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337

How Monzo, Revolut, Starling and N26 plan to topple legacy banks

via WIRED UK

Digital banks aren’t going anywhere – with Monzo, Starling Bank, Revolut and N26 starting to rival legacy banks. Perhaps best known for their personal finance apps, they are now also starting to sell financial products. And there’s a lot more to come.

Meanwhile, traditional high-street banks are trying to up their game by investing in – and imitating – their digital offerings. Last month, for instance, NatWest began trialling Mimo, a new personal finance app with budgeting tools, spending insights and reminders. It will be rolled out later in 2019. Barclays, HSBC and others are also jumping on the bandwagon and adding features to their existing mobile banking apps. (more…)

Banks, Fintech news, Global trends, Mobile-first banks

May 17, 2019

280

Jumio Teams Up to Fight Financial Crime with TruNarrative

via Finovate blog

Financial crime specialist TruNarrative is partnering with identity verification innovator Jumio to bolster its fraud detection and customer onboarding platform. The integration will enable TruNarrative’s existing customers and prospects to verify the authenticity of more than 3,300 ID document types from more than 200 countries and territories. (more…)

Fintech news, Security

May 17, 2019

279

YouTrip, a challenger bank in Southeast Asia, raises $25.5M for expansion

via TechCrunch

Singapore-based startup YouTrip thinks consumers of Southeast Asia deserve a taste of the challenger bank revolution happening in the U.S. and Europe, and it has raised $25.5 million in new funding to bring its app-and-debit-card service to more parts in the region. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, Singapore

May 16, 2019

526

FrankieFinancial signs Australian neo banks to RegTech platform

via Finextra

RegTech startup FrankieFinancial has signed Australian neo banks Xinja and Novatti Group to its financial systems aggregator platform, which provides a single point of access to ID verification, KYC, AML, fraud and credit tools from 114 vendors and data sources. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, RegTech, Security

May 15, 2019

270

NetSuite’s Scott Derksen on why ERP sits at the center of banking as a service

via Tearsheet

Open banking is happening — it’s just not coming from the big name brand banks. Banking as a service firms are opening up the banking technology stack so that any finance, retail, or travel app can offer financial services without the headache of becoming a bank.

Oracle’s ERP, NetSuite is also a major player here. As a leading cloud system of record for midmarket and growth businesses, NetSuite has its own banking as a service offering which enables banks to deliver financial services where their customers reside — in the ERP. Major financial institutions like JPMorgan, Visa, and the Marco Polo Network are connected to NetSuite’s BaaS offering. (more…)

Banks, Open Source/ API

May 13, 2019

277

New Medici Bank launches with crypto-friendly outlook

via CoinGeek

A descendent of the famed Renaissance banking family, the House of Medici, has launched a new bank in Puerto Rico with a pledge to accept business from cryptocurrency firms.

Medici Bank has been launched by Prince Lorenzo de’ Medici, and was “born out of frustration with the current financial services landscape.” According to the launch announcement this week, the bank will offer cheaper fees, faster services and greater transparency for its customers. (more…)

Banks, Blockchain, Cryptocurrencies

May 10, 2019

271

Hong Kong Issues More Online Banking Licenses

via PYMNTS

The banking regulator in Hong Kong has issued an additional four online-only banking licenses to Ping An, Alibaba, mobile phone maker Xiaomi and a joint venture (JV) consisting of Tencent, ICBC and Hillhouse Capital.

Reuters is reporting that this totals eight total licenses handed out by the government.

The Hong Kong Monetary Authority, which handed out the licenses, expects the banks to launch in about six to nine months. The new ventures would be closely regulated, with special attention given to customer reactions and the response of the banking industry. (more…)

Banks, Hong Kong, InspirAsia, Mobile-first banks

May 9, 2019

538

Tink, the European banking platform, partners with British incumbent NatWest

via TechCrunch

It’s easy to push a narrative of fintech upstarts versus the big incumbent banks, but the more subtle reality is that as well as competing on numerous fronts, there are partnerships being formed across the board. The latest such move sees Tink, the Sweden-based banking platform that raised €56 million in new funding in February, partner with British bank NatWest.

