New Jersey branch closures bring home a global trend of digital dispossession: Officials in Ocean County are worried about how shuttering locations is affecting seniors. A similar situation is playing out in other countries.
Small banks and fintechs are the next power couples: Two mergers in the US will link up small established players with fintech providers, underscoring the competitive rationale of bringing together older and newer types of financial institutions.
Lockdowns, online shopping, and fear of germs during the pandemic have hastened the shift toward all types of digital payments. As a result, Gen Z has fully embraced electronic wallet services, contactless payments, peer-to-peer payment apps, and digital uses of credit, including buy now, pay later.
Rather than launch competing offerings, we expect firms will support wealth managers’ digital transformation—the threat lies in the nature of these partnerships.
The Europe-based neobank’s acknowledgment of an increasingly apparent reality and its soft retreat could indicate other foreign neobanks are struggling to crack the US market.
Branch services for CaixaBank customers won’t be free anymore: A €2 ($2.28) charge for using in-person banking services that are also available digitally could hasten Spain’s decline in physical banking and prompt banks to escalate measures to fill the gaps.
Starling scales mortgage presence with £1B book deal: The UK neobank’s acquisition will add to the crowd of digital banking players in the home-lending space and set up a rivalry with Atom Bank.
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.