Banks Will Replace Legacy Core In Stages, Says SAP
SAP, which once hoped for a Big Bang #core banking replacement, is now looking for piecemeal change with APIs and modules, perhaps provided in the cloud.
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Bank of America, Chase Pull Ahead of Wells Fargo in Mobile User Growth
Overall, #mobile banking usage is still growing, but more quickly at some financial institutions. #Bank of #America Corp., which reported earnings today, saw about 3% #growth in its mobile users during the second quarter. The bank grew to 22.9 million mobile active users from 22.2 million MAUs in the first quarter. Both BofA and JPMorgan […]
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Consumer Mobile Banking Apps Continue to Grow, but Smaller FIs Need to Step up
The number of #consumer #mobile #banking #apps available is continuing to #grow, but #smaller #banks are getting left out of the race. That is according to the July Monkey Insights report, released today by Malauzai Software. Consumer mobile apps grew about 6%, in keeping with last year’s growth, according to the report. This slower growth […]
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Visa is Betting on Businesses, Not Consumers, to Win the War on Cash
The war on #cash is resurging, but this time companies are more focused on other companies than they are on changing consumer behavior. The campaigners against cash have long included companies like #Visa and Mastercard, which each offer their own incentives for #consumers to move to digital methods of payment. However, cash (and consumers) are […]
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Amazon Prime Day Sees ‘Record’ Shopping (Just Don’t Compare to Alibaba’s Singles’ Day)
Who sold it better — Alibaba, during 2016 Singles’ Day or #Amazon, during today’s #Prime Day? With respect to Amazon’s ‘#record levels’ of shoppers today, according to company statements, #Alibaba’s Singles&8217; Day is probably going to stay on top — despite Amazon shoppers acting like this, at least according to Twitter: Actual footage of how […]
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Are Open APIs the Gateway to New Cores?
#Open #APIs have been advancing steadily across the banking landscape for a number of years, though just how “open” may be a point of conjecture. Many of the European neobanks have done it, such as Monzo and Fidor, and in Europe, where PSD2 is set to take effect next year, the issue is especially pressing. […]
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Stash Uses New Funding to Keep Focus on Underserved Investors
New platform, new services, new data analytics, but same old #Stash. The micro-investing startup will be enhancing its platforms as well as building out new products and services thanks to the Series C round of #funding it announced today. What it won’t be doing with the influx of $ 40 million in fresh capital (bringing its […]
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Revolut Confirms $66M Raise, Adds Bitcoin Trading, Wealth Product; 3 Asia Fintechs Expand War Chests
Fast growing alternative banking app #Revolut confirmed this week that it had raised $ 66 million in a Series B Round, and said it would be adding #cryptocurrency #trading and a new #wealth #product. As Bank Innovation reported earlier this month, the London-based startup was on pace for a big fund #raise. In a news release, […]
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Wells Fargo Sees Slow Growth in Digital Users, But at Least It’s Growing
#Wells #Fargo is seeing #slow #growth relative to its peers when it comes to #digital customers, but after several stagnant quarters of no reported growth, plus a steady stream of punishing news on the public relations front, that might not be such a bad thing. The bank reported its second quarter 2017 earnings this morning, and while […]
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RegTech and Insurance Remain Hot with Seed-Stage VCs
Compliance, #insurance, and workflow solutions: these are the most interesting areas for a seed-stage #fintech investor right now. Chris Fortunato, principal at KEC Ventures, named compliance and insurance as two of his biggest current focuses during Bank Innovation’s “For the Love of Fintech” meetup yesterday. “We’re definitely very interested in compliance. It’s just a very good […]
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