Financial Services

U.S. Bank reopening of damaged branches hastens hybrid switch: The bank has been revamping Minneapolis branches damaged during last year’s civil unrest to offer self-service for transactional services and personal attention for complex ones. The redesign is consistent with US consumer preferences amid the digital-banking shift.

Its record revenue growth could crescendo in one of the year’s highest IPOs—but the recent dip in trading volume will likely slow the pace at which digital brokers reach new milestones.

Afterpay to take neobanking plunge with app: The Australia-based buy now, pay later (BNPL) provider will roll out a deposit-accounts app in October. The company’s user base will give it plenty of room to grow—and so will the country’s wide-open consumer-side neobanking space.

Issuers’ pursuit of clear value propositions and forays into next-gen credit building services offer a window into their plans to attract customers and combat competition.

After taking a sizable hit to their business in 2020 from the coronavirus pandemic, digital-only banking players will host 6.5 out of every 10 digital account openings this year—driven by pent-up demand and the gradual return to normalcy.

Big US banks up their tech investments: To ward off competition, especially from the likes of fintechs, several large incumbents increased their spending on technology in Q2 2021. They’ve also started co-opting some of the challengers’ features.

Boston-area bank has national ambitions for digital-only unit: Cambridge Savings Bank’s direct bank subsidiary Ivy Bank faces an uphill climb due to marketing costs and the need to differentiate itself from other digital-only players.