PREMIUM — Digital payments are on the rise across the globe. In the U.S., the world’s largest economy, the use of mobile payments has increased significantly in the past two years. Add to that mix the prevalence of e-commerce and, the growing popularity of P2P apps, such as Venmo and Zelle, as well as digital banking. […]
Bank Innovation
Scaling a challenger bank is, well, a challenge, but #Monzo is up for the task. #Despite reporting £6.7 million (about $ 8.7 million) in #losses for the 12 months ending in February, the startup is on #track for signing between 500,000 and 800,000 users by the end of the year (up from 240,000 active #accounts), the […]
Bank Innovation
The rise of #fintech startups and #financial services companies espousing financial #literacy programs, good financial health practices, and budgeting tools for consumers hasn’t changed one crucial fact: #underbanked U.S. households are #still underbanked. “I have seen a lot of [new] people in credit, but relatively little at the lower end,” Marla Blow, CEO and founder of […]
Bank Innovation
#BBVA Compass, the U.S. subsidiary of the Spanish banking giant BBVA, purchased the neobank Simple almost three years ago for $ 117 #million. Since then, it has written down $ 89.5 million of that investment. $ 60 million of that came in a “goodwill impairment” in 4Q 2016. BBVA Compass held an earnings callRead More
Bank Innovation
As reported last week, #Goldman #Sachs just announced the creation of a new retail lending arm to launch in October, named #Marcus after one of its founders. No one is really all that concerned about whether or not Marcus will be able to do its job— it’s Goldman Sachs after all, and has access to soRead More
Bank Innovation
What I heard at the Swiss International Finance Forum Last week I attended the Swiss International Finance Forum organized by NZZ konferenzen and with a theme “#Back to #growth”. Sergio Ermotti, CEO of UBS reminded the audience that all the &8220;Regulations that are killing us&8221; (us the regulated #banks) have succeeded in reducing the systemic…Read more Back to growth #despite the triple-witching in #banking & with a AAA #regulatory #recipe
Bank Innovation
Reply