After a leadership change and multiple delays, the tech giant won’t offer co-branded bank accounts through its digital wallet. But its Plan B could be a problem for banking as a service firms.
U.S. Postal Service’s pilot poses a banking-revival path: Services like check cashing and ATMs could help to fill gaps caused by banks’ branch closures. A fuller-fledged postal banking option would require Congressional action.
Monzo ditches US licensing bid—and that’s OK: The UK-based neobank can divert the much-needed savings toward shoring itself up. Other high-profile players are running US neobanks without a license.
Cash-back credit cards could make themselves more appealing to prospective customers with a few key features.
As consumers have gotten more comfortable using debit cards online, US digital debit card spending has outpaced that of credit cards. Transaction value will fall in 2021, but we expect growth to return in 2022.
The API brokerage platform is easing Chilean retail investors’ access to US stocks as it seeks to expand in the region. LATAM presents a huge user growth opportunity for foreign digital brokers.
In the increasingly crowded US buy now, pay later (BNPL) space, the convenience of Upgrade’s single-invoicing feature could catch consumers’ attention.
JPMorgan partners with fintech backed by ex-Barclays CEO for UK launch: 10x Banking’s work on platform development helped launch Chase in the UK. Its local knowledge can assist Chase with gaining traction and deploying more products.
A Chopra-run CFPB likely to act on overdraft fees, open banking: The newly confirmed director of the Consumer Financial Protection Bureau could lead the US regulator to act on items with a big impact on banking players.
Betterment will likely use the fresh funds to broaden its investing options—and crypto products have a high potential growth vector.
PNC teams up with Akoya on customer data sharing: The open-banking provider has added data from over 9 million customers of yet another big bank—as different players in the US jockey for technology market share.
Banking execs lag behind neobanks in eyeing niche outreach: A Temenos survey of senior banking leaders shows interest in serving underserved groups. But niche neobanks have already gotten there ahead of them.