Customers still value the ability to visit a physical branch—and banks should accommodate them with a blended approach that incorporates important aspects of both the physical and the digital.
Insurtechs were given days to set up regulatory compliance groups as the government’s crackdown on the fintech ecosystem broadens.
UK banks face tough choices with branches amid possible curbs on closures: The Financial Conduct Authority (FCA), in an effort to keep cash usage availability stable, may limit incumbent banks’ ability to shutter branches. Incumbents may need to explore other options, such as revamping physical formats or sharing spaces with rivals.
Ally’s insurance deal gives it a shot at cross-selling and loyalty building: The direct bank’s Hippo partnership adds a second insurance product line in home insurance policies that it can cross-sell—and an opportunity to build customer loyalty by making more products available within its ecosystem.
It acquired Say Technologies to facilitate communication between everyday shareholders and the companies they invest in. This should boost its average account size, encouraging other market players to follow suit.
Citi aims to be a matchmaker for SMBs left Citi Branchless: The banking giant is testing a program that pairs small and medium-sized businesses (SMBs) with local and regional US lenders. It’s a compensatory move for the bank after it reduced in-person lending assistance via branch closures.
HSBC’s redesigned cards put accessibility at forefront: The bank is redesigning its UK bank cards to help disabled people, ranging from those with dyslexia to vision loss. The cards could help HSBC increase the loyalty of existing customers and attract new ones.
The Australian Prudential Regulation Authority (APRA) now requires entrants to offer income-producing products, like loans, and to have an exit plan. This will scare off some neobanks—but those that have launched, or are about to, may benefit.
Crypto exchange CoinDCX raised $90 million as crypto investments spike in India, suggesting doubts over future government actions to curtail crypto trading haven’t shaken investors.