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.
Square announced a platform to help developers create DeFi applications in a bid to recreate its crypto revenue success with DeFi.
Temenos pushes customization to help banks personalize their user experience: The banking software vendor’s product will enable its customers to update products quickly and tailor their digital channels by demographic—which could help level the playing field for smaller financial institutions.
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.
Bank of Ireland’s digital-usage videos aim to reassure hesitant customers: The bank’s 15-part series of educational videos will teach customers how to conduct banking activities digitally—a move that could help build loyalty and wean people away from branches amid the company’s planned closures.