BofA does more with less in tech: It’s slashed tech and ops spending by about $2B over the past five years, shifting funds to new initiatives—and it’s still adding clients.
The majority of US adults aren’t in the habit of switching their primary bank. As of August, 77% have not moved their primary account to a new bank in the past five years, and just 8% have done so over the past year.
The UK’s digital advertising industry weathered the pandemic remarkably well. Among the industry sectors we track, digital ad spending will rise across the board (which was not universal last year), but these patterns of growth will fluctuate wildly across categories.
JPMorgan picks UK fintech for core-banking cloud hosting: The banking giant is working with Thought Machine on its US and UK retail-banking operations—the latest partnership in a string of them announced this year.
The UK neobank giant is rolling out stock trading in the US in hopes of capturing the retail trading boom, but existing digital brokers have already scooped up the lion’s share.
Monzo’s paycheck-sorting tool could help it become a primary bank: The UK-based neobank’s Salary Sorter tool lets US customers automatically allocate direct deposits for specific purposes. Is that enough to turn new customers away from incumbents?
While commission-free trading isn’t unique, bundling it with crypto and savings features will increase the time the UK-based neobank’s US customers spend with it.
The raise signals a push toward further expansion to fuel platform growth due to the competitive threat of incumbents encroaching on startup turf.
Chase’s UK debut includes 12-month sweeteners for customers: The US banking giant is offering customers in its new market cash incentives tied to debit-card transactions. Their lengthy availability and the lack of the usual strings attached could be a recipe for success.
U.S. Bank steps up closer to a bigger tier with MUFG Union Bank deal: Under a deal worth about $8 billion, the super regional player will boost its assets by 19% and get a large West Coast customer base. With the added heft, it’s nearing mega bank territory.
On today's episode, we discuss how digital-only neobanks are reshaping consumer banking, what makes them an attractive alternative to legacy banks, and how they are incorporating subscriptions into their business model. Tune in to the discussion with eMarketer vice president of content and head of financial services at Insider Intelligence Daniel Van Dyke.