the more… Read More

Nigerian Full Service Digital Only Bank Kuda Secures $10 Million Through Latest Investment Round Led By European Venture Capital Group Target Global

Kuda, a Nigeria-based digital-only banking startup, announced earlier this week it secured $10 million through its latest investment round, which was led by European venture capital Target Global, with participation from Entrée Capital and SBI Investment. Founded in 2018 and launched in 2019, Kuda describes itself as… Read More

NatWest Launches New Product “Green Mortgages”

UK banking group NatWest announced on Tuesday the launch of its new product Green Mortgages. According to NatWest, the product offers a “preferential interest rate” to new or existing customers who are purchasing energy-efficient properties. The banking group explained: “The Green Mortgage offers a discounted… Read More

Italy’s First Digital Bank illimity Reports a Profit Driven by Robust Lending

Italy’s first digital bank, illimity, is reporting a pre-tax profit for the third quarter of €13.2 million (+31% over the previous quarter) and a net profit of €24 million in the first nine months of 2020. This compares to a loss of €18 million in… Read More

Digital Bank Current Reports More than 1.75 Million Users

Current, a US neobank, says it now has over 1.75 million users. In a blog post, Current displays its competitive position in comparison to other aspiring digital banks and Current fares pretty well. Using Apptopia information, Current shows its platform in second place in contrast… Read More

Fintech Solutions Offered by Banks Might Not be Effectively Using AI and Machine Learning due to Lack of Qualified Professionals: Report

There’s been a significant increase in demand for technical workers with data, advanced analytics, and AI skills in the modern banking sector. However, there aren’t enough qualified data and AI professionals to meet the requirements of major organizations across the globe. This major talent gap… Read More

Fourth Industrial Revoluton will Lead to “Profound” Shift in Key Banking Processes, Service Providers Must Respond Effectively to Survive: Report

Naim Alame, the MENA Payments Lead at Accenture, and Elie El Khoury, Financial Services Lead for MENA Region at Accenture Interactive, have noted in a thought leadership piece (posted by Accenture) that the Fourth Industrial Revolution, which is “defined by the platform economy,” is now… Read More

Embedding Banking Startup Wise Secures $12 Million Through Series A Funding Round Led By E.Ventures

Wise, a U.S.-based embedding banking startup, announced on Thursday it secured $12 million through its Series A funding round, which was led by e.ventures with participation from Grishin Robotics, and with continued investment from seed investors, Base10 Partners and Techstars. The latest investment comes just… Read More

Digital Bank Zopa Officially Launches First Credit Card Product

Zopa, formerly a peer to peer lender and now a regulated digital bank, has launched its first credit card that is said to be designed to help customers stay in control of their money and their debt. Zopa says its credit card provides a feature called ”Safety Net”  which allows customers to lock… Read More

Update: e-Money Institution Ziglu Set to Close Seedrs Round With More Than £2.9 Million Raised

FCA authorized e-Money Institution Ziglu is set to close its equity crowdfunding campaign on Seedrs with more than £2.9 million raised. The funding round was launched last month and quickly secured its initial £1 million funding target. The campaign also attracted over 1100 Seedrs investors…. Read More

Number of Unbanked US Households at Record Low of 5.4%: FDIC

Every two years, the Federal Deposit Insurance Corporation (FDIC) completes a report on the status of banking in the US. The recently released report, “How America Banks: Household Use of Banking and Financial Services,” says that a record low 5.4% of U.S. households were unbanked… Read More

Triyono Gani, Head of Digital Finance Innovation at Indonesia’s Financial Services Authority, Compares Fintech with Traditional Banking

Triyono Gani, the head of digital finance innovation at Indonesia’s Financial Services Authority (OJK), notes that it may have taken a long time for people to understand one of Bill Gates’ quotes, “Banking is necessary, but banks are not.”  Gani points out that Gates actually… Read More

Not Going to Do It: Fintech Current Says it will Not Pursue a Bank Charter

Following the recent news that digital bank Revolut will pursue a bank charter in California, Current has announced it has no intent on doing the same stating they are a “Fintech and not a bank.” Current, a Fintech that offers banking services in partnership with… Read More

Open Banking Survey from ING Reveals that what Consumers Say and Do with Finances aren’t Necessarily the Same

What consumers might say and what actions they take when it comes to sharing personal financial data (via Open Banking) are two different things, ING Bank notes. Although there are many tools to help improve our financial lives, the findings of an ING global survey… Read More

PeoplesBank Goes Live With NYMBUS SmartLaunch to Outsource Technology & Remote Full-Service Operations For Digital-Only Bank ZYNLO

NYMBUS, a U.S. financial service platform provider, announced on Monday that PeoplesBank has gone live with NYMBUS SmartLaunch to outsource the technology and remote full-service operations of its digital-only bank, ZYNLO. As previously reported, ZYNLO describes itself as a digital-only bank designed to make banking… Read More

Revolut Will Pursue Bank Charter in California

The United States has one of the most fragmented regulatory environments for financial services in the world. Frequently, a financial service provider will need to adhere to both state and federal rules along with an alphabet soup list of regulators. While the current leadership of… Read More

Accenture to Invest $3 Billion in Fintech Initiatives that Will Help Companies become Cloud First Businesses

David Jimenez Maireles, Customer Experience Officer at TNEX, a Vietnam based digital bank, claims that despite the skeptics, banks have been “no laggard when it comes to cloud adoption.” Banks have been migrating incrementally, and today “the average bank has 58% of its workloads in… Read More

Goldman Sachs Crushes Earnings, Consumer Banking and Wealth Management Book Record Net Revenues [u]

Goldman Sachs (NYSE:GS) blew the doors of its earnings report this morning as it announced net revenues of $10.78 billion and a record quarterly diluted earnings per share (EPS) of $9.68 and annualized ROE of 17.5%, the highest quarterly ROE since 2010. Wall Street had… Read More

Neobanks in Australia including 86 400, Xinja, Volt Forced to Further Reduce Interest Rates on Savings Accounts

Neobanks have been finding it quite challenging to maintain their competitive deposit rates. During the past few weeks, three Australian neobanks have reduced their rates and two of them have placed limits on the balances on which they’ll pay higher interest. Australia based digital bank… Read More

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