Digital ID regtechs are attracting record funding and revenue growth amid spiking AML fines, but as investments grow, so will FIs’ expectations of fewer incidents and fines
JPMorgan’s digital-only bank plays in a market with strong neobanks and support for open banking. That could spur globally applicable innovation and best practices for its parent.
Woes prompting NatWest’s AML fine include cash-stuffed bags: The UK-based bank’s reputation gets another dent as it’s ordered to fork over nearly £264.8M ($339.5M) after a guilty plea to criminal convictions.
Growth will come from Gen Z’s interest in buy now, pay later (BNPL) and incumbents’ push to outspend and outinnovate competitors.
OnboardConnect uses Equifax data and tech expertise to help organizations onboard new businesses for B2B transactions.
About two-thirds of US consumers want to integrate at least two of their digital activities, according to PYMNTS. Western users also seem receptive toward a bundled experience.
As Dave’s public debut looms, it’s unclear how it will stand out: The US neobank’s expected to bag about $450M at its planned stock market debut in January 2022. The big challenge will be differentiating itself from other digital players.
Freelancer-services fintech cites user-growth plans for dropping neobanking: UK-based Coconut is pivoting from its current account to make other freelancer services more accessible. Open banking will offer other specialized fintechs this option.
In the US housing boom, small and midsize lenders trying to preserve slim profits are an opportunity for AI and machine learning solutions.
Even before business travel fully rebounds, SMBs are seeking out expense management solutions to track corporate costs and manage employees’ spending habits.
Confirming speculations, Meta is enabling P2P payments within WhatsApp through its digital wallet app, Novi.
The dominoes may already have fallen, based on the regulator’s conclusions about the controversial practice and the CFPB’s plans for “regulatory interventions.”
Westpac’s MoneyBrilliant deal will shore up its app: New features that will help keep the Australian bank’s app competitive in mobile include letting users view outside account details and search for higher interest rates.
Open banking among UK lenders is set to skyrocket: A survey from Credit Kudos shows that adoption will surge from 26% in 2021 to 70% in 2023—fueled by borrowers’ and lenders’ demand and regulatory steps to make the transition easier.
Incumbent wealth managers will quickly recognize the crypto investing opportunity—and crypto exchanges can also tailor their offerings to capture the lucrative high-net-worth-individual segment