Wells Fargo’s overdraft cuts show it’s reading the room: The banking giant joins its peers in lowering customers’ exposure to fees. This could improve its standing with US regulators as they mull crackdowns.
Tandem’s reputation could use some green successes from Oplo deal: The environmentally conscious UK neobank’s plans to acquire a consumer lender may help it get past its previous license loss and insufficient green-history disclosure.
Cannabis banking won’t go up in smoke after US lawmaker retires: Rep. Ed Perlmutter (D-Colorado), a chief sponsor of the SAFE Banking Act, said he’s not running for re-election. But that’s unlikely to end momentum for cannabanking in 2022.
Goldman’s new General Motors card could cement the issuer’s reputation for innovative digital features and serve as an industry blueprint.
Indonesia-based Koinworks might follow the lead of larger global players and pursue a one-stop-shop model to drive revenue growth.
Brex and Novo in the US, along with Qonto in France, have closed on funding rounds that they could use to make broad lending plays that could threaten incumbents.
Cryptocurrencies are looking like a better bet for more and more investors. Last month, 24% of US adults said they would invest in cryptos, up from just 10% in June.
PayPal confirmed it’s looking into developing a stablecoin, an asset class with unique crypto benefits that can help drive volume.
Cashplus adds insurance to compete in the hot UK SMB banking space: Adding business insurance for small and medium-sized businesses (SMBs) to its marketplace will help the neobank with retention and keeping up with competitors.
Digital assets’ recent plunge in value underscores the need for risk management and regulation. Bit by bit, the pieces are coming together.
Findings from PYMNTS show a gap in businesses’ and consumers’ degree of trust in business technology. Greater transparency in how data is handled will establish the trust necessary for wider adoption of open banking.
‘Save the ATMs’ could become a thing in the US: The nationwide ATM footprint continues to fall after reaching its zenith in 2019. A cash scarcity due to lack of ATMs would hurt the underbanked and impair privacy-minded consumers’ digital trust.
BofA walks out overdraft cuts before US regulators make everyone run: The banking giant’s overdraft service steps include ending NSF fees and cutting overdraft charges from $35 to $10. That may be enough to keep it from becoming a regulatory target.