Pairing up the fintech’s products for small and medium-sized businesses (SMBs) with the banking giant’s existing suite will give U.S. Bank a formidable lineup to compete with digital challengers like Brex and Square.
Orion FCU seeks bigger Southeast presence with Financial Federal Bank deal: The acquisition will bring together Orion’s consumer-banking business with Financial Federal’s commercial focus, diversifying its customer base.
RBC hopes kids go from Play-Doh to Mydoh, its children’s financial app: Mydoh, developed through the Canadian banking giant’s venture arm, could build loyalty among children who might be receptive to cross-selling opportunities from a bank they grew up with.
The rich are getting richer
Insurtechs say Medicare Advantage is a key growth driver: Clover Health cited expansion into Medicare Advantage as instrumental to its annual growth in Q2—we unpack the lucrative opportunity in the Medicare Advantage market for insurtechs like it.
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.
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.
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.