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285

SoFi Launches Bank Like Service: SoFi Money

It is a truism that we need bank like services but we really don’t need banks. The portfolio of services offered by a traditional analog bank sometimes feel cobbled together. Difficult to manage and expensive to use. Current accounts is an excellent example. For some insidious reason, banks tend to charge consumers silly fees to lend out their money. Most consumers just accept it because that’s just the way it is. But innovative Fintechs are changing this paradigm. (more…)

Banks, Cashless, Fintech news, Global trends

June 21, 2018

KeyBank Acquires Digital Lending Platform For Small Businesses Bolstr

On Wednesday, KeyBank announced it has acquired digital lending platform for small businesses Bolstr. According to Key, the fintech software, which is expected to be implemented later this year, will enable the banking group to provide faster and easier access both to SBA loans and to traditional capital for business owners. The acquisition comes just after the OCC recently called on banks to issue more SME loans.  (more…)

Banks, Fintech news, Global trends

June 21, 2018

318

Crypto Fund AG Receives Swiss FINMA Approval

Crypto Finance has received regulatory approval from Swiss regulators. The Swiss Financial Market Supervisory Authority (FINMA) has reportedly given its seal of approval for the Crypto Fund AG – the first in Switzerland. (more…)

Banks, Cryptocurrencies

June 19, 2018

ING and AXA to build digital insurance platform

I"The initiative will also contribute to diversify our income"NG and AXA have unveiled an exclusive, long term, multi-country bancassurance partnership to provide insurance products and related services through a central digital insurance platform.

(more…)

Banks, Insurance

June 19, 2018

242

HSBC to invest $15-17bn in new tech

By Antony Peyton for BankingTech

HSBC is looking for growth again as it plans to invest $15-17 billion in new technology. (more…)

Banks

June 12, 2018

237

Goldman Sachs rolls out cyber war games suite

Goldman Sachs is to provide its 8000+ developer community with a gamified cybersecurity training programme addressing attacker psychology, digital countermeasures and breach response. (more…)

Banks

June 9, 2018

6 Strategies for Building a Platform Bank

A Mckinsey study states that ‘manufacturing’, the primary industry for a bank’s financing and lending business now generates about 53% of industry revenues and 35% of profits with an ROE of 4.4%. On the contrary, ‘distribution’ produces 47% of revenues and 65% of profits with an ROE of 20%. This changing nature of banking balance sheets is a reflection of a clear shift in the banking business model. The traditional interest-based income of banks from lending and deposits is under pressure, and banks are looking to augment their revenue with new fee-based models. (more…)

Banks

June 4, 2018

246

TransferWise nets first big EU bank customer

France’s second-largest bank, BPCE Groupe, is to become the first in Europe to directly integrate with TransferWise to offer mobile money transfers to its 15 million customers. (more…)

Banks, Global trends, Hotnews, Remittances

June 4, 2018

243

ING backs FinCompare, the German comparison platform for SME financing

FinCompare, the German fintech startup that offers a comparison platform for SME financing, has closed €10 million in Series A funding. The round is led by ING Ventures, the venture capital arm of dutch bank ING. The company’s previous backers Speedinvest, and UNIQA Ventures also followed on. (more…)

Banks, Fintech news, Global trends

June 4, 2018

Mobile banking case study: RBC – farewell friction

Royal Bank of Canada (RBC) is moving with the times with a series of useful innovations and launches.

RBC has been proactive with its digitisation strategy. Instead of aiming to offer all things to all people it has instead chosen to focus on best use of technology in areas where there is a real friction point and a problem to be solved. By doing this it has added value to its customer base and seen impressive take up figures of its various initiatives.

Its most recent play was a mass scale artificial intelligence (AI) digital service, NOMI. This offers its customers insights about their financial habits and the ability to automate their savings. Its mobile offering meanwhile, has seen new iterations based on building its P2P capability and it is also in the throes of introducing a loyalty scheme and other partnerships to bolster its offering.

(more…)

Banks, Fintech news, Global trends

June 4, 2018

UK challenger bank Starling seeks £80m funding

UK challenger bank Starling is looking to raise £80 million in its latest quest for funding – and it has ended its relationship with TransferWise(more…)

Banks, Mobile-first banks, Payment processors/providers/gateways

May 31, 2018

198

ABN Amro deploys financial coaches to turn silver surfers onto mobile banking

The silver surfers are on the rise, with 90% of ABN Amro’s customers over the age of 65 using internet banking, although just a quarter access their accounts via mobile phones. (more…)

Banks, Fintech news, Global trends

May 30, 2018

266

Goldman Sachs leads $250m Tradeshift funding round

Supply chain finance outfit Tradeshift has joined the unicorn club after closing a $250 million Series E funding round led by Goldman Sachs and Public Sector Pension Investment Board. (more…)

