Its net revenue fell to $1.24B in Q3—but it plans to reduce its reliance on trading by offering users access to Dapps, DeFi, and NFTs.
AI-driven insights help personalize BMO’s app: Eight insights were added to its mobile feature to help customers with their cash flow and spending. Big incumbents view such personalization as a top priority for digital user experiences.
NAB’s SMB-lending overhaul promises cash delivery in 20 minutes: The upgrade of the Australian bank’s service—which issues unsecured loans—is important for NAB to stay competitive as potential competition from digital-only players looms.
JPMorgan bumps up against high fintech valuations, tight talent market: The banking giant’s strategy to maintain its competitive standing against fellow incumbents and neobanks in consumer-facing financial products is under pressure.
The funding comes after the startup secured clients at a record pace in fast-growing sectors, particularly in fintech.
BMO’s chief digital officer on how banks can pick up the pace of digital innovation: In an exclusive Q&A with Insider Intelligence, Mathew Mehrotra talks about the need to re-examine everything from mindsets, funding models, and legacy processes to bring about digital transformation.
Starling’s BaaS deal for StanChart-backed account marks its maturity: The UK-based neobank has earned an incumbent’s trust and will be powering a savings account that allocates deposits to climate-change-related projects.
Latin America leads in cryptocurrency ownership, with 30% of adults there holding the digital assets. Within the region, ownership jumps as high as 45% in Argentina.
Credit union’s bilingual banking bot could attract Hispanic customers: California-based Community First Credit Union recently added Spanish-language capability to its AI-powered bot. Such assistance could help lower the relatively high share of underbanked or unbanked Hispanic adults in the US.
Lemonade will acquire Metromile in a deal expected to close next year. Insurtech M&A activity and large raises show the space has matured.
Amazon customers will be able to checkout with Venmo in 2022, which should drive the app’s revenues.
Citigroup’s flagship branch overhaul focuses on in-person service and meetings: With this renovation, it joins its big US peers in pivoting branches away from routine services and toward more complex, individualized ones—in line with consumer preferences.