Canadian millennials enthusiastically stashing cash in First Home Savings accounts: Despite the accounts’ slower-than-expected rollout among the Big Six, RBC reports initial uptake in the tens of thousands.
Bank of America leads US banks in Instagram followers: Social media’s influence on Gen Z’s financial behavior underscores its importance in marketing campaigns.
Even managers were doing it: The SEC and CFTC imposed $549 million in fines on a slew of financial institutions for using unapproved messaging apps and failing to keep records of their business communications.
We’re not out of the woods yet: Moody’s ratings downgrade and negative outlook on 27 US banks is yet another indicator of the high cost small and midsize banks are paying to stay competitive in a challenging environment.
But the new pricing partnership will cut into Marqeta’s revenue growth as it struggles to achieve profitability
It’s now available in Vietnam and Chile, adding to the long lists of markets it’s launched in this year
They are the latest BRICS nations to make CBDC inroads, which could give them more influence over global CBDC policy
Capital requirement increases bring out the lobbyists: Aside from JPMorgan CEO Jamie Dimon, most US banks aren’t saying much publicly about the proposed regulatory changes. But that doesn’t mean they like them.
We’re seeing record bankruptcies among VC-backed startups. Factors include rate hikes, investment shortages, and bank collapses. AI funding rises, but potential oversaturation looms.
Crypto-friendly Revolut to end crypto services to US customers: The UK neobank blamed regulatory uncertainty as lawsuits drag on and crypto bills limp toward the US Senate.
Response to FDIC special assessment suggests banks are writing off 2023: Replenishing the deposit insurance fund after a $15.8B drawdown to cover the March regional banking crisis was never going to be cheap or easy.
PayPal USD could be a market mover and expand stablecoin payments adoption
Rolling out cards in Latin America’s largest ecommerce market can help Amazon capture more volume as it grows its financial solutions
But the metric doesn’t take into account the full picture of consumers’ financial health
Personalized service and problem-solving still send consumers to branches: But they agree that for most transactions, apps get the job done best. Now a survey suggests a third way—a Zoom call with a banker.
US adults are fairly evenly split on using mobile payment apps online versus in-store—except with PayPal, where 36% of users use the platform online most often, compared with 29% of users who use the app in-store, according to CivicScience.
On today’s podcast, we are talking about digital account-opening trends, who’s opening bank accounts digitally, and what they want or expect when going through that process. Here’s a look at what we’re talking about this week: • In our “Headlines” segment, we discuss how in-flight deposits and Gen Z will drive account openings in 2023 and to what extent new account openings are the result of high deposit rates and an incentive-laden environment. • In “Story by Numbers,” we examine how being able to set up direct deposit when consumers open checking accounts is extremely important and the importance of deposits being protected. • In “For Argument’s Sake,” we suppose there’s a new US banking regulation requiring all banking products to be applied for and opened online. We debate (nicely) how the industry dynamics would change if everything in banking were digitized and moved online. Tune in to the conversation with host Rob Rubin, managing principal of financial services consulting at EPAM Systems Alex Jimenez, and our analyst Tiffani Montez.
Regulators respond to the rise of the finfluencer: As advice and plugs for financial products proliferate on social media, the UK's Financial Conduct Authority is refreshing its guidance on financial promotions.
What’s driving bank switching: A survey found that dissatisfaction with digital experiences and being treated like a number, not a person, is the surest way to send customers to a competitor. And those chatbots aren’t helping.
How smaller banks are handling targeted outreach to women: Despite women’s rising financial power, their financial literacy continues to lag behind men’s. Here are a few banks that are trying to change that.