Financial Services

TD Bank digital glitch had very bad timing: The bank restored account access to online and mobile channels after an outage attributed to a service provider—unfortunately, it coincided with a payday and the first distribution of monthly US Child Tax Credit payments.

This month, the bank is starting to deploy its integrated digital offering, potentially reaching half a million customers in July—a measured approach that reduces the risk of any glitches alienating too many customers.

With the $70 million raise, the insurtech will further gamify the industry, and a recent uptick in online searches for life insurance and a need for better employee benefits can increase growth.

This latest funding round adds to its war chest, providing ample gunpowder to deploy as it looks to expand its products’ breadth and geographic reach.

U.S. Bank’s user mix sharply shifts to mobile: More of the bank’s active digital users conducted business over mobile devices than on larger screens, with mobile hitting 60% among active digital users in Q2 2021. This clear preference and the accolades that its mobile app has received validate U.S. Bank’s digital strategy.

With Just Invest, Vanguard acquires the tech to offer direct indexing to a wider pool of investors and corner that market, as it has with traditional index investing.

Frost rolls out early paycheck access: The US regional bank will grant customers access to their funds by as many as two days in advance—it’s the latest incumbent to roll out a feature that neobanks have relied on as a competitive advantage.

BofA digital engagement surges: The US-based bank disclosed that users are turning to digital channels more frequently, even as adoption slows. With adoption now approaching saturation, engagement will become the next frontier for banks.

Goldman double-clicks on BNPL product with Apple: The bank will be the lender for Apple’s installment payments product—growing its loan-book and gaining know-how that it can apply to its own nascent BNPL offering, MarcusPay.