Mid-sized financial institutions (FIs) — including community banks, regional banks, and credit unions — face growing challenges in automating their lending processes. This is particularly true for small to mid-sized businesses (SMBs). While 70% of FIs have automated consumer lending, only 33% have done so...
Recent announcements and partnerships have shown core banking’s appeal — not just for traditional FIs, but FinTechs too — as anti-money laundering (AML) efforts must scale and move into real-time functionality, ideally automated, to monitor real-time transactions. Struggling with the Legacy Systems Generally speaking, core...
FinTech firm Chime says it has covered billions in overdrafts for its users. Through SpotMe, the banking app’s free overdraft feature, Chime’s members have received a collective $30 billion since 2019 in overdrafts without having to pay a fee, Chime said in a Tuesday (Oct. 1)...
NCR Voyix has completed the sale of its digital banking unit, the company said in a Monday (Sept. 30) news release. The unit was sold to Veritas Capital for $2.45 billion in cash, along with the potential for additional contingent consideration of up to $100 million, the...
Mercado Pago, the FinTech arm of MercadoLibre, reportedly applied for a banking license in Mexico earlier this month. The firm sent the application to the Mexican regulator, the National Banking and Securities Commission (CNBV), Reuters reported Wednesday (Sept. 25). Mercado Pago is the second-largest digital wallet in Mexico,...
Digital transformation can come even to industries where change happens slowly. As the financial services industry grapples with the rapid pace of digital transformation, cloud banking has emerged as an enabler of innovation, agility and cost efficiency. By leveraging cloud computing, financial institutions can streamline...
Neobank PrizePool is reportedly shutting down its consumer app amid an acquisition. That’s according to a report Sunday (Aug. 25) by Fintech Business Weekly, which says that winding down a startup such as PrizePool can be disruptive to customers who have grown to depend on...
Most countries measure banking activity in terms of where and how it happens. Hence distinctions such as in-branch, ATMs, online and mobile. But in Latin America, for all intents and purposes, there’s only one kind of banking: digital. It’s reflected in PYMNTS recent “How The...
The MoneyLion business model pivot continues. A year after posting substantial losses as a neobank, the financial services portal rode its new business model to a second straight profitable quarter as it announced its Q2 earnings Tuesday (Aug. 6). As CEO Dee Choubey told Karen...
