Financial Services

The Spot card’s vast acceptance network could make Citi a formidable player in the BNPL space and threaten business for incumbent players like Afterpay and Klarna.

Every state in the lower 48 now has a Chase branch: The banking giant can boast of a physical presence in all 48 contiguous states. It’s expanded into 10 states this year alone—this push is a contrarian bet, as other banks have been cutting branches.

Meanwhile, the separate phased migration of legacy BB&T and SunTrust accounts to Truist’s combined digital platform will help limit the bleeding, should major glitches happen.

One of Insider Intelligence’s latest reports discusses how HNWIs’ needs are changing and how technology can enhance onboarding, omnichannel capabilities, and ESG investments.

Nigerian neobank raises $55M and mulls expansion: Kuda says its user base has doubled since March, and it’s looking to broaden its presence across Africa. This initial success will boost its chance at grabbing a crucial early lead in the region.

With its new digital identity verification feature, prospects don’t need to visit a branch to open a new account. Adoption of a similar offering by CIBC’s peers could further entrench incumbents against new entrants.

TD Bank brings lending to the post office: A pilot program with Canada Post, meant to help rural and Indigenous Canadians in particular, will make personal loans available for financial emergencies—and could offer an alternative to high-interest payday loans.

While financial service's digital ad spending has historically outpaced the digital ad market, we expect a slowdown in 2021 and beyond as incumbents in both banking and insurance focus their budgets on technological innovations to compete with emerging fintech companies.

Established Indian fintechs, like insurtech PolicyBazaar, are seeking to cash in on increased investor interest in tech businesses and hostile Chinese market conditions by filing for IPOs

Square makes history: The payment giant will acquire buy now, pay later startup Afterpay for $29 billion to make inroads with younger consumers.