Banks, Fintech news, Global trends, Hotnews

May 30, 2018

Raiffeisen Bank selects Fico for digital account origination

By Fico

Raiffeisen Bank will use new customer onboarding technology from analytic software firm FICO to increase its digital lending capabilities in Romania. (more…)

Banks, Fintech news

May 30, 2018

Intesa Sanpaolo collaborates with OurCrowd for funding SMEs and startups

By Intesa,

Intesa Sanpaolo Innovation Center, subsidiary of the Intesa Sanpaolo Group that promotes innovation development processes and plans, and OurCrowd, a world leader in equity crowdfunding and a fast-growing Venture Capital platform, announced today that it has signed a Memorandum of Understanding with the aim to promote startup access to international capital markets. (more…)

Banks

May 30, 2018

232

KPMG and MAS Schedule Second Global Fintech Hackcelerator for the 2018 Singapore FinTech Festival, Accepting Applications Now

For the second year running, KPMG Digital Village and the Monetary Authority of Singapore (MAS) will be organizing the Global FinTech Hackcelerator for the 2018 Singapore FinTech Festival. (more…)

Banks, Global trends, Government activities

May 29, 2018

252

Tandem reaches 100,000 clients, signs for Form3 paytech

UK-based challenger Tandem says “100,000 Brits are now using the bank to spend, save, and manage their money”. (more…)

Banks, Hotnews

May 29, 2018

168

ICICI Bank unveils innovation labs

India’s ICICI Bank has launched two innovation labs as it hunts for digital growth and a new mindset.

(more…)

Banks

May 29, 2018

231

When FinTechs Compete, Banks Can Also Win

It’s not exactly dogs and cats living together in harmony, but FinTechs and banks — the upstarts and the traditionalists — are certainly cozying up, a trend that looks certain to continue. (more…)

Banks

May 28, 2018

305

ING opens developer portal

ING has opened its internal developer portal to coders from corporate clients and fintech startups, providing access to simulated APIs for testing and developing new products. (more…)

Banks, Open Source/ API

May 25, 2018

231

Nordea takes a caning over delivery of EUR500 notes to foreign exchange bureaux

On Thursday 24 May Operation X, a programme broadcast by the Danish television channel TV2, will put the spotlight on Nordea’s role in delivering foreign exchange to foreign exchange bureaux. (more…)

Banks, Fintech news, Global trends

May 25, 2018

Paypal CFO Talks Venmo Mobile App and Says Paypal Will Transmit Crypto “If it Stabilizes”

After a fairly flat quarter of stock performance in Q1 2018, PayPal CFO John Rainey sat down with CNBC “Mad Money” host Jim Cramer last week to discuss growth of the company, plans for its mobile payment app Venmo and the possibility of enabling crypto payments on its platforms in the future. (more…)

Banks, Fintech news, Global trends

May 25, 2018

359

Former Visa chief takes the helm at crypto banking startup

Marc O’Brien, former CEO of Visa UK and a key advisor of Revolut, has been appointed chief executive officer of mobile crypto bank Crypterium. (more…)

Banks

May 22, 2018

327

Castlight empowers first open banking loan for HSBC

Castlight Financial, the Glasgow-based financial capability company, has partnered with HSBC UK in the delivery of the bank’s first open banking loan. (more…)

Banks

May 22, 2018

MUFG to roll out blockchain payment network next year

Mitsubishi UFJ intends to roll out a new payments platform for micropayments and Internet of Things applications using a blockchain network from Akamai. (more…)

Banks

May 22, 2018

282

Digital banking transformation creating new systemic risks

Digital banking transformation programmes are creating a new wave of operational and systemic risks for which the industry is ill-prepared, warns UK Finance. (more…)

Banks, Global trends

May 22, 2018

242

Sberbank offers electronic storage of financial documents to business clients

By Sberbank,

Sberbank has launched a new service called ‘Electronic Archive’. It is a cloud-based SaaS solution for long-term storage of electronic documents and suits all companies, from major corporations to small enterprises, thanks to its convenient interface and accessible price. (more…)

Banks

May 22, 2018

460

DBS to roll out ‘Live more, bank less’ rebrand as digital transformation takes hold

By DBS,

DBS Bank, a leader in digital transformation, today signalled that the time has come for a new kind of banking. (more…)

Banks

May 18, 2018

300

Revolut releases API for business banking

By Revolut,

The internet has improved our lives in every way imaginable, by allowing us to build the interconnected world we all live in. (more…)

Banks

May 18, 2018

479

Equifax works with HSBC on Open Banking credit applications

By Equifax,

HSBC UK has created the first live use case of open banking for credit applications using the InterConnect platform from Equifax, the consumer and business insights expert. (more…)

Banks, Credit scoring, Hotnews

May 18, 2018