In financial services, as in pretty much any vertical, there’s a concept known as the race to the bottom. Generally speaking, we might view this as a jockeying among firms to cut prices, to lure consumers with the promise of the same (or better!) service...
The financial services industry is transforming, with consumers and businesses becoming more interested in using digital technology to handle their financial needs. Financial institutions (FIs) are evolving to meet consumers’ shifting preferences by offering a variety of digital solutions, from mobile check deposit to digital...
Revolut, the U.K.-based neobank with more than 20 million customers worldwide, has rebranded its service for 6- to 17-year-olds, which will now be known as Revolut <18. Previously known as Revolut Junior, Revolut <18 is an account for young people which is connected to their...
The accelerated digital transition that accompanied the pandemic has contributed to greater reliance on digital banking tools. While 48% of surveyed consumers still use branches, just 11% say branches are their primary banking method, in contrast with 41% who bank primarily using mobile apps. More than...
While 50% of consumers avoid digital-only FIs due to security concerns, BM Technologies CTO Jamie Donahue tells PYMNTS that digital-first institutions actually have a home-field advantage when it comes to fighting digital fraud, and digital-only banks should take notice.
Once monolithic commercial credit is morphing into something new as legacy and FinTech strengths combine into something more expandable and efficient in the face of changes to the payments ecosystem. For decades, business and consumer credit have been siloed and have operated in distinct product...
Consumers have become increasingly reliant on digital banking channels since 2020, forcing financial institutions (FIs) to prioritize secure and convenient digital customer experiences. At the same time, even as consumers move to digital banking channels, criminals are responding with increased incidences of digital fraud and...
Financial transaction records can act as important evidence when securing a loan or mortgage, and U.K. banks are legally obliged to provide this information to customers so as to not create barriers to switching accounts providers. To make the switching process as smooth as possible,...
Strong growth in digital banking during the pandemic didn’t come with seminars in financial literacy. It should have, as younger demographics are found to be less fluent in personal finance than older cohorts, and a little education goes a long way in improving this situation....