The agreement gives NatWest access to Tink’s Personal Finance Management (PFM) and “Data Enrichment” products, which will be integrated into NatWest’s core mobile banking app. This will allow NatWest to improve its mobile banking offering by giving NatWest customers personalised insights into their finances based on transaction history. The features built with Tink’s technology are planned to go live in Q4 2019. (more…)

Banks, Mobile-first banks, PFM/PFP services

May 8, 2019

340

Tandem Recognized as Best New Digital Bank

via Crowdfund Insider

Challenger bank Tandem has been recognized by CFI.co (Capital Finance International) as the “Best Neo Bank UK 2019.”

According to Tandem, the CFI.co judges stated that “Tandem differentiates itself from other banks in the way its people always consider how well a new initiative will work for the customer and how it helps to solve real money problems.” (more…)

Banks, Mobile-first banks

May 7, 2019

1455

Varo Money Builds A No-Fee, High Interest Paying Bank On New Technology

via Forbes 

Varo Money Inc. may be on its way to becoming the first full-service all-mobile bank in the U.S. It provides tools that let users monitor their spending and save for special purposes. It is similar to offerings from Simple and Moven which also offer advice on how much is safe to spend by using AI and machine learning to understand a customer’s income and regular payments, like rent. Like them it has worked through a partner bank.

Unlike them, it has applied for its own banking charter; in September 2018 it announced a preliminary approval from the Office of the Comptroller of the Currency (OCC) of its application to become a national bank. (more…)

Banks, Mobile-first banks

April 29, 2019

699

Who’s the Real Challenger? The Paradoxes of Digital Consumer Banking in the U.S.

via PaymentsJournal

Mention the term “challenger bank” and bankers might free-associate labels such as “fintechs,” “disruptors,” or “non-banks.” Those terms would certainly be apt for a small group of tech-driven market entrants, most focused on providing mobile-savvy transaction accounts for consumers who may have an anti-bank mindset.

However, if you stand back and look at the market data (as we did for our recently released report, Digital Consumer Banks in the U.S.: Your Money or Your Wallet), some of the most fearsome online competitors for U.S. consumers’ deposits have very familiar names (or parent names): Marcus (Goldman Sachs), Discover Bank, American Express Bank, USAA Bank, Charles Schwab Bank, Capital One 360. A new crop of digital banking divisions with unique brand identities and products is also coming to market: Finn (JPMorgan Chase), Greenhouse (Wells Fargo), Citizens Access (Citizens Bank), and more. In total, these well-connected digital divisions are already providing co-opetition for their branch-centric retail banking divisions. (more…)

Banks, Global trends

April 25, 2019

1134

SME Challenger Bank Judo Bank Receives Full Banking License From Australian Prudential Regulation Authority

via Crowdfund Insider

Judo Bank (formerly Judo Capital), an SME challenger bank, announced on Wednesday it was granted a full banking license by the  Australian Prudential Regulation Authority (APRA). According to the bank’s Chairman, Peter Hodgson, the full license means Judo will be able to significantly extend the scope and depth of services it provides to those businesses across the country.

Founded in 2016, Judo stated it is challenging the “one size fits all” approach of its much larger competitors because it believes every business is unique and should be treated that way.

(more…)

Banks, InspirAsia, Mobile-first banks, SME

April 24, 2019

1299

UK Challenger Bank Masthaven Secures £60 Million Investment From Värde Partners

via Crowdfund Insider

UK-based challenger bank Masthaven announced on Wednesday it secured £60 million equity investment by Värde Partners, a global alternative investment firm. According to Masthaven, the investment will enable the bank to deliver against its strategic ambition to become one of the leading specialist banks in UK residential and SME markets.

(more…)

Banks, Fintech news, Mobile-first banks

April 24, 2019

1257

Revolut Refines Its Culture As It Seeks Expansion

(more…)

Banks, Mobile-first banks

April 23, 2019

714

N26 to open security-focused tech centre in Vienna

via Finextra

N26 is opening a technology and innovation centre in Vienna that will focus on using AI to detect fraudulent transactions – which have reportedly been a problem for the digital bank, prompting a probe by German regulators. (more…)

AI / Machine Learning / Big Data, Banks, Mobile-first banks, Security

April 23, 2019